Member Account Verifications
The NCUA requires federal and state-chartered credit unions to use statistical sampling in carrying out member account verifications, using established minimum standards. Generally known as Member Account Verifications, this process is required at least once every two years, and is recognized as an effective deterrent for potential fraud.
The Association’s Audit Services can assist member credit unions to meet this obligation on behalf of any Pennsylvania credit union, regardless if member statements are printed internally or by a data processor. Audit Services corresponds directly with members in the prescribed manner, and provides an independent address with which members may respond if there is a conflict with the balances or transactions provided.
Audit Services has recently announced a reduced pricing structure based on assets. For credit unions that use a processor to create statements, pricing is as follows:
Credit unions would incur any out-of-pocket expenses associated with the mailing, such as postage and printing. Credit unions that print in-house should contact Audit Services for a customized quote.
- Under $25M - $1,000
- $25M - $50M - $1,500
- $50M - $100M - $2,000
- Over $100M - Call for quote
For more information or to get started, please contact your Association Representative at 800-932-0661, or e-mail CUSolutions@pcua.org.
- Business Development / Sales
Assistant Vice President,
800-932-0661 x 5330
Sr. Account Executive