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Charge Offs GBS

Credit unions are all too familiar with charge offs—loans that have been delinquent for a period of time to where they are now considered uncollectible. Once these loans are past the point of collection, they are charged off and placed on your credit union’s “back burner,” so staff can move on to completing other important tasks.


Thankfully, charge offs are kept in full view by Sharetec and their smart electronic tracking system. Sharetec ensures that all of your credit union’s charge off account information is carefully and accurately maintained for you—including your member’s loan number, balance, doubtful percent, doubtful amount, officer, loan type and reason for the charge off, as well as any important notes.

If your member does make a recovery payment, your staff can simply apply the payment to the loan via the transaction screen, similar to how you process any other loan payment. Sharetec also prepares you in the event that a member chooses to make amends and make payments with interest. Sharetec will auto-accumulate the interest on the loan record, so that you can provide your member with an accurate payoff quote. How’s that for keeping a watchful eye on things?

Training key

Sharetec offers a comprehensive training system that is built to fit each credit union in the most efficient way possible. Lifelong learning is one of the best ways to grow and Sharetec believes this is equally true for making the most out of all Sharetec has to offer. Credit union staff needs to be trained properly to take advantage of each product and service that is provided.


Many Sharetec CUs like Members First CU, Natco CU, Memorial Health CU, and Avestar CU have had great success with Sharetec's Free Ongoing Training. To read about their success, click here.

Keane Kulak, Regional Director for Sharetec, comments, "There is so much to learn and so many different things Sharetec offers that will help our credit unions succeed, and we want to provide them with the opportunity to get the most out of their investment.”

Safe DepositBoxGBS

Sharetec prides itself on offering a wide variety of advanced features and services to help credit unions and their members enjoy convenience, ease and simplicity. One such offering that many credit unions may not know about is our Safe Deposit Box feature.


If your credit union is tasked with managing safe deposit boxes, then you know that the billing can create extra work for your staff. Sharetec can help by offering additional features that will serve as a smart solution for you. With our member services, you simply define:

*Box Sizes
*Descriptions
*Key Deposit Amounts
*Rental Amounts and
*Rental Frequencies

From there, Sharetec will handle all of the billing for you as an automatic withdrawal from a member designated share account. Sharetec will also keep track of the available inventory for you.

Sharetec wants to remind its credit unions that we are in business to make your day-to-day tasks easier. And alleviating your staff’s workload can only help enhance the success of your financial institution! So rest assured that you can continue to rely on Sharetec’s innovative features and services to provide you with the tools your credit union needs to succeed!

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While most credit unions are paying close attention to their net worth ratios during the coronavirus pandemic, are you paying close attention to other metrics, as well? Measurable metrics and your ability to pull data quickly and efficiently is an essential piece of the success. 

Janet Powell, manager of credit union programs at the Oregon Division of Financial Regulation, is quoted as saying, “What is important here is that credit unions do projections... What each credit union is able to do will be different. But they need to calculate what will be the impact on their balance sheet. Know how much money they normally take in, how much they make in fees and what happens if they don't have any of that the income. What does our cash flow normally look like and what happens if loan payments are not coming in for three months.”

Sharetec's reporting features can help you have a better understanding of the overall health of your business.

   • Government Reporting: Sharetec can handle your government reporting, regardless of the number on the form – 1099-div, 5498, 1099-c or 1098. We send all the necessary forms directly to your members, then electronically file them with the government.

   • Quick Query: Quick Query provides a search of all your major files, displaying data on your screen, sending it to a report, or exporting it directly into an Excel spreadsheet.

   • Report Writer: The Sharetec Results Report Writer is designed to help even the most inexperienced users create custom reports, queries and labels while allowing for data exporting to ODBC compliant software.

   • 5300 Call Report Assistant: Helps you streamline data gathering and organization for your quarterly report. By automatically uploading data each quarter from several different sources—including Sharetec shares, loans and general ledger. 

Sharetec removes the hassles of reporting with tools that simplify everything from filing government forms to creating custom reports. An advanced searchable database speeds and enhances queries, while a secure, integrated archiving system provides easy access to reports without the need for a third-party product.

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Americans have skipped payments on more than 100 million student loans, auto loans and other forms of debt since the coronavirus hit the U.S., the latest sign of the toll the pandemic is taking on people’s finances. The surge in missed payments suggests that the flood of layoffs related to the coronavirus has left many Americans without the means to keep up with their debts. Many are expecting delinquencies to soar later this year as the recession drags on.

Topics like delinquency and collections are particularly tough to talk about now but are a necessary reality of the banking industry. We understand and want to share about some of our products that could help your staff have difficult conversations and assist your members navigate financial insecurity.

As the pandemic drags on, more members may be interested in pursuing loans to tide them over. Sharetec’s Online Member Services application allows members and non-members to apply for loans through your credit union website. Current members can simply sign into their home banking site and apply for a variety of products, including loans. Non-members can apply for their credit union membership at the same time they apply for their loan, saving time and work for potential members and Credit Union staff. 

Sharetec’s Charge Offs electronic tracking can help better serve your members if they are looking to pay on delinquent accounts. Sharetec maintains all charge off information related to a particular member, including the loan number, balance, doubtful percent, doubtful amount, officer, loan type, reason and any notes. If a recovery payment is received, it can be applied to the loan using the transaction screen, just like any other loan payment. In the event a member chooses to make amends and wishes to make payments with interest, Sharetec accumulates that interest automatically on the loan record, so providing a payoff quote becomes a straightforward process.

Sharetec’s Collection System is optimized for member-level collections. Delinquent loans, delinquent credit cards and negative share accounts are listed so a collector is able to view all collection activity in a collection queue. Members are displayed in date order based on their delinquency or previous commitments, and all collection notes are stored in one place, sorted by date, and ready when they’re needed.

Sharetec is here to provide support and tools to help you serve your members during this uncertain time.