Frequently Asked Questions

Q.

What is a core processor and what does it do?

A.

A core processor provides software and services essential for running daily credit union operations. These services include, but are not limited to, opening new accounts, servicing loans, processing deposits/withdrawals, processing EFT’s (ACH, Share Drafts, ATM), interest and dividend calculations, and other customer relationship tools. The core processor will also provide tools to help the credit union remain in compliance with industry rules and regulations.

Q.

What size credit unions does FedComp serve?

A.

FedComp specializes in user friendly, affordable software for small to medium-sized credit unions.

Q.

What products do you offer?

A.

FedComp offers a premium Windows based software platform, called Platinum. Within Platinum, there is a full array of Accounting, Back Office, Reporting, Marketing, EFT, Lending & Collection and Record Retention products to suit your credit union needs as well as your member’s needs.

Q.

How do I get pricing on the FedComp software?

A.

One of our FedComp sales staff will perform a needs analysis with you (either in person or via the telephone) to determine the products and features that meet your credit union’s needs. Once this analysis is completed, our sales staff will setup a software demo for you and then present a detailed proposal.

Q.

How can I see the FedComp software?

A.

You can make arrangements with one of our FedComp sales staff for a full demonstration of the Platinum software online. This typically follows a needs analysis.

Q.

I am currently using a service bureau with another vendor. Does FedComp do that?

A.

Yes. The Platinum software is available in both a service bureau environment or in house and offers the same functionality across both delivery channels.

Q.

Do I have to change third party vendors for my EFT processing?

A.

No. FedComp has developed interfaces with all major processors for ACH, Bill Pay, Share Draft, and Realtime ATM services.

Q.

How long is the conversion process?

A.

The conversion timeline is tailored to meet your expectations and depends on several factors such as the complexity of services your credit union will be offering and third party vendor requirements.

Q.

Can I do an electronic conversion?

A.

Yes. Your FedComp conversion specialist will obtain an electronic file from your current core processor in the file format required to convert to the FedComp software platform.

Q.

What if I have a problem, who do I call?

A.

FedComp technical support team is available on weekdays 8AM to 6PM EST (except for Federal holidays) to assist you. Just call 1-800-283-3326 then press option 5. One of our support team members can connect to your system to “see-what-you-see” and better assist you.