Whatcom Educational Credit Union Selects OnBase to Automate Records Retention

March 04, 2008

Credit union improves internal processes while mitigating legal risk

CLEVELAND - March 4, 2008 – Hyland Software Inc., developer of the OnBase® enterprise content management suite, announced that Whatcom Educational Credit Union (WECU) has selected OnBase as its document and records management solution.  Whatcom ECU implemented OnBase’s records management capabilities throughout its 12 branches to automate complex retention requirements and to assist in meeting their compliance initiatives.

Through OnBase, WECU is able to set retention schedules on documents according to the credit union’s business requirements, which frees employees from managing complicated and varying retention schedules.  OnBase’s electronic records retention capabilities also make it easy for WECU’s Senior Management team to audit retention policies prior to state examiner or Office of Foreign Assets Control (OFAC) audits.

Prior to OnBase, WECU was storing files as hard copies in boxes at a storage facility.  The boxes were marked with a date to destroy and the contents were not audited prior to the destruction date.  OnBase enables WECU to configure records folders and retention schedules without custom coding.  Once the retention period is complete, the record is flagged to be reviewed and then purged as dictated by WECU’s senior management. 

“Not only does OnBase provide instant access to member documents and reports at any time, but it also allows our institution to automatically manage the complex, labor-intensive document retention policies legally required of our institution, an option that was once unavailable to us,” said Patti Moser, systems administrator at WECU.  “The implementation of the Records Management solution was painless.  Its implementation took a matter of days and its impact was instantaneous.” 

OnBase Records Management enables WECU’s management of a business record as defined by the Revised Code of Washington 5.45.020.  The retention policies and eventual destruction of documents within the business record is also managed by Hyland’s Records Management solution based on when the record is closed, paid off, or terminated.

About Whatcom Educational Credit Union
Whatcom Educational Credit Union (WECU) is a member-owned, not-for-profit financial cooperative with $516 million in assets and 51,000 members.  Established in 1936, WECU began as a volunteer operation and has evolved into the largest credit union in Whatcom County, Wash. with over 240 employees.  Its mission is to provide all members with legendary financial products and services in a financially safe and sound environment.  WECU’s services and commitments range from financial counseling and first time mortgages to member seminars and small credit union consulting.  For more information, please visit www.wecu.com.

Financial services news release