Check Acceptance
If a member presents you with a check to deposit, do we need a picture ID?
Only if they want a balance or any information about the account.
When placing a check on a hold, what are the options?
2-days, 6-days, 7-days, & 9-day (New account hold)
Payroll Check
NO HOLD
Member comes in wanting to withdraw 15K in cash.
Always ID
Ask questions about the need for cash
look at account history and see if there are similar withdrawals
Check for warnings and/or Service Event for information
Offer cashier's check
Check with Manager on duty
Make decision based on all info gathered
Send transaction info to risk after transaction
O
Open Membership Date
An account is considered new for the first 30 days. An account is not new if the member has had another transaction account at the Credit Union for more than 30 days. To qualify for the O, the member must have their account longer than 30 days
Do we hold ON US checks?
No but if the account it is being withdrawn from has insufficient funds, we will do a courtesy call to the member.
Do we place checks that are being deposited into an IRA on hold?
YES
Personal check on new membership?
Hold (9-day)
Older member comes in with a 10K check wanting to deposit it stating that his fiancé sent it to him for their impending wedding.
Run check in Synergy
Ask more questions, i.e. How long have you been engaged, where did you meet, when are you getting married.
Check account transactions for similar transactions
Based on information gathered make decision
Send transaction info to risk after transaction
P
Payroll recurring (direct deposit)
Review and confirm the prior 3 months reflect a reoccurring and consistent (weekly, bi-weekly, monthly, etc.) deposit that will match or exceed the amount of the presented negotiable item. The negotiable item amount must be less than the reoccurring deposit amount received in the last 30 days
Do we accept 3rd party checks?
Yes but at our discretion and both parties need to be in branch with ID's and the member needs to have a current account
When placing a check on a 6-day hold or more, what account do we put it in?
Membership share due to REG CC
HOLD
Member comes in with a insurance check for 60K he wans to deposit 50k and withdraw 10K.
Always ID
Run check in Synergy
Confirm check is not written to someone other than member, i.e. an FI or business
Ask questions
OPLAN
Make decision based on acquired info
L
Loans history with Fortera
You can determine if the member has a loan relationship by reviewing the 360 degree view in Symitar. To view other details about the loan, such as delinquency history, the employee should click the IQ and click the Loan ID. The following loan types will not be considered as loan history in determining the Lin OPLAN: Fresh Start, Terminated VISA, and Negative Balance Recovery
What constitute a stale date check?
6 months or time frame printed on check
On ITC, if a check shows any warnings what do we do?
Look at date of warnings
determine the collectability of item
run Synergy and OPLAN
Look at transaction history on account
Ask questions
Make decision based on the info collected
Business Account
12K Check
30K Balance
175Hits
Recent similar checks received
No Hold
Known member comes in to withdraw 10K to buy a horse. Member is super excited about this purchase and gives many details about the animal.
Ask additional questions
Offer a cashier's check
Make sure funds are seasoned
A
Account Balance, History, and account type
The member’s 2-month or 60-days average balance must match or exceed the amount of the presented negotiable item. The account in question must be in good standing, reflecting a positive balance. Review the member’s 360 view in Symitar or Account Manager for any delinquent, negative, or unpaid chargeoff accounts with activity within the last 6 months
What is the program we use to "look Up" Checks?
Synergy
How do we process a non-member, non Fortera check
We don't.
Restricted Account
$500 personal check
passed OPLAN
6K in account
1000 hits
Hold (Personal checks cannot be cashed on a restricted account)
Member comes in with a 7K check and wants to put it on his loan.
Ask Questions
Run it in Synergy
Apply it to the loan
N
NFS History
a member must not be negative more than 6 business days within the last 6 months OR 2 or more business days over $5,000.00 in the last 6 months