Policies
Check Hold Procedures
CTR/SAR
Gauranteed Funds
Miscellaneous
100
This is the standard duration of a check hold.
What is 5 Business days?
100
There are five Safeguard Exceptions when putting a check on hold. Name two. (not already named)
What are reasonable cause to doubt collectability, large deposit, redeposited check, repeat overdrafts, emergency conditions, new account?
100
CTR and SAR are acronyms. Define them.
What are Currency Transaction Report and Suspicious Activity Report?
100
Name one type of guaranteed funds. (not already given)
What is electronic direct deposits, federal, state, and local government checks, traveler’s checks, wire transfers, cash, certified checks, cashier’s checks, US postal money orders?
100
Past this monetary threshold, a wire transfer needs manager approval.
What is $5000.00?
200
This is the duration of a check hold for a new account.
What is 9 Business days?
200
There are five Safeguard Exceptions when putting a check on hold. Name three. (not already named)
What are reasonable cause to doubt collectability, large deposit, redeposited check, repeat overdrafts, emergency conditions, new account?
200
This is the circumstance for which a CTR should be filed.
What is currency (cash or coin) transactions over $10,000.00 conducted by, or on behalf of, one person, as well as multiple currency transactions that aggregate to be over $10,000.00 in a single day?
200
Name two types of Guaranteed Funds. (not already given)
What are electronic direct deposits, federal, state, and local government checks, traveler’s checks, wire transfers, cash, certified checks, cashier’s checks, US postal money orders?
200
New Year's Day, President's Day, July 4th, and Christmas Day are considered these.
What are Federal Holidays?
300
How long the New Account Check hold policy applies.
What is 30 days?
300
There are many things to check on a member's account when considering placing a check on hold. Name three. (not already named)
What are verification of deposit, open date of account, does the check have a low serial number, what the member wants to do with it, transaction history, account comments, account warnings, recent multiple deposits, services the member uses, 2x matching funds, if address has changed recently?
300
This is how a CTR/SAR is submitted.
What is Intranet -- > Online Forms --> SAR CTR Submission?
300
This is how you can verify funds on a US Treasury check.
What is Intranet --> Applications --> Fraud -->US Treasury check verification URL
300
Saturday and Sunday are not considered these.
What are business days.
400
These would be considered Business Days
What are Monday - Friday?
400
There are many things to check on a member's account when considering placing a check on hold. Name four. (not already named)
What are verification of deposit, open date of account, does the check have a low serial number, what the member wants to do with it, transaction history, account comments, account warnings, recent multiple deposits, services the member uses, 2x matching funds, if address has changed recently?
400
There are many circumstances for which a SAR should be filed. Describe two.
What is (example)?
400
Name five types of Guaranteed funds. (not already given)
What are electronic direct deposits, federal, state, and local government checks, traveler’s checks, wire transfers, cash, certified checks, cashier’s checks, US postal money orders?
400
Name four ways to spot a scam artist.
What are reluctance to give information, lack of eye contact and/or turns face away from camera(s), nervousness or impatience, unwillingness to have check verified, use of intimidation tactics when verifying information, illogical situations (youth with a retirement check, unusually large payroll checks, more than one transaction in a day as indicated by a pop-up warning in Symitar), they maybe talkative, they may try to distract or hurry you such as talking on a cell phone or even appear to be ill, they may be smooth and provide you all the appropriate information up front to complete the transaction, they will go to the teller who is least observant when they are waiting in line or in the lobby?
500
The regulation that legally allows us to place holds on checks under certain circumstances in order to reduce the risk of loss to the credit union while providing quality service to our members?
What is Reg CC?
500
If you are having trouble verifying funds for a check, this department may be contacted for more assistance.
What is Loss Prevention?
500
This is who should be included in a CTR in a deposit scenario.
Who are all the members on the account?
500
If presented with a Guaranteed funds item and a hold is permissable, staff will one of two Safeguard Exceptions based on the reason that fits the situation. Name them
What are Large Deposit and Reasonable Cause to Doubt Collectability?
500
Name six ways to spot a scam artist.
What are reluctance to give information, lack of eye contact and/or turns face away from camera(s), nervousness or impatience, unwillingness to have check verified, use of intimidation tactics when verifying information, illogical situations (youth with a retirement check, unusually large payroll checks, more than one transaction in a day as indicated by a pop-up warning in Symitar), they maybe talkative, they may try to distract or hurry you such as talking on a cell phone or even appear to be ill, they may be smooth and provide you all the appropriate information up front to complete the transaction, they will go to the teller who is least observant when they are waiting in line or in the lobby?
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