CHEXSYSTEMS
WHAT IS CHEXSYSTEMS?
ChexSystems reports examine banking data submitted by financial institutions within the last 5 years for an individual and is a first line of defense when establishing a membership.
WHAT DOES OFAC STAND FOR?
OFFICE OF FOREIGN ASSET CONTROL
HOW DO YOU CLEAR NAME MATCH OR ID MATCH FAILED?
• US Federal or State Issued ID
• Filed Tax Return or W-2
• Credit Report (UNIFY-acquired only)
• REAL Federal IDs**
SURPRISE!!!!!!!!!!!!THIS IS FOR OFAC!!!!!!
WHAT DO YOU DO IF YOU'RE UNABLE TO CLEAR OFAC DURING ACCOUNT OPENING OR ARE UNSURE ABOUT CLEARING IT?
REACH OUT TO COMPLIANCE!
EXTRA CREDIT!!WHAT'S THE BEST WAY TO GET AHOLD OF COMPLIANCE?
WHAT IF A MEMBER HAS A NON RESIDENTIAL FLAG ON THEIR REPORT?
REVIEW ON GOOGLE MAPS TO ENSURE IT IS IN FACT RESIDENTIAL, OBTAIN PROOF OF ADDRESS AND IMAGE BOTH OF THESE.
MOST OF THE TIME THIS IS A PO BOX WHICH IS ACCEPTABLE FOR MAILING BUT PER US PATRIOT ACT WE ARE REQUIRED TO COLLECT PHYSICAL ADDRESS
WHAT ARE SOME REASONS WHY WE CAN GET CHEXSYSTEMS FAILURES?
ChexSystems criteria that comes back as failed could indicate that something is incorrect with the information or combination of information provided. The criteria also verifies the various points of authentication required within the Customer Identification Program (CIP) procedure, such as name, address and social security number (SSN).
WHAT DOES OFAC ACTUALLY MEAN? PLAIN JANE TRANSLATION
IT IS A BODY OF GOV'T THAT KEEPS RECORD OF PEOPLE THAT ARE NOT ALLOWED TO USE U.S FINANCIAL SYSTEMS
HOW DO YOU CLEAR A TRI-BUREAU ID THEFT INITIAL ALERT OR EXTENDED ALERT FOUND!
See Name Match Failed Documentation
• US Federal or State Issued ID
• Filed Tax Return or W-2
• Credit Report (UNIFY-acquired only)
• REAL Federal IDs**
SURPRISE!!!!!!!!!!!!THIS IS FOR FAILURES!!!!!!
HOW DO YOU CLEAR A SSN MATCH FAILED OR IF THE SSN WAS ISSUED PRIOR TO MEMBERS DATE OF BIRTH? MUST NAME 5 OPTIONS
• Social Security Card
• ITIN Verification Letter issued by IRS
• Filed tax return/ W-2
• Credit Report (UNIFY-acquired only)
• Paystub (unmasked SSN)
• REAL Federal IDs**
WHAT DO YOU DO IF A MEMBER IS HOMELESS?
USE BEST JUDGEMENT! HAVE THEM PROVIDE SHELTER ADDRESS. IF NOT STAYING AT SHELTER USE A TRUST NEXT OF KIN WHERE THEY MAY RECEIVE MAIL. ALWAYS ASK IF THEY HAVE A MAILING ADDRESS THEY'D LIKE TO USE INSTEAD OF KIN ADDRESS
• False information or discrepancies in CIP information provided on the membership
• Any type of fraud
• Unpaid abuse closures
• Social security number (SSN) issuance notes
WHAT DO YOU DO IF YOUR MEMBER FAILS OFAC DURING ACCOUNT OPENING?
YOU NEED TO CLEAR THE OFAC BEFORE PROCEEDING
HOW DO YOU CLEAR IDENTITY RISK INDEX FAILURE?
3 forms of Identification are required:
• US Federal or State Issued ID
• Social Security Card only
• Proof of Address (see alternate Address Match documentation)
WHAT TYPE OF ID'S ARE ACCEPTABLE FOR MINOR MEMBERSHIPS? ANY EXCEPTIONS?
BIRTH CERTIFICATE, US GOV'T ISSUED ID
YES, STUDENT ID IF PARENT HAS BEEN MEMBER FOR LONGER THAN 90 DAYS AND HAVE A MEMBERSHIP IN GOOD STANDING.
CAN WE ACCEPT A MEXICAN PASSPORT TO OPEN THE ACCOUNT?
NO!!!!!!!!!!!!!!!!!!!!!!!!!!!
HOW CAN CHEXSYSTEMS FAILURES BE CLEARED?
Due diligence must be performed on any failures and the results cleared or an exception granted. ChexSystems Remediation Matrix and ChexSystems Sample Results provides actions and data that can be used to clear results.
WHAT ARE SOME WAYS TO CLEAR OFAC?
CHECK ID FOR NAME MATCH, DOB MATCH, POSSIBLE GOOGLE SEARCH
HOW DO YOU CLEAR AN ADDRESS MATCH FAILURE? MUST BE ABLE TO NAME 5
Current - Issued within past 60 days:
• Mortgage statement/billing notice
• Credit Card or loan statement
• Utility Bill
• Bank statement
• Paystub
May exceed 60 days, but issued in the current year:
• Rent / Lease Agreement
• State Vehicle Registration
No expiration date:
• Credit Report (UNIFY-acquired only)
HOW DO YOU CLEAR A THIRD PARTY SECURITY FREEZE ALERT ON CHEXSYSTEMS?
Do not move forward with opening the membership. Member must contact ChexSystems to remove this alert. Once removed, ChexSystems will need to be reran for qualification.
WHAT TYPE OF FOREIGN ISSUED ID, DO WE ACCEPT? THERE ARE TWO
MEXICAN MATRICULA CONSULAR
CANADIAN DRIVERS LICENSE
What should I do if I am unsure of how to clear the ChexSystems discrepancy and/or a member presents a document not listed in the ChexSystems Remediation?
Follow Branch Operations Escalation Policy
WHAT IS THE CORRECT FORMAT WHEN ADDING YOUR OFAC NOTE IF THEY FAIL?
EX. OFAC MATCH CLEARED-NOT AN EXACT NAME MATCH CADL OR NOT AN EXACT DOB MATCH CADL
HOW DO YOU CLEAR DOB OR GENDER MATCH FAILS?
• Birth Certificate
• Credit Report (UNIFY-acquired only) (ONLY FOR DOB MATCH FAILS)
• REAL Federal IDs**
WHAT DO YOU DO IF YOU RECEIVE AN INVALID DL FORMAT ON CHEXSYSTEMS?
MOST LIKELY YOU TYPED IT IN INCORRECTLY. FIX AND RERUN CHEXSYSTEMS.
CAN MEMBERS OPEN AN ACCOUNT WITH AN ITIN?
ANSWER IS YES....WHAT DOCUMENTATION WOULD WE NEED TO ACCEPT ITIN?