Overview
What are the 3 systems that are used in our internal batch processes?
Encore, Sessions, and UAD
What are no hold items?
-Navy Federal issued items
-Any checks used for lending product payment
-Cash
Member brings in $100 BoA check used to pay on her credit card. What is the hold?
No hold
Member would like to deposit stimulus check for $1400 in his savings account. What is the hold?
No hold: $1400
______ is a set of Regulation Reserve guidelines that govern check holds on items deposited to financial institutions in the United States.
Regulation CC
What are next day available items?
-US Treasury checks
-Electronic payments
-State and local government checks
-Cashiers, certified, and teller checks
-Federal reserve bank checks
-Federal home loan bank checks
-Postal money orders
-Aggregate total of checks drawn on any bank $225 or less
Member is depositing a NFCU check for $700 and a Chartway personal check for $1500. What is the hold?
No hold: $700
1 day hold: $1500
Member wants to deposit a $900 money order and a $100 Wells Fargo check into her checking account. What is the hold?
No hold: $225
1 day hold: $775
Describe the difference between floats, holds, and batch processing.
Batch Processing - Navy Federal's debit and credit process that happens each night where transactions will be settled
What are non next day available items?
-non US postal money orders
-aggregate total of checks drawn on any bank more than $225
Member brings in a personal check for $2500, and it making a payment of $400 and wants the rest cash back. What is the hold?
No hold: $400
1 day: $2100
Can only give cash back if the funds are in the account.
A new member wants to deposit a two cashiers checks one for $10000 and one for $1000. He would like it deposited into his checking account. What is the hold?
1 day hold: $5,525
5 day hold: $475
What are the different ways members can deposit checks?
Mobile app, ATM, or branch
Name reasons for extended holds?
-Doubt of collectability
-Repeated overdrafts
-Redeposited checks
-Emergency conditions
Member brings in cashiers check for $5,000 and personal check for $700. What is the hold?
No hold: $225
1 day: $5475.00
Member brings in a NFCU check for $500, BOA check for $25, make a payment of $300 towards her consumer loan and receive $100 cash back and the rest deposited into her checking account. What is the hold?
No hold: $500
1 day hold: $25
When is sessions used to place a hold and what is the function?
Sessions is used to place a hold on new memberships and IMMP is the function used.
Who can waive a check hold?
Team leaders or smsr if no team leader is available
New member brings in Navy Federal check for $200, BAA check for $250, and Wells Fargo check for $50 and wants it all deposited to checking account. What is the hold?
No hold: $200
5 day hold: $300
A business member brings in a $1000 check from BOA to deposit to business savings. He also wants to deposit a US Treasury check for $1400 in his personal account and a $300 child tax credit check . What is the hold?
Business:
No hold: $225
1 day: $775
Personal:
No hold: $300
1 day: $1400