Teller Transactions
Mr. Smith from Smiths Pizza has a business account with Grow and wants to exchange $300.00 in 100's for petty cash. What code/codes would you use to conduct this exchange?
CR SD SW CD
Mrs. McDaniel comes in to request an instant issue debit card. There is a warning that pops up stating advanced ID is required. What do you do?
Obtain Valid ID
Ask any two (2) of the following questions:
• Last 6 digits of Driver’s License number (if ID provided is not the Driver’s License)
• What was the amount and date of your last direct deposit?
• Where was your last debit card purchase?
• Mother’s Maiden Name
• Monthly Loan Payment amount(s)
• Ask a Red Herring Question. For example, If the member does not have a mortgage with Grow, you can ask how much is your mortgage payment?
Mrs. Potter would like to convert her personal account into a trust account. What documents will you need from Mrs. Potter? What Grow documents will you need? What is the process after all documents are received?
The member will need to provide their trust paperwork along with ID's of any trustees. We will need to make copies of the pages of the trust that refer to: Name of the trust, creation date, trustors, trustees, successor trustees, beneficiaries, signature pages, and notaries. (We do not copy all pages)
Print the trust account application packet for the member to complete.
Image the trust account packet, the copies of the desired trust pages, and all IDs and send a synapsis to legal services-trust.
Mateo is applying for a credit card. You have taken the application and pulled his credit. The first thing you would do is make yourself working user. What items would you do next prior to sending the app to Underwriting?
Check the stipulations and complete any items you are able to complete.
Send the credit card disclosures.
Review is credit report and ask any necessary clarification questions.
Check ratios against the lending sheet guidelines.
Place a note in regards to the request.
What Regulation limits the amount of electronic transfers from a savings account per a month?
Regulation D
Mrs. Holloway hands you $1000.00 and would like to pay her mortgage payment of $798.62 with the extra going to principle. What is the proper transaction sting and if any... what is/are the mortgages codes/comments?
CR SD SW MP MP SC
01- Regular Payment
05- Principle Payment
Share Comment- 36- Mortgage Payment
Jake and Sarina come in to open a business account. There business name is JS Saves the Day LLC.
What do you need to look up and what documentation will you need to verify prior to account opening?
Sunbiz.org - make sure business is active and that Jake and Sarina are authorized persons.
For an LLC we need active sunbiz, articles of incorporation/organization, an ss-4 letter, and valid ID for signers.
Also, make sure the business name is the same on both the sunbiz and the ss-4.
Terrance would like balances on his mothers account. He states he is her POA and she has an existing account with Grow. Terrance provides you with her account number and when you pull up his mothers account there is no POA on file. What do you you?
Inform Terrance we do not have him listed on her account yet as a POA and we would need him to bring in his POA documents. Once we have the POA documents we will have Terrance fill out our POA affidavit, and we will make a copy of his ID. We will them send all of the documents to the legal department for review. The legal department will let us know if the POA was accepted or declined. Terrance can know the balances of the account once his POA has been approved.
Quinn wants to purchase her mothers car for $10,000.00. Her only vehicle was totaled in an accident and she is currently renting. She has enough in her savings account to buy her moms 2015 Rav 4 but she doesn't want to deplete her savings. What options could you provide for her? Assuming she is a 780 credit score, has sufficient income, and all of her ratios are in line? Which should be the quickest to close?
Auto loan, credit card, unsecured loan, share secured loan.
Best rate: long term is the share secured. Short term during the promo the credit card has the lowest.
Quickest to close is share secured.
What four components make up MIP? What does it stand for?
Name, DOB, address, social security
Member Identification Program
Conner a non-member would like to perform a cash advance from the debit card he received for his tax returns. What steps would you take? What transactions string would you do? What codes/comments would you put?
Look up Conner by name in Episys using his ID to verify he doesn't have an account.
Perform an OFAC scan on any members account.
Run Conners card through the cash advance machine and verify it was approved for the requested amount.
In no account - CD GL
GL is CASHADV
Micah is at the Hardrock Casino and it attempting to withdraw money from his checking account at the ATM. The ATM machine charges $3.00 as a service fee. He withdrew $200 from the ATM. 1 hour later he withdrew another $200. Micah lost it all and finally went home. Micah didnt realize that he only had $5.00 in checking and $5.00 in savings before he went to the casino. Micah opted into overdraft protection and courtesy pay. Explain the order of operations, what would Micahs current balance be, and how much in total did Micah pay in fees including the Hardrock ATM fee.
The first withdraw $200 + $3.00 + $2.00 = $205.00
$10.00 - $205.00 = -$195.00 + -$35 = -230.00
The second with draw $200 + $3.00 + $2.00 = $205.00 + $35.00 =$240.00
-$230 + -240.00 = $470.00
He paid a total of $80.00 in fees.
Karen has a traditional IRA with Grow and a Roth IRA at Grow. When she received her IRA tax statements for 2021... the RMD for 2022 was printed on the traditional IRA but not for the Roth IRA? Why is this? How much is she required to take?
It was not printed because an RMD is not required to be taken on a Roth IRA.
She is required to pay 0.
Calculate each of Brady's incomes based on the format DL4 requests? Also, what is his combined Gross Monthly Income?
Full time hourly pay rate of $15.00 paid bi weekly.
Part time net direct deposit of $225.00 paid weekly.
Social Security Direct Deposit of $975 a month.
(You may use a calculator)
$15.00 x 80hours = $1200 x 26 = $31,200 / 12 = $2600
$225 / .75 = $300 x 52 = $15,600 / 12 = $1300
$975 / .75 = $1300
$2600 + $1300 + $1300 = $5200
Can a financial institution such as Grow choose to hold funds for shorter or longer than stated in the expedited funds availability act? What regulation is this in reference to?
Shorter but not longer.
Regulation CC.
Ms. Julie brings you in a certified check for $50,000.00 from an inheritance. She would like to pay off her Grow Auto Loan and Grow credit card and put the rest in her Basic Savings. Her auto loan payoff for today is $12,000.00 and her credit card balance is $3,000.00. She also needs to know when the rest will be available. What is the transaction string? What questions would you ask? What product/service would you recommend? What are the holds?
What is:
KR SD SWXLP SWXLP
See who passed and how well she knew them to make sure it is authentic. How did she receive the check? Who reached out to her? Does she have family around she can talk to about it? Did she go to the service?
Money Market, Certificate, Investment Services.
Release loan payoff amounts ($15,000.00) and the $5800.00 for Same day availability items. Therefore the hold would be the remaining $29,200.00 for 4 business days.
Jolene wants to breakup with her boyfriend so she comes in to remove him from the account first so that he doesn't take out all the money out of spite. He has a debit card, online banking access, and direct deposit to this account. What should you do?
Inform Jolene that because her boyfriend has a direct deposit into the account she would need to fully close the account in order to remove him.
When a primary member passes and decedent tracking is completed. What conversation should we have with the joint in regards to the next steps with the account? What steps should/could you take today in assisting with the process?
Verify if the account has any IRA's/loans.
If these are on the account the Joint may not be able to keep the account. Inform member the account will need to be reviewed by legal to see if they can take over the account.
If there are not loans/IRAs ask the member if they would like to keep this account as their permanent account?
If they do - have member fill out blank membership app, blank POD, courtesy pay form, and an image of their ID. Send these with your service event to legal and explain members intent.
If they do not want to keep account let them know they can leave it open for a while if needed. Legal will be in touch with them about a timeframe of when the account will need to be closed. Also notate this intent in your synapsis to legal.
You will need to add online access for the joint if current online banking is registered under the primary.
Perry wants to refinance an auto loan from Suntrust that is joint with his wife to his name only here at Grow. He wants her to remain on the title and he wants to keep his Gap and Warranty coverage on his vehicle. What standard documents/information will we need from Perry that is specific to an auto refinance? What actions will Perry need to take after the refinance is complete? Is there any costs associated to a refinance he should consider?
A copy of current vehicle registration, verification of current insurance policy, 25 day payoff information for the vehicle (Most FI provide 10 day payoff and you will have to calculate to 25 days.), other owner of collateral information.
He will need to contact his insurance company and the DMV to have Grow Financial placed as lienholder/loss payee once the lien is released from Suntrust. He may also want to contact his GAP provider for a rebate if possible.
He will need to repurchase GAP which is $450.00 and there will be a $75.00 lien fee for changing the lienholder on the title.
Which regulation is REG B? Give me 3 examples of what is covered under this regulation and 1 example of what is not?
Equal Credit Opportunity Act
Covered: Age , Race , Gender , Marital Status , Sexual Orientation , Handicap
Not Covered: Income , Length of Address, Length of employer, credit score
Larry has 1 account at Grow and it is a joint account where his wife Michelle is the primary. Larry & Michelle bring you in 20 bonds. 10 in Michelle's name and 10 in Larry's name. What transaction string/s would you use? Is there any steps you would have to do before processing the bonds? What is the availability of the bonds once deposited?
Michelle could process her bonds through the joint account as she is the primary. Since only 8 are allowed per a transaction we will have to do 2 separate transactions with separate receipts both with the code BR SD.
Larry however is a joint member so he will have to open a bond redemption account. His transaction will be processed the same as Michelles after the account is opened.
The funds from the bonds are all immediately available.
Isak currently banks with Wells Fargo and is unhappy with the service he has been receiving as well as the "outrageous" fees he has been charged. What items should you discuss with Isak prior to open the account?
Qualification for membership.
Account funding and new account holds.
Inform member of chexsystems pull.
Review types of checking account, the requirements, and the associated fees.
Review paper statement fee, overdraft fees, and courtesy pay fees.
Review any other issues Isak had with Wells Fargo to be sure he will not run into the same issues here.
Raquel is POA for her brother who is currently incarcerated. His account had fraud and asset protection has informed you that the account should be closed. Does the POA have the privilege to open a new account? How do you know this?
A POA can have the privilege to open a new account.
Each POA is unique and the original POA document should be reviewed by the RS to see if they have permission to open accounts.
Grow normally does not allow POA's to open accounts. However, legal may make an exception if the POA has the permission in the POA and asset protection says it is required.
After finding the permission in the POA call Legal Services at ext. 2511 and verify with them it is ok for the POA to open the account.
Sammy just got approved for a dealer draft for $50,000. She is 28 and this is her first time using a draft and financing a vehicle without family help. She is even doing the car shopping by herself. Explain the draft process to her and what are some tips/advice you can give her?
The draft is good for 45 days and any accredited dealership should accept this. What the draft does is let the dealership know as long as they follow the requirements of the draft you are already approved for financing. You should not have to sign any paperwork with the dealership in regards to credit scores, interest rates, or payments. If they are providing you these documents then they are not using your draft and you should not sign unless you want them to look for other financing for you.
Once you complete and sign the draft you will sign paperwork specific to the purchase of the vehicle itself. After those documents are signed you should be free to drive off with the vehicle and the rest of the work is done between us and the dealership.
Once the dealership does their part, they will send it to me and I will contact you to discuss final rates, payments, adding GAP and Warranty, and to have you sign your final lending documents.
During your search I can also research a value on a car to help you make sure you are buying it at a good price. Remember to not let them pressure you into a vehicle and you do not have to make a decision right away. Sleep on it and make sure you still feel the same the next day.
Don't hesitate to call me with any questions during the process.
What does HMDA stand for? Which regulation is this? Can a member refuse to answer questions related to HMDA? Will they be penalized?
Home Mortgage Disclosure Act
Regulation C
Yes
No