Loan Definitions
Define APR and how do we quote rates.
Annual Percentage Rate. "The rate as low as......annual percentage rate."
What is FRM's extension?
2150
What is the retention period for the branch totals?
3 months plus current month
List 3 benefits to using a virtual channel such as online banking, mobile banking.
Saves time - obtain information quick and easy
Saves money - pay bills and avoid check orders and using stamps
Piece of Mind - access all your financial information and ability to transfer 24/7
Convenience - Simple and easy log in with all your banking history at your fingertips.
How long can members currently defer their consumer loan payments due to Covid-19?
3 months
Define "LTV".
LTV = Loan to Value. This is a ratio comparing the collateral value vs the amount lent.
Define "phishing" and "vishing".
Phishing happens when criminals impersonate legitimate businesses or processes to acquire information such as usernames, passwords, account numbers or credit card details via email.
A Vishing email message instructs the recipient to make a phone call. The call triggers a voice response system that asks for the users credit card or account number under the guise of protecting, verifying or updating information. Some recipients may be directed to phone an 800 number.
True or False:
We are allowed to cash bond for members and non-members?
False
We may only negotiate bonds for members.
What is the maximum eDeposit mobile limit members can request?
$50,000 (Daily)- temporary due to Covid-19
$10,000 (Daily) - standard
Meal Penalty:
Between what hours are you required to take your lunch at the latest?
5th and 6th hours
Define "DTI".
Debit to Income. This is a ratio that compares a members monthly credit expenses vs their monthly income.
US Postal Money Order:
What security features are visable when placing the money order under a Uveritech light?
USPS Logo repeating, Red glowing thread.
When in doubt:
U.S. Postal Service Money Order Verification System – 866-459-7822
What is BSA and what does it require financial institutions to do?
Bank Secrecy Act. Requires banks to file and maintain records of large cash transactions by filing CTR's or other forms.
Name 3 features to using Logix online or mobile banking system.
Perform transactions 24 hours a day, 7 days a week
Check account information and balances
View, download, and print account statements
Transfer funds for loan payments or other accounts
Pay bills electronically with BillPay
Ability to download account data into personal financial software packages
o Ex: Quicken and Money
Setup alerts for account events
o Ex: payroll deposits or balance changes
WOW Program:
What dollar amount are you authorized to spend to WOW a member before you need an approval?
What are mortgage loan impounds?
Impounds are expenses collected with regular payments in addition to the required principle and interest amounts. (taxes, insurances)
Check Kitting:
Provide 2 red flags examples we use to identify check kitting.
High number of deposits
Funds coming from suspected kiter’s accounts
Checks in float greater than closing bank balances
More “real” money going out than put in
In and Out activity conceals negative actual balances
Total dollar debits and credits are almost equal
Many deposit items drawn on the same bank(s) or payable to the same
payee
Overdrafts covered with checks and not with cash
Checks written in “round” dollar amounts
Frequent inquiries regarding account balances
Frequent use of different bank branches
Frequent use of ATM's to make deposits
Check Endorsement:
When a check has a "/" how do you handle this for negotiability? (What does this mean?)
Whenever the check payee has a " / " this means "or". For example, if a check is payable to "Susan/Sally" this would mean that either person can negotiate the check. If there is no “/” between payees, for example, if a check is payable to “Susan, Sally” this would also mean that either person can negotiate the check.
List 3 features offered by Logix mobile banking application.
Account Balances, Transaction History, Transfers, Loan Payments, ATM Locations
Have full account access using Face ID/Touch ID/PIN (Apple) or Android Fingerprint/PIN
View, download, and print account statements
Change Username/Password
View Transactions
o Account Details
o Mobile eDeposits
Make check deposits to any deposit account up to the daily limit (usually $5,000).
Deposits to the account at the time the deposit is made (holds to funds may
apply).
All checks deposited are required to have the payee’s signature followed by “For
mobile deposit only at Logix”
Accounts with Foreign Addresses are not qualified
o Check Images (cleared and deposits)
o BillPay
o Add a Biller to BillPay
o Money Mover (External Account)
o Add Money Mover/External Account
o Transfer to another member
Card Activation
Card Freeze/Unfreeze
View Statements
Update Statement Preferences
View Account Routing/Transit Numbers (MICR)
Travel Notifications
Marketing Links
Check Ordering
83
Define the "right of rescission".
List 3 ways to spot a counterfeit check.
Maker and Issuing Bank locations do not make sense with Payee’s location
Blurry Names/Logos
Even dollar amount and out of the norm for member
Varying font styles throughout
Check #in top right corner may be different than MICR Check #. MICR may also be missing routing and/or checking number
What is the procedure if you identify a counterfeit bill?
1. Place the suspicious bill(s) into the light of the UVeritech Counterfeit Detector to attempt to verify the bill's authenticity. Refer to Exhibit A - Know Your Money and/or Exhibit 60-18-B - Quick Guide Counterfeit Detection on what to look for when verifying a bill.
2. If you are unable to verify the authenticity of the bill using the UVeritech
Counterfeit Detector and Exhibit tools, explain to the member/non-member that
the bill cannot be transacted at this time and must be sent to the US Secret Service for verification. If the bill(s) is determined genuine by the US Secret Service, it will be returned and credited to the appropriate account as applicable. Alternatively, the bill(s) will not be returned if it is determined counterfeit. If you ARE able to verify the authenticity of the bill using the UVeritech Counterfeit Detector and Exhibit tools, proceed with the requested transaction. Alert: NEVER return a suspected counterfeit bill(s) to the presenter; delay their departure as long as possible so that the appropriate procedure can be conducted. If the member/non-member becomes irritated or confrontational, contact the Security Department immediately.
3. Observe the presenter's appearance and demeanor as well as any companions that may have accompanied them.
4.Login to the USDollars website www.usdollars.usss.gov/)
What is the maximum amount a member can utilize for Money Mover?
$25,000 (in increments of $5,000)
How many members originally founded Logix?
12