Money Movement
Funds Transfer
Compass
Stop Payment
Liquid Account Closure
100

What are the 4 Money Movement options customers have to transfer funds?

Wire

EFT

Check

Internal Transfer

100

What Link'd procedure confirms funds transfer limits?

Funds Transfer Deposits Base Document

100

What is the main purpose of Compass?

Verify External Account Info/Status

100

True or False:

Once an ACH Stop Payment is placed, it can NOT be cancelled or modified

True!

*ACH and Check Stop Payment Deposits/BFU/Retail Branch Procedure

100

When will a customer receive the confirmation letter of an account closure?

5-7 Business Days

*ACH and Check Stop Payment Deposits/BFU/Retail Branch Procedure 

200

What is the cutoff time for same day ACH initiation?

5:00 PM EST

*Service Level Timeframes

200

True or False:

There are no limits for incoming or outgoing ACH transfers

FALSE

  • Incoming limit is $250,000.00 per 30 – day rolling period for each Account Center registered owner

  • Outgoing limit is $250,000.00 per 30 – day rolling period for each Account Center registered owner

  • Limits are subject to COMBINED incoming/outgoing limit of $300,000.00 per 30 – day rolling period for each Account Center registered owner

*Funds Transfer Deposits Base Document


200

Scenario:

If a customer fails to verify trial deposits before they expire, but AH still needs to have the external bank linked, what should you advise them?

Delete the failed external account & attempt to readd

*Denied/Exception Denied Procedure

200

Can you place a stop payment on a stolen check?

No! Transfer to BFU

*ACH and Check Stop payment Deposits/BFU/Retail Branch Procedure

200

What are the 3 withdrawal options that can be completed over the phone for an account closure?

Official Check

Internal Transfer

Wire

(Donation to Make a Wish Foundation)

*Account Closure Request Deposits/BFU Procedure 

300

What are Trial Deposits?

Trial Deposits are 2 small deposits with random amounts made to external account to verify routing and account number provided are accurate

300

Scenario:

A customer scheduled an ACH transfer on Monday (President's Day) at 11am. On what day will the transfer initiate?

Tuesday!

President's Day is a Federal Holiday that restricts funds transfers

300

Scenario:

If a customer's external bank was denied due to mismatching info but Atlas has updated info, what is required before the AH can readd the external account?

Email ebanksme@discover.com to update info in Compass

*Denied/Exception Denied Procedure

300

How long is a Check Stop Payment valid?

6 Months - Most institutions consider a check stale after 6 months

*ACH and Check Stop Payment Deposits/BFU/Retail Branch Procedure

300
When closing a Cashback Debit Account, what will happen if the AH does not claim the available cashback rewards?

It will be lost

Customers should redeem any rewards prior to closing the account

*Account Closure Request Deposits/BFU Procedure 

400

How many days does a customer have to verify Trial Deposits before they expire?

19 Days

400

What account types offer personal check books?

Money Market & Cashback Debit

*Deposit Products Base Document

400

What procedure is needed to verify eligibility of an external bank?

CashEdge External Banks Not Accepted & TMX denied

400

What information is required to place a stop payment on an ACH?

Name of the originator & the exact amount or range

*ACH and Check Stop Payment Deposits/BFU/Retail Branch Procedure 

400

Can you close a liquid account if there is a pending transaction/transfer?

No!! The transaction/transfer will need to be cleared before the account can be closed.

*Account Closure Request Deposits/BFU Procedure 

500

Will an account freeze affect a customer's Overdraft Protection?

Yes!

A freeze will override/cancel ODP

*Freeze and Hold Deposits Procedure

500

True or False:

You are required to expedite Official Checks if amount is $100,000 or more

True!!

*Money Movement Deposits Procedure

500

True or False:

When discussing details in Compass, such as external account number, you do NOT need to 2nd level verify

False!

*Confirming and Providing Account Information Procedure

500

What information is required to place a Stop Payment on a check?

Payee

Amount

Check Number/Range

*ACH and Check Stop Payment Deposits/BFU/Retail Branch Procedure 

500

Scenario:

A customer calls in to close his OSA and requests a check. The available balance is $300,000, how should you proceed?

Request the assistance of a TL/TC/CEG

Checks over $250,000 need manager approval

*Account Closure Request Deposits/BFU Procedure 

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