Membership Eligibility/CIP
Properly identifying the customer (member) is mandatory under the USA PATRIOT Act.
What information is required when opening an account or adding an individual to an account?
Name
Date of birth, for an individual
Address
For an individual – a residential or business street address;
For an individual who does not have a residential or business street address – an Army Post Office (APO) or Fleet Post Office (FPO) box number, or residential or business street address of next of kin or another contact individual; or
For a person other than an individual (such as a corporation, partnership, or trust) – a principal place of business, local office, or other physical location
Identification number
For a U.S. Person – a taxpayer identification number
For a non-U.S. Person must provide the following:
A taxpayer identification number, such as a Social Security Number, Individual Taxpayer Identification Number or Employer Identification Number.
What is the minimum balance in Money Market a member must have at all times? and what is the fee if it falls below?
$2500.00 for balance
$5 for fee if it falls below a month.
An Individual share account is an account that is solely owned by an individual. Individual share accounts are added together and are insured up to this amount.
$250,000
What information is required for a member who is requesting a name change on their account?
Identification is required for a member who is requesting a name change. The ID must show the correct name. DO NOT make the name change until appropriate identification is provided.
The FSO should inform the member that the name on the account and the name on the Social Security card must be the same for tax purposes.
Name 3 types of primary documentation.
Primary Documentation includes:
A driver’s license with a photograph
ORNL Federal Credit Union will accept a paper copy of the driver’s license for 90 days from issue date
U.S. Passport or alien registration
An unexpired government issued ID with a photograph
A state issued ID card
Do membership dividends get paid monthly or quarterly?
Quarterly
True or False:
A person’s interests in joint accounts is insured separately from individual accounts up to a maximum of $250,000, provided that each of the co-owners has personally signed an account signature card and has a right of withdrawal on the same basis as the other co-owners. In the example of a husband and wife, the husband can have up to $250,000 coverage on his single or individual account, and so can the wife. In addition, the husband and wife can each have up to $250,000 of insurance on their portion of the joint account. They would have a total of up to $1,000,000 of coverage in this particular example.
TRUE
What is Precise ID and when do we look at it?
Precise ID is a program integrated in the L360 program which automatically runs OFAC on each applicant added to an account. It is your responsibility to ensure each name has been run and is a “no match”. Below are the instructions for viewing the Precise ID report.
What are the benefits of a spending plus account?
No charge for up to 4 money orders or cashier’s checks per quarter
No charge for standard checks – 2 boxes per year
½ off first year safe deposit box rental
No fee for domestic wire transfer
Bank Secrecy Act (BSA) -Anti Money Laundering Act- primary focus is to provide a paper trail of financial transactions to help detect and prevent money laundering activities connected with drug traffickers, terrorist and other elements of white collar and organized crime. Name the 3 types of paper trails.
Currency Transaction Report (CTR)
This is generated if the member’s account has taken in or withdrawn more than $10,000.00 in cash in one business day.
A CTR must be completed on non-members if a non-member performs a transaction that involves greater than $10,000.00 in cash.
Monetary Instruments Log (MIL)
This is generated when members purchase monetary instruments (money orders and cashier’s checks) with cash in the amount of $3,000.00 to $10,000.00.
Suspicious Activity Report (SAR)
This is basically a gut feeling.
Financial institutions are required to file this for any detected, known or suspected federal criminal violations involving transactions. Never tell the member that you are requesting completion of this form!
You are not responsible to file this form; your responsibility is to notify Compliance via email. The Compliance Department will determine if it is necessary to file a SAR.
If a member provides the proper documentation to open up an estate account what must we do before going ahead and just opening it?
Submit paperwork through Synapsys with a Service Event: Deposit Services> Estate Review for approval before opening estate accounts.
Name 4 of the steps required to add a spending account to an existing account.
Account Revision
Share Draft
Select the Spending account member needs
Choose ODP selection
At least one member sign the membership application
What does a digital spending account do and what are the requirements?
Meet these requirements to earn cash rewards of $.01 per debit card purchase; Must have OLB, Bill Pay(enrolled) Estatements, Direct deposits or Round up and a total of 15+ dc transactions each month. ATM transactions do not qualify, direct deposit must hit within 35 days of statement date and OLB must have a login every 6 months.
What is OFAC and when is it required to be pulled.
OFAC (Office of Foreign Assets Control)
A division of the U.S. Treasury Department that administers and enforces economic and trade sanctions under a number of federal statutes against targeted foreign countries and their agents, terrorism sponsoring agencies and organizations, and international narcotics traffickers. The Credit Union is required to block property and payment of any funds transfers or transactions involving any country, entity or individual appearing on OFAC’s Specially Designated National and Blocked Person List (SDN list).
What documentation must we have before opening up an estate account?
Letters of Testamentary (if there is a will), Letters of Administration (if there is NOT a will), or Small Estate affidavit (If assets are less than $50,000) issued by the Chancery/Probate Court. (It will list who the court has appointed to oversee the decedent’s estate). The title listed on these documents will indicate how the representative is to sign on the Membership application: Ex: John Smith, Personal Representative OR John Smith, Administrator OR John Smith, Executor.
EIN paperwork (they can bring in later if they are opening an account at another time)
If there is a minor on the account, Precise ID will not scan automatically. Which account must you run the name through?
178
What other types of members can enjoy the benefits of a spending plus account?
Lab members
Members who are 60 and over
Members whose accounts were Platinum, Gold or Seniority Club as of December 12, 2016
What documentation must we have before opening up a trust account and what must we do before opening up an account once we have the paperwork
The page stating the title of the Trust and naming the Grantor(s)/Initial Trustee(s)
The page naming the Trustee’s powers/duties
The page naming the Successor Trustee(s)
The signature page of the Trust document with Grantor(s) signature, date and notary seal
Trust documents must be reviewed and approved by Deposit Services prior to account opening.
Please submit all Trust documents, through the Synapsys Service Event.