Transaction Entry
When reversing and reapplying a check payment, what comment code should be used?
"Check Payment"
How does Flex Pay work?
It is used for trips. The customer is authorized a specified amount to pay for their trip, the merchant charges the virtual card and then the customer will pay off the amount over time.
You have been approved to flat cancel an account but there is a payment on the CO line. What should you do?
Reverse out the payment(s), let the account sit overnight, flat cancel account the following day and then reapply the payment to the ML
What is Debt Sale?
It is when we sell accounts to debt buyers that we are unlikely to have any further financial gain from to debt buyers for a lower amount than the current balance.
How often should you be updating your JIRA tickets?
Every 2-3 days
What is the difference between a Principal Curtailment payment and a Post Payment?
Post Payment - applies to interest first and then principal (will apply to MMP)
What is the small waiving threshold?
$10 just like on the Upgrade side
When flat cancelling an account, what would you want to update in Spectrum prior to flat cancelling?
The last reported status should be updated to the same as the original line. Oftentimes, it will be the 120+ DPD status
What is a POA (Proof of Authorization)?
It is our dispute process for when a customer disputes an ACH payment with their bank stating that it is not authorized. We then need to show proof that the customer authorized the payment. This can be done by getting the IP address information from when the payment was made, previous payment history, etc.
If you need to get something approved by a supervisor or manager, what status should the ticket be set to?
Review
What is the difference between an interest credit adjustment vs an interest curtailment?
Interest Curtailment: This one is tied to actual cash. This would be used in the event that the customer truly owes the money but we are waiving as a courtesy.
Interest Credit: It is a transaction entry that is not tied to cash, but can be used to correct invalid balances
In Ops, when reviewing the disbursement history, what does the "settled" portion mean? What transaction would it equate to in Spectrum?
Settled is the amount that the merchant is charging for the trip. This would equate to an advance in Spectrum.
What is the escalation path? (Specific to our department)
Level 3 peer, TL, Supervisor, Vy, Pao(Manager)
What is a permissible return? What do we do with them?
It is when a customer disputes an ACH payment with their bank which is honored in their favor and then returned to the customer. We then have to locate the account in Spectrum and reverse the payment.
(This is the second part of a POA)
If a ticket is assigned to you what should the status be?
In Progress
For merchant returns, what is the difference between an exact match vs a partial match?
Exact Match is when the refund matches the amount of the advance
A partial match is when it is a different amount than the advance
In Ops, when reviewing the disbursement history, what does the "refund" portion mean? What transaction would it equate to in Spectrum?
The refund is the amount that the merchant has refunded. This would equate to a merchant return in Spectrum.
What reasons would we want to suppress the credit reporting for Debt Buybacks
(Name at least 2 out of 3)
Fraud, Legal Reasons, Preferential Payments
What is a preferential payment?
A payment that is made after the start date of a bankruptcy that needs to be refunded to the trustee of the bankruptcy via check
When you are assigning a ticket to someone on a different team or department, what should the ticket status be?
In Progress
Grace is when the refund was received within 7 days of the original advance
What is an unwind vs unused funds?
An unwind is cancellation of the entire trip. The balance is waived and the account is closed. Unused funds is a partial cancellation, when the full approved amount is not utilized.
What current last reported status would a SIF account have where we would not want to update the last reported status?
*Must name at least one
DA - Delete Entire Account (Reason other than fraud)
DE - Delete Entire Account Due to confirmed fraud
What is a principal remediate break?
When a post payment is applying only to principal but is not applying to both principal and interest on a loan, causing a break for investors.
You have assigned a ticket back to someone for additional information but you have not heard back from them, what steps should you take?