Check Holds
Name one question to ask when determining whether or not a hold is necessary.
Is there recourse?
Has there been any return checks?
Does the member have a direct deposit?
Is there a history of these checks?
What account offers free cashier's checks and money orders?
Smart Premier
If Ofac comes back positive, which department should you contact?
Risk
What type of IRA accounts does SFCU offer?
Traditional IRA and Roth IRA
What is the first step when handling a deceased account?
Search for the member and locate the profile in DNA.
What type of hold is placed on new membership checks for the first 30 days?
7 day
Which account doesn’t allow check writing ability?
Smart Scholar
List 2 reasons an IDV may fail.
Typos
Invalid number, Deposit Ops can check ID/DLs in states FL, MN, OH, TX, or WI.
At what age are IRA owners able to w/d from account w/o penalties?
59.5
What documents does a member/nonmember need to proceed with settling a deceased account?
Death Certificate
What is the difference between a large deposit (local) and large deposit (next day)?
First $275 same day, $6,725 in 2 business days and remainder in 7 days.
First $275 same day, $6,725 in 1 business days and remainder in 7 days.
Which account is for teens ages 14-17 and what is the minimum amount to open?
Smart Scholar, $25.
What is needed if IDV failed due to ID?
Must provide 2 forms of Id.
What is the minimum withholding IRA owners must take if opting into withholdings?
10%
If a nonmember visits the branch to inform us that their relative who is a member is now deceased, what do we do next? This member does not have a death certificate.
We must submit a Cview to alert deposit ops.
Explain the 3rd party process for checks more than $250.
Manager's review and approval. Our member's account must be in good standing. Endorsement by all payees and the member (account holder). Third Party must be present for verification of endorsement. A copy of the third party's ID (payee) to be placed in the teller's daily work. The thumbprint of the third party (payee) on the front of the check.
OFAC must be run on Third Party on checks over $1,000.00. All Third Party checks over $2,500.00 will require an extended hold.
Explain all the ways to have the service fee waived on the Smart Choice and Smart Premier Account.
20+ debit card transactions per month, direct deposit $500 or more, 65 and older, 15K combined average balance, direct deposit $3k or more.
What is needed if a IDV fail due to address?
Proof of Address is required.
At what age does IRA owners must take their RMD? (required minimum distribution)
Traditional IRA owners aged 73 must take RMD
What are 3 pieces of information needed for the c view to deposit ops?
What checks do we not accept as third party?
US Treasury/Social Security checks.
What Is the age range for Smart Start and name 2 factors of this account?
18-25, No minimum balance, Fee waived for 25 and under, higher atm and purchase limits than Smart Scholar, check writing, bill pay, $25 to open.
When do you NOT run Chex systems?
For a minor, or for a member that already has an account and is in good standings.
The maximum annual contribution limit for IRA owners 49 and younger? 50 and older?
The deceased member is the primary member on the account(s), and the person notifying SFCU is a joint owner on the account(s). US Treasury or TRS payments exist on the deceased member's profile. What steps do we need to take if she had a death certificate in hand?
Deposit Ops review and approval is required prior to making any changes or allowing withdrawals. The joint owner can close any deposit account(s) on which he/she is joint or become the primary on those accounts, as appropriate (new signature card is required). Deposit Ops must review the accounts to and possibly offset the loans prior to closing or making changes, and/or debit/freeze US Treasury or TRS payments.