Check Procedures
Check Holds & Procedures
Bonds
TTL
TTL
100
If the numerical(5) and legal line(6) differ on a check, which line do we go by?
Legal
100
Greg brings in a check for $5,000 to deposit. Greg only has $300 in his account, however
- He has been a member since 1952
- He has direct deposit for $2500 every month
- He has deposited this amount every 3 months?
No Hold
100
What is the most important rule when redeeming a bond?
The bond owner MUST be the primary on the account.
100
Patty refinances her car from Y12 to ORNL. How much TTL do we put on hold?
$32
($10 for the temp lien since the title is not in hand and $22 for us to get the title retitled with ORNL as lienholder)
100
Blane bought a car from Fox Toyota. What is the TTL?
- By the way Fox Toyota is an indirect dealer
0 - Fox Toyota is an indirect dealer
200
If a check is made out to Cash, what is required before depositing or cashing the check?
The member must sign the back of the check, even if the check is made out to cash.
200
Sally brings in a check for $2,000. She has had an account for over a year with us with over $3,000 in her account. She wants to cash the check. She says she is excited to go shopping since the check was unexpected and all she has to do is send them a giftcard back.
Hold or ?
Refuse the check. This is a great example of a scam and we refuse the check.
In instances like this we do not take the check with a hold, we just do not take the check at all.
200
After how long does a bond mature and stop earning interest?
30 years
200
Frank brings in his title for his 2012 Dodge to finance to pay off all his credit cards. How much TTL do you put on hold?
$22
- No temp lien is required because we have the title at closing
200
Sarah just bought a car from Buddy's Auto Sales here in Knoxville. What is the TTL?
$10 - temp lien since not an indirect dealer
300
If a member comes in to cash a check and their account is $200 in the negative due to bounce protection, do we cash the check?
Yes, if it has been negative less than 30 days
—Ignore negative checking balances up to $500 from Courtesy Overdraft as Operations will work with them for thirty days
300
Member brings in a check from Allstate and the members have wrote deposit only on the back of the check.
Do you deposit the check?
No. Insurance checks and certain government checks we require and actual signature.
(This is disclosed on page 8 of our membership agreement)
300
If a member wants to check and see how much interest their bond earns where can they go?
Treasury.gov has a bond calculator that will tell them how much interest has incurred and when the bond matures
300
Sally just bought a car from Bob. While calculating the taxes she says that she lives in Knox County. What as to be added to the TTL?
Add $36.00 wheel tax if member is Knox County resident
300
Blake is buying a car from Kaylyn for $15,000. Kaylyn has brought the title to the closing and Blake lives in Roane County. What is the TTL?
*Purchase price x 7% (TN state sales tax) + $90.00 (County tax & mailing fee) + $55.00 (New Tag & lien fee)
$1195
$15,000*7%= 1050+ 90 + 55
There is no wheel tax or temp lien fee since title is in hand
400
Can you cash a check made payable to a business? (Even if it is in the business account)
NO
Do not cash checks made payable to a business- these must be deposited into a business account. Then can be withdrew if the member wants and the funds are available.
400
If a member brings in a check that is stale (older than six months) do we accept the check.
According to our membership agreement ORNL has the option to take or refuse the check. If accepted and the check bounces it is the member's responsibility. (Page 10)
400
Member brings in bond that is for Sally Todd or Rick Todd. Rick brings in the bond to redeem and Sally is primary on the account. Can you redeem the bond?
No. Although Sally is listed first on the bond, the bond must be redeemed on Rick's social since he is cashing in the bond.
400
Hannah bought a car from KY motors in Lexington KY. On the deal sheet the taxes and registration is included. What TTL is put on hold?
$10 - temp lien fee since we will not have the title in hand. When the title is received and taken to the courthouse to get registered, our lien will be added so the member does not have to pay the $22.
400
Heather lives in Knoxville and is buying a car from Oliver's Twist and Auto in North Carolina. The dealership will not calculate TN taxes and has just listed the car purchase price and fees on the deal sheet. In this case, we would need to calculate TTL. What would it be? Purchase price is $29,500.
*Purchase price x 7% (TN state sales tax) + $90.00 (County tax & mailing fee) + $55.00 (New Tag & lien fee)
$2256.00
$29500 x 7% =2065 + 90 + 55 = $2210
Then also add wheel tax $36 and temp lien fee $10
500
Joe's Convenience Store brings in a check payable to Laura their employee. Laura has signed the back of the check and Joe's Convenience Store is wanting to cash it. What endorsements are needed or have they already been satisfied?
Since the business is presenting the check and is taking responsibility, the business needs to endorse the check.
500
Lisa comes in with a check made payable to Lisa and ORNL Federal Credit Union. Lisa has signed the check and wants to deposit it into her account.
What do you do.
These checks can only be endorsed by a manager to ensure the funds are not to be collected for repairs and to ensure ORNL's collateral is protected.
500
If a joint owner brings in a bond to redeem and they are not primary on the account, what do you do?
Go to account 188 to redeem the bond and while redeeming the system will ask questions about the member cashing in the bond.
500
Janet is buying a car from James. The purchase price is $12,000. Janet lives in Anderson Co. What is the TTL(James has the car financed at Eastman CU)
Formula: Purchase price x 7% (TN state sales tax) + $90.00 (County tax & mailing fee) + $55.00 (New Tag & lien fee)
$995
12,000 x 7% = 840 + 90 +55 = 985
(since the title is not in hand at closing we have to add the $10 temp lien fee)
500
How much is the temp lien fee?
How much is the lien fee?
$10
$22