COMPLIANCE
SDBX
BUSINESS ACCOUNTS
LOAN PRODUCTS
MEMBERSHIP
100
What does BSA stand for?
Bank Secrecy Act
100
What are the two differences between a lessee and a deputy?
Deputy can not make changes to the box agreement and can not access the box once all lessees have passed away.
100
A member has decided to come in and open a DBA account for his car washing business. What risk code would you code this account?
High Risk = 4
100
What is the employee price for GAP?
$155 -includes Autos, Motorcycles, ATVs, Golfcarts, and Jet Skis
100
Name two records the Credit Union is authorized to report to the credit bureau.
Late Payments. Missed Payments, Charged Off accounts/NSF activity
200
When doing a loan application you are not allowed to ask martial status or request any information about the spouse. This is mentioned in which regulation?
REG B
200
Member comes in on June 1, 2019 and rents a 3x5 box.
What do you input as the actual fee amount?
What is the through date?
Pro rated fee
5/1/2020
200
What is the % of ownership that requires the person to be included on the benefical owner form?
25% or more
200
What are the eligibility requirements for all three levels of debt protection?
- Must be under 70
- Must work at least 24 hours weekly
- Involuntary Unemployment does not cover those self employed
200
At what age can a child conduct business on their own behalf?
There is no age restrictions.
300
Who implements the Truth in Savings Act?
NCUA
300
What is the Safe Deposit tracking #?
31
300
What are the three different corporation accounts?
C Corporation
S Corporation
Non-profit Corporation
300
Who is Vision insured by?
Allstate
300
What is the contract between the member and ORNL Federal Credit Union?
The membership agreement
400
What is another name for the USA Patriot Act?
Anti-Terrorism Act
400
If an executor or administrator of a sole or last surviving lessee’s estate has not requested access to the contents of the box within _ days following the lessee’s death, the Credit Union may then permit access for the surviving spouse or any next of kin of the lessee for the purpose of inventory and removal of contents.
60
400
Non-profit is not the entity type of the organization instead it identifies it ____ status
tax
400
When a title is presented(in hand) as collateral and ORNL must place their name as lien holders, what is the fee?
$22
- This would be if the member has title in hand at closing, $32 if the title was at another financial institution and we had to send a check to get the title
400
A Payable on Death beneficiary designation shall not apply to which type of account that is governed by a separate account agreement an beneficiary agreement?
Individual Retirement Accounts (IRAs)
500
CTRs have to be filed within a certain timeline. What is the fine the credit union is charged if the CTR fails to be completed within that timeline?
$10,000 a day until the report is complete
500
All surrendered safe deposit box records are to be retained for _ years before properly disposing of them
6
500
What are the three checking accounts offered for a business account?
Small Business Checking
Business Checking
Volume Analysis Checking
500
If someone is denied for a loan, what must the credit union provide in writing?
Adverse Action
500
What two fundamental rights does the membership agreement give a member?
The right to have a share account and the right to vote in the Board of Directors election.