bRDC
What are the fees associated with bRDC?
The bRDC service is offered at $30.00 per month. Other fees may apply as per the Business Rate & Fee Schedule.
What is Positive Pay?
Positive Pay is a Fraud Prevention Service that safeguards our Members' Business Accounts against ACH and check fraud.
What is Account Analysis?
Business Account Analysis is offered to large business members with more complex or higher cash management needs.
Who Qualifies for a Nonprofit account?
A Nonprofit Entity
What does ACH stand for?
Automatic Clearing House.
What are the Endorsements and Check Requirements of bRDC?
Any image of a check transmitted to Rogue must accurately and legibly provide all of the information on the front and back of the check at the time of presentment. Before scanning the original check, the member must restrictively endorse any item transmitted through bRDC services as: “For Deposit Only to Rogue Credit Union” or as otherwise instructed.
Who is eligible for Positive Pay?
Any Business that issues checks for electronic payments
What fees are charged with account analysis
Business are charged a per item fee for all activity including cash in, cash out, checks cleared, checks deposited, ACH credits and debits, wires, etc.
The IRS Nonprofit Designation Letter or a copy of their 990 or 990EZ tax form.
Where can you go to find guidance for setting up ACH Origination?
MBL Guidelines (last section of the guidelines)
Listed as Automated Clearinghouse (ACH) Origination Risk Management Guideline
Name the two steps for a Business to be set-up/approved with bRDC?
• RM completes approval worksheet and submits JIRA ticket.
When does it make sense to place a business in Account Analysis
When the business has high deposit balances, high cash management needs, or multiple accounts.
What is ESI and what is the coverage limit?
Excess Share Insurance, up to $1,000,000 per Organization/TRO
What is the difference between an ACH Credit and an ACH Debit?
An ACH Credit is used to pay employees. (Deposits money)
An ACH Debit takes money from other financial institutions (withdrawals money)
Name three Key Member Benefits of bRDC
• Convenient Single Sig-On experience through the Business Online Banking Platform.
• Securely process deposits from the convenience of their place of business.
• Increased member engagement.
• Increased member loyalty.
• Saves time and fuel, increases productivity, and improves cash flow.
• Reduces the risk of lost or misplaced payments by scanning checks swiftly upon receipt.
• Reduce risks associated with sending employees to the branch (accident, robbery, prolonged visits, etc).
• Mitigates check fraud by accelerating returned item notifications and faster deposit times.
• Improves efficiency and lower costs by streamlining operations.
• Access to view and safeguard images of deposited items.
• Low monthly service fee of $30.00 per month.
What is a benefit of Check Positive Pay?
Ensure each check presented for payment matches an authorized issuance list provided by the business.
Receive automatic alerts when issues are found so the business can quickly identify fraudulent, counterfeit or stale-dated checks.
Fraud prevention
Enhanced control
Protect against duplicate payments
Exception Management
Improve Audit Control
How will a member know what their monthly activity and fees consist of?
The member will receive two bank statements. Their normal Rogue Bank Statement along with an Account Analysis statement which provides an itemized listing of fees.
Is there a cost for ESI and can a business purchase additional coverage?
No Cost, a business can not purchase additional insurance.
Name two high risk businesses/industries that do not qualify for ACH Origination
Online payment processors
Credit Repair Services
Mail and telephone order companies
Online Gambling
Businesses located outside the United States
Adult Entertainment
Name three qualifying parameters for a business member to qualify for bRDC.
Good Standing with credit score 680
No NSF Restrictions
Membership Length
Recent Deposits
Average Balance
Deposit History
MBL relationship
Who is responsible for reviewing Positive Pay Checks?
Delivery Staff is responsible for reviewing items presented at the Branch Level.
What is an earnings credit
An Earnings credit is a credit that is earned to offset or eliminate fees activity fees. It is a rate that is applied to the members average daily balance solely for the purpose of offsetting fees. It is not an interest rate or an interest credit.
What information is required on the Certification of Business Owners Form?
Nonprofits are partially exempted from providing beneficial owners but must still provide one controlling officer.
How do you calculate ACH Credit and Debit Exposure for underwriting?
All Credit Applications: One times the daily file limit
All Debit Applications: Three times the daily file limit