Cash Management
How many sections are there to a cash drawer and what are the limits to each section?
3
$3,000; $4,000; $5,000
What are two ownership categories for a personal/consumer account?
Individual
Joint with Right of Survivorship
Payable on Death (POD)
Trusts
Fiduciary
Minors/UTMAs
What does CIP stand for?
Customer Identification Program
What does the FDIC stand for?
Where is the emergency evacuation location?
On the side of the YMCA
When a customer is receiving cash, how many times is the money counted before giving the cash to the customer?
3 times; Count to yourself the amount pulled from the drawer.
Count the second time and list in DNA before giving to the Customer.
Count a third time when counting out to the customer. (Be mindful if there are other customers or consumers in the branch lobby or drive-thru area that could overhear the amount of the withdrawal. A silent count in front of the customer may be necessary to protect the customer’s privacy.)
What are the three ownership categories for an organization? Define.
Sole Proprietorships/Sole Owner
Partnership
Corporation/LLC
What does CIP require?
That certain information to be requested, provided, and maintained for all new accounts and when customer or account information is updated.
What is the max coverage of FDIC insurance offered to account holders?
$250,000
What is your duress code?
Duress code – one digit above assigned alarm code Ex. assigned alarm code is 1234, duress code should be 1235
True or False: It is acceptable practice to run cash through the counter/TCR and then hand over to the customer?
Cash should be counted back to the customer. It is not acceptable for the cash to be ran through the cash counter and handed directly to the customer.
True or False: A Business Account Opening Questionnaire must be completed for all business accounts opened.
True
Directly correlates with the Risk Assessment questions imbedded in the New Deposit Account Wizard in DNA. If an existing customer requests to open a new account, a questionnaire must be completed for the new account. If any of the questions are answered yes, it will be an immediate stop to the account opening process or require approval. If approval is required, then the completed questionnaire, along with applicable documents, must be emailed to the Retail Deposit Program Manager and Deposit Strategy. Approval is not required for Trust, Estate, and IOLTA accounts.
Under what act did financial institutions become tasked with strengthening their customer identification procedures, including requiring due diligence and enhanced due diligence procedures.
USA Patriot Act/USAP
What is EDIE?
FDIC insurance calculator
What is located in the Robbery Kits and Red-Colored Folder? What is in the Yellow Folder?
Robbery Kits and Red Folder: Robbery Witness Record, Suspect Description Form, Vehicle Description Form, Weapon Identification Form, Robbery Crime Scene Witness Information Form
Yellow Folder: Extortion Call Checksheet, Bomb Threat Call Checksheet, Non-Verbal Signals
Before processing any check(s) or withdrawals, what three items should be reviewed?
The relationship, check, and account activity should be reviewed for red flags, including overdrafts. Also, if an approval is needed, make sure these three items are explained to the approving official. Do not just hand the item over and state you need an initial.
When a customer wants to open a new account and there is a Qualifile denial, what document must be given to the customer?
Adverse Action Notice
This is a regulatory compliance requirement.
What is the difference between a CTR and a SAR?
CTR-Electronic filing of all transactions exceeding $10,000, including deposits, withdrawals, exchange of currency or other payment or transfer
SAR-should be completed for any activity that the bank suspects may involve potential money laundering or other illegal activity; $5,000 or more
A CB customer has a solely owned checking account with $160,000 and a solely owned savings account with $95,000. Would this customer be covered fully with FDIC coverage? Why or Why not?
No; When you aggregate both single owned accounts for this customer, they have a total of $255,000 in the single ownership category. Where FDIC insurance coverage for the single account category is limited to $250,000 this customer would have $5,000 that would not be covered in the case of a bank failure.
What are the steps to perform immediately following a robbery?
Lock the doors; activate the panic alarm (even if already performed); BM/Designate distribute robbery assignments; complete all tasks within assignments 1-4; perserve any area touched by the robber
What are three types of endorsements that are acceptable when negotiating a check? Define each.
Blank Endorsement
Restrictive Endorsement
Special Endorsement
Qualified Endorsement
Minor Endorsement
Power of Attorney (POA) Endorsement
Conservator Endorsement
Business Endorsement
Mobile Deposit Endorsement
What is the early withdrawal penalty on a CD?
An early withdrawal penalty will occur if a customer withdraws the funds prior to maturity. A 30-day interest penalty will be charged if the term is less than one year and a 90-day interest penalty will be charged if the term is more than one year.
What is OFAC and what is their function?
Office of Foreign Assets Control-oversees the enforcement of federally mandated sanctions against certain foreign governments, financial institutions, and specially designated nationals (SDNs – individuals or entities that have been named as targets of sanctions due to drug trafficking, terrorism, or other illegal activity). Individuals and businesses are forbidden from doing business with those on the lists.
Customer A and Customer B have a joint account with a balance of $400,000. Customer A also has a joint account with Customer C with a balance of $200,000. Would customers A, B, and C funds be insured?
This scenario would leave Customer A with $50,000 that would not be covered in the case of a bank failure. Customers B and C would be fully insured.
What are three categories that robbers fall under? (Bonus points if you can get all four)
Professional Criminal; Desperate Person; Drug Addict; and Note Robber