Savings
Can a member set up direct deposit to a Premier Savings account?
No, the Premier Savings does not have an individual account number for the member to set up direct deposit. We can set up ACH distributions or Payroll Deductions to these accounts though.
What is the minimum needed for a premier checking and what happens if you go below that minimum?
Minimum balance for a Premier Checking is $10,000. If you go below $10,000 you will accrue a $25 fee.
What is the minimum needed in my money market, and what happens if I go below the minimum.
You have to have $2500 in a Money Market to earn interest, if you go below $2500 you will not earn any interest, but you do not accrue a fee.
What are the three options available when deciding how my interest earned on my certificate is distributed.
Compound - stays in the certificate and adds to the balance calculated for next month's dividends
Transfer - automatic transfer to regular savings only
Check - automatically prints check to be mailed to the member each month
What type of share is delegated to a specific bill. Once set up we will send the check to the company for a $1.50 fee
In House Bill Pay
What is the statement frequency for a savings account with no electronic activity?
Savings statements with no electronic activity will be available quarterly (January, April, July, October). If there is electronic activity, they will receive a monthly statement at the end of the month when the activity occurred.
What is the minimum age for a checking account?
You must be 16 years old to have a checking account.
Can a member order a debit card for their money market account?
No, debit cards are created for checking accounts.
T/F: A member can only withdraw their interest earned on a certificate at any time with no penalty, even if they deposited more than the minimum upon opening.
True, even if a member deposits more than the minimum needed, we can only withdraw the interest they earned without penalty. If we withdraw any of the original deposit given, they will be penalized.
What accounts will trigger Symitar to not process an inactivity fee?
If members have an IRA savings, Certificate, Holiday Savings, or any loans they will not accrue an inactivity fee even if they are inactive.
Can you have two Holiday Savings accounts on your membership?
No, there can only be one Holiday Savings per membership.
What is the purpose of a lookup for a checking account?
A lookup allows deposits to go to a specific checking account linking their checking account numbers with the selected membership.
T/F Checks for a money market account are free.
True, when ordering checks for a money market account, you will change the drop down to Money Market to order free checks for the members.
I opened a 5-year certificate but decided to close it within the first year, how many days of interest do I lose?
90 days of interest. The penalty is determined by how long the certificate is opened not how long the term of the certificate is.
When a member closes an In-House Bill Pay account, how long before we can re-open that account if requested?
The account must not be re-opened for 6 months.
When are the two occasions we will expire a joint name record on an account instead of closing the account completely to remove the joint?
When requested by the primary member - they will complete the "Joint to Indv." form.
When a member is removing the legal guardian who opened the account for them when they were a minor - they will fill out the "Joint Removed - Minor Account of Legal Age"
**Fun Fact - Legal age is different in different states. For example, AL legal age is 19 not 18. Make sure you are following the member's state laws when considering if they are still a minor.
How long does it have to be after a charged off checking before we can consider opening a checking account for a member again?
A year from the date of the deposit that paid the charge off in full.
Can a member set up direct deposit to a Money Market account?
Yes, Money Markets have their own account numbers to provide for ACH deposits or withdrawals.
What repgen provides me with the grace period dates for a flex certificate?
Flex CD Status
How long are shares overdrawn before Collection considers it for charge off?
Collections will charge off a share if it has been overdrawn for at least 30 days and the member does not respond to our collection efforts.
What are our new member rewards program?
Part 1: Complete 4 items:
1) opens a new checking account and sets up at least $100 monthly direct deposit
2) registers for digital banking
3) Enrolls in eDocuments
4) Provide an email address
They will receive $50.
Part 2: member also gets any type of loan with us within the first 90 days they will get an additional $50
Can we provide starter checks for an existing checking account?
No, MSRs are not allowed to print starter checks for already existing checking accounts. Member's will need to place a check order through Harland Clark.
If they need a check sooner than shipping will allow, we can print a corporate check for them.
What is the minimum for an Investor's Advantage and what happens when it goes below the minimum?
The minimum for an Investor's Advantage is $100,000.
The member with accrue a $25 fee if the balance goes below $100,000.
How do I change the maturity option on a certificate?
Go into account manager in symitar and select the certificate that needs updated.
Go to Maturity Post Code and select the new requested post code. (renew, transfer, check)
If you are changing the code to transfer or removing it from transfer to something else. EFT transfer maintenance will also need to be completed.
Can charged off shares be seen on a member's digital banking?
Normally when Collections decides to charge off a share, they will disable the member's digital banking. If they re-establish that digital banking the charge off share will not show.