Money Movement
What are the 4 Money Movement options customers have to transfer funds?
Wire
EFT
Check
Internal Transfer
What Link'd procedure confirms funds transfer limits?
Funds Transfer Deposits Base Document
What is the main purpose of Compass?
Verify External Account Info/Status
True or False:
Once an ACH Stop Payment is placed, it can NOT be cancelled or modified
True!
*ACH and Check Stop Payment Deposits/BFU/Retail Branch Procedure
When will a customer receive the confirmation letter of an account closure?
5-7 Business Days
*ACH and Check Stop Payment Deposits/BFU/Retail Branch Procedure
What is the cutoff time for same day ACH initiation?
5:00 PM EST
*Service Level Timeframes
True or False:
There are no limits for incoming or outgoing ACH transfers
FALSE
Incoming limit is $250,000.00 per 30 – day rolling period for each Account Center registered owner
Outgoing limit is $250,000.00 per 30 – day rolling period for each Account Center registered owner
Limits are subject to COMBINED incoming/outgoing limit of $300,000.00 per 30 – day rolling period for each Account Center registered owner
*Funds Transfer Deposits Base Document
Scenario:
If a customer fails to verify trial deposits before they expire, but AH still needs to have the external bank linked, what should you advise them?
Delete the failed external account & attempt to readd
*Denied/Exception Denied Procedure
Can you place a stop payment on a stolen check?
No! Transfer to BFU
*ACH and Check Stop payment Deposits/BFU/Retail Branch Procedure
What are the 3 withdrawal options that can be completed over the phone for an account closure?
Official Check
Internal Transfer
Wire
(Donation to Make a Wish Foundation)
*Account Closure Request Deposits/BFU Procedure
What are Trial Deposits?
Trial Deposits are 2 small deposits with random amounts made to external account to verify routing and account number provided are accurate
Scenario:
A customer scheduled an ACH transfer on Monday (President's Day) at 11am. On what day will the transfer initiate?
Tuesday!
President's Day is a Federal Holiday that restricts funds transfers
Scenario:
If a customer's external bank was denied due to mismatching info but Atlas has updated info, what is required before the AH can readd the external account?
Email ebanksme@discover.com to update info in Compass
*Denied/Exception Denied Procedure
How long is a Check Stop Payment valid?
6 Months - Most institutions consider a check stale after 6 months
*ACH and Check Stop Payment Deposits/BFU/Retail Branch Procedure
It will be lost
Customers should redeem any rewards prior to closing the account
*Account Closure Request Deposits/BFU Procedure
How many days does a customer have to verify Trial Deposits before they expire?
19 Days
What account types offer personal check books?
Money Market & Cashback Debit
*Deposit Products Base Document
What procedure is needed to verify eligibility of an external bank?
CashEdge External Banks Not Accepted & TMX denied
What information is required to place a stop payment on an ACH?
Name of the originator & the exact amount or range
*ACH and Check Stop Payment Deposits/BFU/Retail Branch Procedure
Can you close a liquid account if there is a pending transaction/transfer?
No!! The transaction/transfer will need to be cleared before the account can be closed.
*Account Closure Request Deposits/BFU Procedure
Will an account freeze affect a customer's Overdraft Protection?
Yes!
A freeze will override/cancel ODP
*Freeze and Hold Deposits Procedure
True or False:
You are required to expedite Official Checks if amount is $100,000 or more
True!!
*Money Movement Deposits Procedure
True or False:
When discussing details in Compass, such as external account number, you do NOT need to 2nd level verify
False!
*Confirming and Providing Account Information Procedure
What information is required to place a Stop Payment on a check?
Payee
Amount
Check Number/Range
*ACH and Check Stop Payment Deposits/BFU/Retail Branch Procedure
Scenario:
A customer calls in to close his OSA and requests a check. The available balance is $300,000, how should you proceed?
Request the assistance of a TL/TC/CEG
Checks over $250,000 need manager approval
*Account Closure Request Deposits/BFU Procedure