Products and Services
What are the benefits of a spending plus account?
No charge for up to 4 money orders or cashier’s checks per quarter
No charge for standard checks – 2 boxes per year
½ off first-year safe deposit box rental
No fee for domestic wire transfer
What are authorized signer allowed to do on an account and what can't they do on an account?
An additional Authorized Signer may be added to an individual or joint account. An Authorized Signer can be designated on one share or all shares. The Authorized Signer may not conduct personal business on the account and may not make changes to the account, including removing themselves.
This account is set up when the court appoints a Conservator over an individual who is no longer able to handle their own affairs. Just like a Rep Payee or VA Fiduciary, the Conservator is allowed to accept payment and manage funds on behalf of the Beneficiary and should always act in their best interest.
Documents Required to Open Account:
Official Letters of Conservatorship
Attach these letters to a service event in Synapsys and send to:
Group Deposit Services>Special Accounts.
If approved, the Conservator will need to sign/notarize a Hold Harmless Affidavit.
Once the Affidavit is signed, all documents reviewed/approved, the account may be opened.
Responsible Individual identification (CIP rules apply)
How many Legs does a spider have?
10 seconds to answer question.
8 legs
How do you change a consumer checking type in a members account?
Examples could include spending to spending plus or spending to digital spending etc..
In account revision go to change consumer checking type and
You will select the New Type from the list displayed and type in the New Description. The description will match the selected type. Example: The description for Type 10 Spending Plus will be Spending Plus Account.
You will then Continue.
What other types of members are eligible for the same benefits as a spending plus?
Lab members
Members who are 60 and over
What is a joint owner?
A joint account is owned by two or more members. The owners are joint owners with rights of survivorship. Rights of survivorship means that if one member dies the funds belong to the other account owner(s).
A minor child may be the owner of an account as long as there is a person of legal age that is the joint member. They must supply the minors’ social security number as identification for the minor. They must also provide identification for themselves in accordance with the CIP guidelines (Refer to acceptable ID section). In the case of a minor the adult may sign the signature card on the primary line as Child's Name by Adults Name.
All joint owners must sign the signature card and provide proper identification before the account is opened.
The member must provide a street address even if the member prefers their mail be sent to a PO Box. (Account Revision, add “Mailing” name)
Who owns the funds on a representative payee account?
and
Who Controls the funds on the representative payee account?
The funds in the account are owned by the Beneficiary, but controlled by the Representative Payee.
The beneficiary CANNOT receive account information and also CANNOT transact on the account.
Which animal is known as the "ship of the Desert"?
12 Seconds to answer
How do you enroll a member in Estatements?
You will need to go to the online banking admin site and from there you will click edocs then the settings button to change it from paper to estatements.
What is a digital spending account and what is required to be eligible to have one?
Meet these requirements to earn cash rewards of .01 per debit card purchase; enrollment in OLB, bill pay, estatements, direct deposit or round up and have at least 15+ debit card transactions a month. Must have direct deposit with 35 days of account opening and must have a login every 6 months for olb
Before opening up a new account what is required to have in addition to a valid ID and SS/ITIN
Proof of current address, regardless however they qualify through membership eligibility.
What is a representative payee account and what documents are required to open it?
Official Letter OR US Treasury check from SSA evidencing appointment of Representative Payee.
If you use the check from the Social Security Administration, make sure it is
“Payable to” the Rep Payee for “benefit of” the Beneficiary.
EX: David Smith by Suzy Smith, Rep Payee
Upload a copy of the letter or check to your application within L360
Representative Payee’s identification (CIP rules appl
This account is set up when the Social Security Administration (SSA) appoints a Representative Payee to accept payment and manage funds on behalf of another person/Beneficiary. The Representative Payee is obligated to act in the best interest of the Beneficiary.
This does not need to go to back office for review as long as we have alll the proper identification
Who is the lead singer of the band Queen?
15 seconds to answer
Freddie Mercury
How do you set a member up with overdraft protection to pull from their membership?
You will go to account revision then click on additional product options, from there you will see that you can select the savings, you will need to check on IQ that it created the od protection under the checking
What is the required minimum balance for a money market account? What is the fee if it drops below?
2500.00 and 5 dollars per month.
What account do you run OFAC on if precise ID does not work or if they are a minor? and what else do you do after you run it on account?
178
Once that is completed you must add a note to the L360 New Account application stating that you did run [member’s name] and whether they were a match or not. To add a note, select ‘Add Note’ from the Add/View Toolbar
What documents are required to open up an estate account and what steps must we take before opening the account?
Letters of Testamentary (if there is a will), Letters of Administration (if there is NOT a will), or Small Estate affidavit (If assets are less than $50,000) issued by the Chancery/Probate Court. (It will list who the court has appointed to oversee the decedent’s estate). The title listed on these documents will indicate how the representative is to sign on the Membership application: Ex: John Smith, Personal Representative OR John Smith, Administrator OR John Smith, Executor.
EIN paperwork (they can bring in later if they are opening an account at another time)
and
Submit paperwork through Synapsys with a Service Event: Deposit Services> Estate Review for approval before opening estate accounts.
What colors make green?
10 Seconds to answer
Blue and yellow
What is required for changing a name on an account?
How do you change the name on the account and from there what do you get them to sign?
Identification is required for a member who is requesting a name change. The ID must show the correct name. DO NOT make the name change until appropriate identification is provided.
Account revision-add/revise name then make sure you get an updated membership agreement signed.
Are dividends paid out quarterly or monthly on a membership account?
Quarterly.
What is Precise ID?
Precise ID is a program integrated in the L360 program which automatically runs OFAC on each applicant added to an account. It is your responsibility to ensure each name has been run and is a “no match”. Below are the instructions for viewing the Precise ID report.
What documents are required to open up a trust account? and what do we do before opening the trust account with those documents?
The page stating the title of the Trust and naming the Grantor(s)/Initial Trustee(s)
The page naming the Trustee’s powers/duties
The page naming the Successor Trustee(s)
The signature page of the Trust document with Grantor(s) signature, date and notary seal
Trust documents must be reviewed and approved by Deposit Services prior to account opening.
Please submit all Trust documents, through the Synapsys Service Event.
What do paleontologists study?
Fossils
What do you have to do if the members social security number is wrong on the account?
When you have to adjust a member’s social security number for any of the following reasons: the number was input incorrectly, a number was transposed, or they have received their SSN and need to update it from their ITIN, employees must complete the W-9 form. This form can be found on Synapsys and will go to Imaging once the form is completed.