Final Review Flashcards
CIP/MIP
Customer/Member Identification Program
-used to identify members to prevent the CU from being the middle man in criminal activity
Common ACH transactions
-Direct Deposit
-Payroll
-Bill payments
-Checks
-Wire transfers
-Gov. Issued funds
ACH
Automated Clearing House
-basically works as our post office
Routing #
Identifies financial institutions
* 021382655 *
Picture It (RDC)
Mobile deposit of checks through mobile banking
Requirements:
-Checking account
-Debit card
-Estatements
-Online banking
Share Certificates (CD)
A contract where the member agrees to deposit a specific amount of money for a specific amount of time, and the CU pays a higher dividend
Minimum deposit: $500
Penalties:
6/12 - 30 days interest
18/24/36 - 90 days interest
Rebate checking
High yield account that earns 3.25% on up to $20,000
NO MIN. BALANCE OR PENALTIES
Requirements:
-15 debit card transactions
-At least 1 direct deposit
-Estatements
-Online banking
How long are checks good for?
6 months… unless otherwise stated
Money Market
Savings account with a higher interest rate due to a higher minimum balance.
Minimum balance: $2,500
ODFI and RDFI
ODFI- originating depository financial institution
RDFI- receiving depository financial institution
Ex. OCFCU (odfi) sends funds to Chase (rdfi) for payment
Direct deposit
Always need routing number!!!
Savings - routing and member number
Checking - routing and MICR number
Phone number
(315) 343-7822
Lucky Savers vs. regular CD
Lucky Savers:
-gives members the chance to win cash prizes
-12 month term
-penalty is $25 first early withdrawal
second = closed
Accounts we offer
- General Membership
- Employee/volunteer
- Sole proprietorship
- Business
- Organization
- Estate
- Trust
- Representative payee
- UTMA
Stop payments
Stop draft- stopping a check (ex. Member overpaid and wants to fix it)
Stop draft verbal- over the phone
Stop ACH- stopping ACH payments (ex. canceling national grid payments)
Revoke ACH- no longer can be withdrawn (FINAL)
Unauth ACH stop- member does not recognize transaction
Rebate vs. regular checking
Regular checking is totally free
Rebate earns 3.25% on up to $20,000
Bill pay
Allows you to make single, recurring, person to person, and expedited payments
-Free as long as used… after 3 months inactive there is a $5 fee
-$2,500 daily limit
Check holds
Cash = no hold
ACH deposit = no hold
Personal checks over $1,000 =
next business day $225, 2nd day remainder
Personal checks over $5,525 =
next business day $225, 2nd day $5,300, remainder on 7th day
Money orders = no hold
Official/cashier’s checks = no hold
Gov. Issued checks = no hold or not accepted if 3rd party
All other checks = 7 business days
Check security features
- Void pantographs
- Watermarks
- Laid lines
- Chem. sensitive paper
- Security screen
- Padlock icon
- Micro printing
Physical address verification
-utility bill
-paystub
-bank statement
-gov. issued docs
-mortgage/lease/rental agreement
-school docs
Acceptable forms of ID
-Valid drivers license
-Gov. issued ID
-US passport
-Social security card
-Military ID
-Law enforcement ID
-Resident alien card
-medical card
-benefits card
A2A
Allows members to transfer funds to and from external accounts via ACH
Fees:
Incoming - free
Outgoing - $2.50 per
Limits:
outgoing - $250
Incoming- $500
What can you do on the virtual branch? (Online/mobile banking)
-my card control
-picture it
-bill pay
-A2A
-savvymoney
-check balances
-loan payments
-contact CU
-Estatements
-transfers
Checks can be endorsed by…
- Person made out to
- Account holder
- Financial institution receiving
- Financial institution check is from
