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CU Training > Final Review > Flashcards

Final Review Flashcards

1
Q

CIP/MIP

A

Customer/Member Identification Program

-used to identify members to prevent the CU from being the middle man in criminal activity

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2
Q

Common ACH transactions

A

-Direct Deposit
-Payroll
-Bill payments
-Checks
-Wire transfers
-Gov. Issued funds

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3
Q

ACH

A

Automated Clearing House

-basically works as our post office

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4
Q

Routing #

A

Identifies financial institutions

 * 021382655 *
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5
Q

Picture It (RDC)

A

Mobile deposit of checks through mobile banking

Requirements:
-Checking account
-Debit card
-Estatements
-Online banking

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6
Q

Share Certificates (CD)

A

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

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7
Q

Rebate checking

A

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

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8
Q

How long are checks good for?

A

6 months… unless otherwise stated

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9
Q

Money Market

A

Savings account with a higher interest rate due to a higher minimum balance.

Minimum balance: $2,500

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10
Q

ODFI and RDFI

A

ODFI- originating depository financial institution

RDFI- receiving depository financial institution

Ex. OCFCU (odfi) sends funds to Chase (rdfi) for payment

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11
Q

Direct deposit

A

Always need routing number!!!

Savings - routing and member number
Checking - routing and MICR number

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12
Q

Phone number

A

(315) 343-7822

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13
Q

Lucky Savers vs. regular CD

A

Lucky Savers:
-gives members the chance to win cash prizes
-12 month term
-penalty is $25 first early withdrawal
second = closed

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14
Q

Accounts we offer

A
  1. General Membership
  2. Employee/volunteer
  3. Sole proprietorship
  4. Business
  5. Organization
  6. Estate
  7. Trust
  8. Representative payee
  9. UTMA
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15
Q

Stop payments

A

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

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16
Q

Rebate vs. regular checking

A

Regular checking is totally free
Rebate earns 3.25% on up to $20,000

17
Q

Bill pay

A

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

18
Q

Check holds

A

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

19
Q

Check security features

A
  1. Void pantographs
  2. Watermarks
  3. Laid lines
  4. Chem. sensitive paper
  5. Security screen
  6. Padlock icon
  7. Micro printing
20
Q

Physical address verification

A

-utility bill
-paystub
-bank statement
-gov. issued docs
-mortgage/lease/rental agreement
-school docs

21
Q

Acceptable forms of ID

A

-Valid drivers license
-Gov. issued ID
-US passport
-Social security card
-Military ID
-Law enforcement ID
-Resident alien card
-medical card
-benefits card

22
Q

A2A

A

Allows members to transfer funds to and from external accounts via ACH

Fees:
Incoming - free
Outgoing - $2.50 per

Limits:
outgoing - $250
Incoming- $500

23
Q

What can you do on the virtual branch? (Online/mobile banking)

A

-my card control
-picture it
-bill pay
-A2A
-savvymoney
-check balances
-loan payments
-contact CU
-Estatements
-transfers

24
Q

Checks can be endorsed by…

A
  1. Person made out to
  2. Account holder
  3. Financial institution receiving
  4. Financial institution check is from

CU Training (6 decks)

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