quiz 1

Question 1

3 types of credit union charters

Answer 1

TIP SEG COMMUNITY

Question 2

What type of charter is OCFCU

Answer 2

COMMUNITY

Question 3

To qualify for membership what are the eligibility requirements

Answer 3

LIVE WORK WORSHIP FAMILY OR RELATIVES IN OSWEGO COUNTY

Question 4

What is CIP/MIP and why are we required to adhere to it

Answer 4

CUSTOMER/MEMBER IDENITIFICATION PROGRAM TO ENSURE IDENTITY REQUIRED BY FED TO IDENTIFY SUSPICIOUS BEHAVIOR

Question 5

4 pieces of personal and idenitifying info to proceed with account opening?

Answer 5

LEGAL NAME SSN PHYSICAL ADDRESS DOB

Question 6

Types of ID to use for opening membership

Answer 6

A ton of stuff

Question 7

Discrepency between ID and physical address… what do you use?

Answer 7

Utility paystub phone bill state mail tax bill lease agreement rent agreement

Question 8

What age can a child open an account

Answer 8

At 13 a child can open a membership with a primary share only, any younger it must be a joint account with guardian

Question 9

What documents for a minor account

Answer 9

Birth certificate SS Card School ID

Question 10

Most common account type at CU?

Answer 10

General membership

Question 11

2 types of ownership?

Answer 11

Individual (one person) Joint (2 or more owners = access)

Question 12

Rights of survivorship vs without rights of survivorship?

Answer 12

1. funds can be used by joint account users after death 2. funds will be granted to someone with access to estate after death

Question 13

Simplest form of business account and requirements for opening?

Answer 13

Sole proprietorship
Business certification EIN letter Owners personal information and identification

Question 14

3 types of business accounts?

Answer 14

Partnership corporation LLC

Question 15

What is considered an organization?

Answer 15

Association of 2 or more persons formed as a common interest group (charity religious education etc)

Question 16

To open an estate account what is 1st requirement?

Answer 16

Decedent had to have been a member at the CU

Question 17

What is a trust?

Answer 17

Legal arrangement where funds are held by a 3rd party for the benefit of another party

Question 18

Benefits of a trust?

Answer 18

Ball out Reduce income taxes Assets are managed for generations protects assets from becoming marital property

Question 19

Difference between revocable and irrevocable trust

Answer 19

Revocable can be altered after they’re established
Irrevocable can not be altered after established

Question 20

Representative Payee?

Answer 20

Account solely for SS/Disability payments for someone incapable of handling their own funds

Question 21

What type of accounts can a rep payee open?

Answer 21

Share checking Share savings Money Market

Question 22

What is UTMA and what is age of maturity

Answer 22

Savings account set up to be used as a benefit to a minor. It’s sort of like an informal trust. The age of maturity is 21 unless custodian explicity sets it to 18

Question 23

What is platinum plus membership list all requirements and benefits

Answer 23

55 and over account, must have checking and direct deposit
Free checkbook, No fee cashier checks or money orders, .5% off loan rates, .5% higher on CDS