Credit Union Official Checks Overview

Checks issued by a credit union, guaranteeing funds to the payee unless a stop payment is in place.

An exception to the guaranteed payment of official checks. It halts the disbursement of funds.

When a member's account is charged for an official check.

An official check that has not been cashed within 90 days.

Official checks that are not cashed.

Checks payable to non-members are subject to verification by the Office of Foreign Assets Control to mitigate risk.

The first three official checks in a month are free of charge.

The process by which unnegotiated checks are transferred to the state after three years.

A process to verify sufficient funds, run OFAC checks (if payee isn't a member), create a MARS case, add case comments for OFAC findings, debit the account, and potentially assign to Operations for printing/mailing.

A check run to ensure the payee is not on the Office of Foreign Assets Control (OFAC) sanctions list.

A case filed (likely internally) to manage a check request/disbursement.

A request to stop payment on an official check only for lost, stolen, destroyed, or mutilated checks. A replacement check can be disbursed.

A document signed by the member acknowledging receiving the check and confirming the check information.

The timeframe for stop payment requests after receiving a check.

The maximum amount an employee can disburse without needing an override.

The process of issuing an official check, including verifying funds and mailing procedures.

A form used to document the loss of an official check, used to initiate the process of reissuing a check.

A Symitar feature used to verify that a check has not been reconciled, reissued, or escheated before a Declaration of Loss is completed.

The process of reprinting a check, after initially setting the status to 'Not Issued'.

A module within Symitar used for resetting the status of a check to "Not Issued", a prerequisite for reissuing it.

A type of check processed through the cashier's office.

Statements confirming or related to the loss of the check from a second party.

Insurance or guarantee from a third party that claims responsibility over the check's loss.

The minimum timeframe after check issue before the credit union can reissue the check.

Official checks can be reissued only if they were issued within 4 days, have a status of 'Issued', and were issued by your department.

Official checks can be verified through visual inspection and Symitar Check Manager.

This system records all official checks issued and is used to verify their authenticity.

Involves examining both the front and back of the check for security features.

Unused official checks should be stored securely, in an envelope or bag, signed and dated.

Opening new stock of official checks requires two people to prevent fraud.

The supply of official checks is counted and recorded each month during a cash and negotiable items audit.

Sealed official check envelopes don't need to be opened if they are signed by two people and show no signs of tampering.

The front of an official check must include the credit union's name, address, contact info, a security warning, authorized signatures, and a notice about security features on the back.

The back of an official check includes a disclosure, disclaimer for endorsements, endorsement lines, security details, and a stock number.

The official check must have signatures that conform to the credit union's policy, including the number of signatures required.

Official checks include security features to prevent fraud and forgery. These features are usually detailed on the back of the check.

The back of the check has designated lines for the payee to endorse the check, signifying they have received the funds.

Each type of official check has a unique stock number printed on the back. This helps track and identify the check type.

This screen in Symitar Check Manager allows users to locate and verify official checks.

Check numbers issued by Accounting start with '01', while all other departments use '00'. This prefix is required when searching for checks.

If a check number entered for search is not found, Check Manager displays a 'Record Not Found' message. This indicates the check number is incorrect or not issued.

An 'Escheated' check status means the funds are being sent to the state as unclaimed property. The Credit Union is no longer responsible for these funds.

For closed membership accounts, Operations Services prints official checks and mails them to the member's last known address.

For official check requests, process the transaction in Symitar with specific GL codes, print a letter, insert both in an envelope, and mail via US Mail.

The GL code used for official check processing steps is 'KD GL'.

When processing official checks in Symitar, use the comment 'CHK REQ ATM EXCEP' for documentation.

The Credit Union uses American Solutions for Business (ASB) to manage paper stock inventory for official checks.