Podcast
Questions and Answers
What happens to an Official Check if it is not negotiated within 90 days?
What happens to an Official Check if it is not negotiated within 90 days?
- It is automatically reissued to the payee.
- It is considered stale dated. (correct)
- It can be cashed at any time.
- It is voided and returned to the Credit Union.
What is the maximum number of Official Checks a member can request for free in a calendar month?
What is the maximum number of Official Checks a member can request for free in a calendar month?
- 5
- 10
- 4
- 3 (correct)
Which of the following cannot be a payee for an Official Check?
Which of the following cannot be a payee for an Official Check?
- Cash (correct)
- A business entity
- A government agency
- A natural person
What action is taken if an Official Check remains unnegotiated for three years?
What action is taken if an Official Check remains unnegotiated for three years?
How can members request Official Checks?
How can members request Official Checks?
What happens if a member wants to stop payment on an Official Check?
What happens if a member wants to stop payment on an Official Check?
What is a requirement when filling out the payee field on an Official Check?
What is a requirement when filling out the payee field on an Official Check?
What occurs if a member requests to reissue a stale dated Official Check?
What occurs if a member requests to reissue a stale dated Official Check?
What is the first step in processing the official check?
What is the first step in processing the official check?
Which action is necessary for checks disbursed over an employee's limit?
Which action is necessary for checks disbursed over an employee's limit?
What must branch employees ensure regarding transaction receipts?
What must branch employees ensure regarding transaction receipts?
Under which circumstance may members place stop payments on official checks?
Under which circumstance may members place stop payments on official checks?
What does a branch employee need to retain for daily balancing?
What does a branch employee need to retain for daily balancing?
If a member wishes to place a stop payment on an official check, what must they complete?
If a member wishes to place a stop payment on an official check, what must they complete?
Which of the following actions is part of documenting the official check process?
Which of the following actions is part of documenting the official check process?
Which of the following transaction codes is correct for disbursing a check?
Which of the following transaction codes is correct for disbursing a check?
What is the first step employees must take before confirming the Official Check's status in Symitar?
What is the first step employees must take before confirming the Official Check's status in Symitar?
What is required when discussing second-party statements and third-party indemnification with a supervisor?
What is required when discussing second-party statements and third-party indemnification with a supervisor?
Which of the following explains a risk associated with indemnification when dealing with large companies?
Which of the following explains a risk associated with indemnification when dealing with large companies?
What must the member typically wait before the Credit Union can reissue the check?
What must the member typically wait before the Credit Union can reissue the check?
Where can employees find the Declaration of Loss form in Symitar?
Where can employees find the Declaration of Loss form in Symitar?
Before an Official Check can be reissued through Symitar, what initial action must be completed?
Before an Official Check can be reissued through Symitar, what initial action must be completed?
Which of the following is not a necessary component when presenting a Declaration of Loss to the manager?
Which of the following is not a necessary component when presenting a Declaration of Loss to the manager?
What must employees check after submitting a reissue request for an Official Check?
What must employees check after submitting a reissue request for an Official Check?
Which types of checks cannot be reissued?
Which types of checks cannot be reissued?
What should be done with unused Official Checks at the end of the day?
What should be done with unused Official Checks at the end of the day?
What quantities should newly arrived check stock be placed in?
What quantities should newly arrived check stock be placed in?
Which of the following is NOT a method for verifying the authenticity of Official Checks?
Which of the following is NOT a method for verifying the authenticity of Official Checks?
How often should the supply of Official Checks be counted and recorded?
How often should the supply of Official Checks be counted and recorded?
What must be verified in Symitar Check Manager for all issued Official Checks?
What must be verified in Symitar Check Manager for all issued Official Checks?
When should newly arrived stock be opened under dual control?
When should newly arrived stock be opened under dual control?
What is the protocol if an envelope or bag containing Official Checks is sealed and shows no tampering?
What is the protocol if an envelope or bag containing Official Checks is sealed and shows no tampering?
What must be included on the front of the check alongside the Credit Union’s name?
What must be included on the front of the check alongside the Credit Union’s name?
Which of the following statements is true regarding the back of the check?
Which of the following statements is true regarding the back of the check?
What warning must be present on the front of the check?
What warning must be present on the front of the check?
What is the purpose of the disclaimer on the back of the check?
What is the purpose of the disclaimer on the back of the check?
Which one of the following is NOT required on the front of the check?
Which one of the following is NOT required on the front of the check?
Which step comes first when accessing the Check Manager in Symitar?
Which step comes first when accessing the Check Manager in Symitar?
What is the primary purpose of the security warning on the front of the check?
What is the primary purpose of the security warning on the front of the check?
Which of the following is true about the endorsement lines on the back of the check?
Which of the following is true about the endorsement lines on the back of the check?
What must be done if the Check Manager returns a 'Record Not Found' message?
What must be done if the Check Manager returns a 'Record Not Found' message?
What does it indicate when a check status is labeled as 'Escheated'?
What does it indicate when a check status is labeled as 'Escheated'?
Which prefix should be used when searching for checks issued by the Accounting department?
Which prefix should be used when searching for checks issued by the Accounting department?
What is the first step for employees when processing a transaction for printing an Official Check?
What is the first step for employees when processing a transaction for printing an Official Check?
Which of the following is NOT required information when requesting a check for a closed membership?
Which of the following is NOT required information when requesting a check for a closed membership?
What should be done if you are uncertain of the issuing department when searching for a check number?
What should be done if you are uncertain of the issuing department when searching for a check number?
What information is included in the subject line of a MARS case for check requests?
What information is included in the subject line of a MARS case for check requests?
Which of the following is the last step in processing and mailing an Official Check?
Which of the following is the last step in processing and mailing an Official Check?
What happens to an Official Check that remains uncashed for 90 days?
What happens to an Official Check that remains uncashed for 90 days?
Members can request Official Checks to be made payable to 'Cash'.
Members can request Official Checks to be made payable to 'Cash'.
What is the maximum number of Official Checks that can be issued for free in a calendar month?
What is the maximum number of Official Checks that can be issued for free in a calendar month?
Official Checks are guaranteed funds unless a ______ has been placed.
Official Checks are guaranteed funds unless a ______ has been placed.
Match the following terms with their definitions:
Match the following terms with their definitions:
Which of the following methods can members use to request Official Checks?
Which of the following methods can members use to request Official Checks?
After three years, unnegotiated Official Checks are returned to the issuer.
After three years, unnegotiated Official Checks are returned to the issuer.
What duration are Official Checks valid before they become stale dated?
What duration are Official Checks valid before they become stale dated?
What action should be taken if the amount exceeds the employee’s limit for disbursing a check?
What action should be taken if the amount exceeds the employee’s limit for disbursing a check?
Members may place stop payments on Official Checks if they simply change their mind.
Members may place stop payments on Official Checks if they simply change their mind.
What must a member complete to request a stop payment on an Official Check?
What must a member complete to request a stop payment on an Official Check?
Branch employees must ensure members sign the transaction receipt using a __________ pad.
Branch employees must ensure members sign the transaction receipt using a __________ pad.
Match the following actions with their corresponding step in the Official Check process:
Match the following actions with their corresponding step in the Official Check process:
Which of the following is NOT a required action when documenting the Official Check process?
Which of the following is NOT a required action when documenting the Official Check process?
Which of the following checks cannot be reissued?
Which of the following checks cannot be reissued?
Branch employees may disburse Official Checks for phone requests without any prior documentation.
Branch employees may disburse Official Checks for phone requests without any prior documentation.
The transaction codes for disbursing a check are __________ for CFCU and __________ for Spectrum.
The transaction codes for disbursing a check are __________ for CFCU and __________ for Spectrum.
All Official Checks should be securely stored in the vault regardless of whether they were issued or not.
All Official Checks should be securely stored in the vault regardless of whether they were issued or not.
What should be done during the branch closing process with unused Official Checks?
What should be done during the branch closing process with unused Official Checks?
Checks can be counted in quantities of ___, ___, or ___ when placed in sealed envelopes.
Checks can be counted in quantities of ___, ___, or ___ when placed in sealed envelopes.
Match the following check security practices with their descriptions:
Match the following check security practices with their descriptions:
What is the primary method for verifying the authenticity of Official Checks?
What is the primary method for verifying the authenticity of Official Checks?
It is acceptable to open newly arrived stock of Official Checks without dual control.
It is acceptable to open newly arrived stock of Official Checks without dual control.
What action should be taken if a Check Not Found or Can’t Reissue message is received?
What action should be taken if a Check Not Found or Can’t Reissue message is received?
What is the first step employees must take to confirm the Official Check status in Symitar?
What is the first step employees must take to confirm the Official Check status in Symitar?
The member must wait 60 days after the original issue date before the Credit Union can reissue the check.
The member must wait 60 days after the original issue date before the Credit Union can reissue the check.
What must be included when presenting a Declaration of Loss to a manager?
What must be included when presenting a Declaration of Loss to a manager?
Employees must use the IC feature in Symitar to confirm the Official Check has not been __________.
Employees must use the IC feature in Symitar to confirm the Official Check has not been __________.
Match the processes with their descriptions.
Match the processes with their descriptions.
Which of the following statements is true regarding second-party statements and third-party indemnification?
Which of the following statements is true regarding second-party statements and third-party indemnification?
Exceptions to the typical protocols for Official Checks are granted frequently.
Exceptions to the typical protocols for Official Checks are granted frequently.
What is the reissue action that must be completed before reprinting an Official Check?
What is the reissue action that must be completed before reprinting an Official Check?
Which of the following must be included on the front of an official check?
Which of the following must be included on the front of an official check?
The back of the check requires a 5-line disclosure at the top.
The back of the check requires a 5-line disclosure at the top.
What statement must be included above the endorsement lines on the back of the check?
What statement must be included above the endorsement lines on the back of the check?
The front of the check must include a security warning at the __________.
The front of the check must include a security warning at the __________.
What is the requirement for the authorized signatures on the check?
What is the requirement for the authorized signatures on the check?
Match the following features with their locations on an official check:
Match the following features with their locations on an official check:
What must be present on the back of the check to ensure all parties sign?
What must be present on the back of the check to ensure all parties sign?
The front of the check includes a notice that states 'Security Features included. Details on back.'
The front of the check includes a notice that states 'Security Features included. Details on back.'
What should be entered in the Look For field when searching for a check in Check Manager?
What should be entered in the Look For field when searching for a check in Check Manager?
Check Manager will display a message when the entered check number is valid.
Check Manager will display a message when the entered check number is valid.
What action should be taken if Check Manager returns a 'Record Not Found' message?
What action should be taken if Check Manager returns a 'Record Not Found' message?
Checks issued by Accounting will have a prefix of _____.
Checks issued by Accounting will have a prefix of _____.
Match the following terms with their correct meanings:
Match the following terms with their correct meanings:
If a check status is labeled as 'Escheated', what should contact Operations Services?
If a check status is labeled as 'Escheated', what should contact Operations Services?
When processing an Official Check transaction in Symitar, the GL must always be specified.
When processing an Official Check transaction in Symitar, the GL must always be specified.
What is the first step employees must take in the process of printing an Official Check?
What is the first step employees must take in the process of printing an Official Check?
Flashcards
Official Checks
Official Checks
Checks issued by a credit union to members, ensuring funds are available unless a stop payment is requested.
Stop payment
Stop payment
A request to prevent an official check from being cashed.
Free Official Checks
Free Official Checks
The first three official checks issued each month are free of charge.
Stale Dated Check
Stale Dated Check
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Payee Restrictions
Payee Restrictions
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Check Validity Period
Check Validity Period
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Unnegotiated Check Handling
Unnegotiated Check Handling
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Check Order Methods
Check Order Methods
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MAAP Level 3
MAAP Level 3
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OFAC Check
OFAC Check
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MARS Case creation
MARS Case creation
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Employee Limit Override
Employee Limit Override
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Official Check Stop Payments
Official Check Stop Payments
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Declaration of Loss form
Declaration of Loss form
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Transaction Receipt Signature
Transaction Receipt Signature
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Daily Balancing of Payments
Daily Balancing of Payments
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Declaration of Loss
Declaration of Loss
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Third-party indemnification
Third-party indemnification
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Double Payment Risk
Double Payment Risk
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IC Feature in Symitar
IC Feature in Symitar
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Reissuing Official Checks
Reissuing Official Checks
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OpCon Self Service Module
OpCon Self Service Module
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90 days waiting period
90 days waiting period
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Verifiaction of Deposit
Verifiaction of Deposit
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Reissuable Checks
Reissuable Checks
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Non-reissuable checks
Non-reissuable checks
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Official Check Storage
Official Check Storage
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Check Stock Auditing
Check Stock Auditing
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Dual Control for new stock
Dual Control for new stock
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Sealed Stock Units
Sealed Stock Units
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Visual Verification
Visual Verification
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Symitar Check Manager Verification
Symitar Check Manager Verification
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Check Security Features
Check Security Features
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Authorized Signatures
Authorized Signatures
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Check Endorsement
Check Endorsement
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Stock Number
Stock Number
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Verification in Symitar
Verification in Symitar
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Check Number Prefix
Check Number Prefix
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Search for Check
Search for Check
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Check Status: 'Escheated'
Check Status: 'Escheated'
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How to Print Official Checks
How to Print Official Checks
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Official Check Process
Official Check Process
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Official Check: Vendor Control
Official Check: Vendor Control
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Official Check: Vendor Control - Step 1
Official Check: Vendor Control - Step 1
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Official Check: Vendor Control - Step 2
Official Check: Vendor Control - Step 2
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Official Check Validity
Official Check Validity
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What happens to uncashed checks after 90 days?
What happens to uncashed checks after 90 days?
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Payee Restrictions for Official Checks
Payee Restrictions for Official Checks
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What are the restrictions on payee names?
What are the restrictions on payee names?
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What is the first step when a member requests an official check?
What is the first step when a member requests an official check?
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How are official checks ordered?
How are official checks ordered?
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How many free official checks are available each month?
How many free official checks are available each month?
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MARS Case
MARS Case
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Stop Payment on Official Checks
Stop Payment on Official Checks
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Official Check Features
Official Check Features
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Visual Check Verification
Visual Check Verification
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Uncashed Check Handling
Uncashed Check Handling
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How to Order Official Checks
How to Order Official Checks
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Print Official Checks
Print Official Checks
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What are the conditions for reissuing a lost or damaged check?
What are the conditions for reissuing a lost or damaged check?
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What are the common reasons for a check to be non-reissuable?
What are the common reasons for a check to be non-reissuable?
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How should official check stock be secured?
How should official check stock be secured?
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What are the two methods for verifying an official check?
What are the two methods for verifying an official check?
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What are the three key elements to record during official check stock auditing?
What are the three key elements to record during official check stock auditing?
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What is the 'dual control' principle for official check stock?
What is the 'dual control' principle for official check stock?
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What is the standard packaging for new official check stock?
What is the standard packaging for new official check stock?
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How can you locate information about an official check in Symitar Check Manager?
How can you locate information about an official check in Symitar Check Manager?
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Study Notes
Official Checks
- Credit Union offers Official Checks, debiting accounts at disbursement
- Funds guaranteed unless stop payment placed
- First three checks per calendar month are free; additional fees apply
Ordering Official Checks
- Ordering process involves multiple steps, including verifying funds, OFAC checks, and creating MARS cases.
- Debit account in Symitar, and assign Operations Services for printing/mailing, if needed.
Stop Payments
- Stop payment can only be placed if a check is lost, stolen, destroyed, or mutilated.
- Members must complete a Declaration of Loss form.
- Checks must not be reconciled, reissued, or escheat before a stop payment.
- Members need to wait 90 days before the Credit Union can reissue the check.
- Exceptions can be granted on a case-by-case basis, subject to management approval.
Reissuing Checks
- Reset 'Not Issued' status in OpCon Self Service, before reissuing.
- Enter check number, email for confirmation.
- Cannot reissue checks with invalid numbers, issued more than 4 days, status other then issued, or not issued by department.
- Contact Symitar support if needed.
Safeguarding Official Check Stock
- Branch employees load checks into the printer and keep excess stock in a locked vault or cabinet during closing.
- After receipt, stock is placed in sealed envelopes (25, 50, or 100) and stored safely.
- Monthly audit of stock, keeping and recording the starting and ending number, and total on hand.
- Unsealed, initialed, and unaltered envelopes are acceptable for storage.
Auditing Official Check Stock
- Check Stock is counted and recorded monthly during the cash and negotiable items audit..
- Record lowest and highest numbers and total of checks on hand.
Identifying Official Checks
- Two methods for verifying Official Checks: visual and Symitar Check Manager verification.
- Always confirm in Symitar Check Manager.
- Visual verification involves examining front and back: brand, address, "Pay" location, security warning, and authorized signatures.
- Back of check includes a 5-line disclosure, endorsement lines, and disclaimer.
Verification in Symitar Check Manager
- Access Check Manager within Symitar.
- Input check number in "look for" field.
- Valid numbers reveal the amount and payee.
- Invalid numbers return a 'Record Not Found' message.
- Contact manager or Fraud & Transactions Analysis if needed.
Operations: Printing Official Checks using a GL
- Prints checks for members owed funds, but membership is closed.
- Cases follow a defined process, including the check request, member name, address, amount, and GL number.
- Inserts the letter and check in an envelope and sends it by mail using U.S. mail.
Official Checks: Vendor Inventory Control
- Checks for issues with paper stock inventory are handled by the vendor, American Solutions for Business (ASB).
- Orders through The Hub, with Marketing confirming reasonableness.
- ASB delivers the order, and the receiving department/branch reports discrepancies, signs packing slips, and emails to Operations Services for reconciliation and document filing.
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Description
This quiz covers the essential procedures and policies regarding official checks offered by the Credit Union. It includes topics such as ordering processes, stop payments, and reissuing checks. Understanding these policies is crucial for managing official checks effectively.
