Podcast
Questions and Answers
How many Official Checks are free for members in a calendar month?
How many Official Checks are free for members in a calendar month?
- 1
- 3 (correct)
- 2
- 4
Official Checks can be made payable to 'Cash'.
Official Checks can be made payable to 'Cash'.
False (B)
What happens to Official Checks that are not negotiated within 90 days?
What happens to Official Checks that are not negotiated within 90 days?
They are considered stale dated.
After 3 years, unnegotiated checks are __________ to the state.
After 3 years, unnegotiated checks are __________ to the state.
Match the following terms related to Official Checks with their definitions:
Match the following terms related to Official Checks with their definitions:
Which of the following is NOT allowed for Official Checks?
Which of the following is NOT allowed for Official Checks?
Members can request Official Checks via secure email.
Members can request Official Checks via secure email.
How are accounts affected when Official Checks are disbursed?
How are accounts affected when Official Checks are disbursed?
Which step is NOT part of the process for disbursing an Official Check?
Which step is NOT part of the process for disbursing an Official Check?
Members can place stop payments on Official Checks without any restrictions.
Members can place stop payments on Official Checks without any restrictions.
What must members complete to place a stop payment on an Official Check?
What must members complete to place a stop payment on an Official Check?
If an Official Check is being disbursed, the check amount must be within the employee's ______ limit.
If an Official Check is being disbursed, the check amount must be within the employee's ______ limit.
Match the procedures with their steps in the disbursement of an Official Check:
Match the procedures with their steps in the disbursement of an Official Check:
What should branch employees check before proceeding with the disbursement?
What should branch employees check before proceeding with the disbursement?
A signed copy of the check is not required for daily balancing.
A signed copy of the check is not required for daily balancing.
What is required if an employee needs to override the check limit during disbursement?
What is required if an employee needs to override the check limit during disbursement?
What must employees do in Symitar before proceeding with a Declaration of Loss?
What must employees do in Symitar before proceeding with a Declaration of Loss?
The Declaration of Loss form can only be generated in PDF format.
The Declaration of Loss form can only be generated in PDF format.
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?
The check type that must be selected when entering the check number in Symitar is ______.
The check type that must be selected when entering the check number in Symitar is ______.
Match the following steps for reissuing an Official Check with their corresponding actions:
Match the following steps for reissuing an Official Check with their corresponding actions:
Which is NOT a reason for additional risk when using third-party indemnification?
Which is NOT a reason for additional risk when using third-party indemnification?
Exceptions to the rules regarding Declaration of Loss are common and easily granted.
Exceptions to the rules regarding Declaration of Loss are common and easily granted.
What should be included when presenting a Declaration of Loss to the manager?
What should be included when presenting a Declaration of Loss to the manager?
Which checks cannot be reissued?
Which checks cannot be reissued?
Checks issued by your department can be reissued after 4 days.
Checks issued by your department can be reissued after 4 days.
What should branch employees do with unused stock during the branch closing process?
What should branch employees do with unused stock during the branch closing process?
Checks with a status other than ______ cannot be reissued.
Checks with a status other than ______ cannot be reissued.
What is the required quantity for placing newly arrived Official Checks in envelopes or bags?
What is the required quantity for placing newly arrived Official Checks in envelopes or bags?
Match the following actions with their descriptions regarding Official Checks:
Match the following actions with their descriptions regarding Official Checks:
It is necessary to open sealed bags or envelopes containing Official Checks during an audit.
It is necessary to open sealed bags or envelopes containing Official Checks during an audit.
If you receive a Check Not Found or Can’t Reissue message, whom should you contact?
If you receive a Check Not Found or Can’t Reissue message, whom should you contact?
Which of the following elements must appear on the front of the check?
Which of the following elements must appear on the front of the check?
The back of the check requires a 5-line disclosure at the bottom.
The back of the check requires a 5-line disclosure at the bottom.
What phrase must be included above the endorsement lines on the back of the check?
What phrase must be included above the endorsement lines on the back of the check?
The security details on the back of the check are enclosed in a __________.
The security details on the back of the check are enclosed in a __________.
Which of the following is NOT a requirement on the front of the check?
Which of the following is NOT a requirement on the front of the check?
Match the elements with their location on the check.
Match the elements with their location on the check.
What action should you take to access the Search for Check screen in Symitar Check Manager?
What action should you take to access the Search for Check screen in Symitar Check Manager?
What must you observe regarding the number of authorized signatures on a check?
What must you observe regarding the number of authorized signatures on a check?
What should you do if the check number entered is not valid?
What should you do if the check number entered is not valid?
Check numbers for checks issued by Accounting begin with the prefix 00.
Check numbers for checks issued by Accounting begin with the prefix 00.
What does Escheated indicate in the context of check status?
What does Escheated indicate in the context of check status?
Checks issued by any department other than Accounting begin with the prefix ______.
Checks issued by any department other than Accounting begin with the prefix ______.
Match the following prefixes with their respective issuing departments:
Match the following prefixes with their respective issuing departments:
While processing an official check for a closed membership, which of the following must be included in the request?
While processing an official check for a closed membership, which of the following must be included in the request?
The comment 'CHK REQ ATM EXCEP' is used when processing a transaction in Symitar for an official check.
The comment 'CHK REQ ATM EXCEP' is used when processing a transaction in Symitar for an official check.
Who is responsible for maintaining the paper stock inventory for official checks?
Who is responsible for maintaining the paper stock inventory for official checks?
Flashcards
Official Checks
Official Checks
Checks issued by a credit union, guaranteeing funds unless a stop payment is in place.
Stop Payment
Stop Payment
A request to halt payment on an official check.
Uncashed Checks
Uncashed Checks
Official checks that haven't been cashed within 90 days.
Stale Dated Checks
Stale Dated Checks
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First 3 Official Checks
First 3 Official Checks
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OFAC Verification
OFAC Verification
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Issuing Official Checks
Issuing Official Checks
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Reissuing Official Checks
Reissuing Official Checks
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MAAP to Level 3
MAAP to Level 3
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OFAC Check Verification
OFAC Check Verification
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MARS Case
MARS Case
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Official Check Stop Payments
Official Check Stop Payments
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Transaction Receipt
Transaction Receipt
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Declaration of Loss
Declaration of Loss
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Official Check Disbursement
Official Check Disbursement
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Record Keeping (Official Checks)
Record Keeping (Official Checks)
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Declaration of Loss form
Declaration of Loss form
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Symitar
Symitar
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Official Check Reconciliation
Official Check Reconciliation
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IC feature in Symitar
IC feature in Symitar
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OpCon Self Service
OpCon Self Service
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90 days after original issue
90 days after original issue
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Second/Third-party indemification
Second/Third-party indemification
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Check Front Security
Check Front Security
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Check Back Disclosure
Check Back Disclosure
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Check Verification
Check Verification
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Endorsement Requirement
Endorsement Requirement
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Security Features
Security Features
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Official Check Stock Number
Official Check Stock Number
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Authorized Signatures
Authorized Signatures
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Check Manager Access
Check Manager Access
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Official Check Reissuance
Official Check Reissuance
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Check Number Prefix
Check Number Prefix
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Valid Check Number
Valid Check Number
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Official Check Safeguarding
Official Check Safeguarding
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Escheated Check
Escheated Check
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Official Check Auditing
Official Check Auditing
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Issued Check Status
Issued Check Status
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Official Check Verification
Official Check Verification
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Check Request
Check Request
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Symitar Check Manager
Symitar Check Manager
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KD GL
KD GL
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Official Check Visual Verification
Official Check Visual Verification
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Check Not Found or Can't Reissue Message
Check Not Found or Can't Reissue Message
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Official Check Stock
Official Check Stock
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Record Not Found
Record Not Found
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Study Notes
Official Checks
- Credit Union offers Official Checks; funds debited at disbursement
- Payees guaranteed funds unless stop payment placed
- First 3 checks per calendar month free; fee schedule applies after
- Checks payable to individuals, businesses, or entities
- Non-member checks require OFAC verification
- Cannot be payable to cash, bearer, or for deposit only
- Payee field cannot be blank
- Checks valid for 90 calendar days; stale-dated after
- Payment Services reviews unnegotiated checks
- Members may reissue or have funds credited back
- Unnegotiated checks escheated to state after 3 years
- Credit Union liable for unfulfilled checks (stop payments exceptions only)
- Members informed of stop payment at time of disbursal
Official Check Order Process
- Members request checks in person, by phone, mail, or Secure Email
- Employees follow these steps
- Verify sufficient funds & OFAC status of payee
- Create case in MARS system, and add OFAC data (if applicable)
- Debit the account
- Assign to Operations for printing/mailing if needed
- Documents are attached/indexed
- Employee prints/mails/disburses the checks
- Employee must use transaction codes (KD-CFCU or KO-Spectrum)
- Employees must confirm 90 day stop payment policy
- Employee provides checkstub and receipt (signed copies for daily balancing)
Official Check Stop Payments
- Stop payments for lost/stolen/destroyed checks allowed
- Need completed Declaration of Loss form
- Confirm official check has not been reconciled, reissued, or escheated using IC feature in Symitar
- Declaration of Loss form available in PDF and DocuSign/Symitar
- Third-party verification carries additional risk (e.g., mortgage or phone companies)
- Second-party statements and indemnifications reviewed on case-by-case basis
- Exceptions rare; granted based on member relationship and check amount
- Typically, 90-day wait before reissuing
Reissuing Official Checks
- Check status must be reset to "Not Issued" in OpCon Self Service
- Employee accesses Reissue Checks button and inserts check number
- Prints confirmation email
- Check numbers, check existence, issuance time (more than 4 days), status must be verified for reissuance
Safeguarding Official Checks
- Check Stock handled by branch employees
- Checks loaded into printer during hours; excess stored in vault or locked cabinet.
- Unused checks moved to vault/locked cabinet during closing process
- Checks arrive in sealed envelopes (25,50, or 100 per)
- Envelops signed & dated
- Secure storage, vault/locked cabinet
Auditing Official Checks
- Monthly audit of working/vault supply
- Audit tracks starting & ending numbers and total on hand
- Sealed, signed envelopes/bags can be skipped for auditing if all conditions are met
Identifying Official Checks
- Two verification methods (visual & Symitar Check Manager)
- Verify official checks in Symitar Check Manager (visual verification alone insufficient)
- Official Checks front: Credit Union details, Pay line, security warning
- Official Checks back: Authorization details, 5-line disclosure, disclaimer, 2 endorsement lines
Operations: Printing Official Checks using a GL
- Operations handles printing/mailing for closed accounts
- Includes: Check Request, member name, address, dollar amount, offset GL, and a cover letter for the member.
- Employees follow steps in Symitar (KD GL entry, check amount, recipient info, GL input, comment: CHK REQ ATM EXCEP., generate letter, insert & mail)
Official Checks: Vendor Inventory Control
- American Solutions for Business (ASB) handles inventory control
- Departments submit orders through ASB
- ASB prepares the stock and ships the order to the requesting department
- The receiving department reports discrepancies to ASB
- Signed acknowledgment of receipt & discrepancies noted in email
- Operations files the documentation
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Description
This quiz covers the policies and procedures related to official checks offered by the Credit Union. Learn about the verification process, issuing guidelines, and member responsibilities regarding official checks. Test your knowledge on the requirements and limitations associated with these financial instruments.