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?
How many Official Checks can a member order for free in a calendar month?
How many Official Checks can a member order for free in a calendar month?
Who is responsible for the obligation of an Official Check?
Who is responsible for the obligation of an Official Check?
What is required when making an Official Check payable to a non-member?
What is required when making an Official Check payable to a non-member?
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What action is permitted regarding Official Checks if they are uncashed after 3 years?
What action is permitted regarding Official Checks if they are uncashed after 3 years?
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Which option correctly describes the proper procedure for ordering Official Checks?
Which option correctly describes the proper procedure for ordering Official Checks?
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What should members be informed of at the time of disbursal of an Official Check?
What should members be informed of at the time of disbursal of an Official Check?
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What is the status of the payee field when ordering an Official Check?
What is the status of the payee field when ordering an Official Check?
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What must be verified before proceeding with disbursing an official check?
What must be verified before proceeding with disbursing an official check?
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What action should be taken if the payee is not a member?
What action should be taken if the payee is not a member?
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What should be done if a transaction amount exceeds the employee's limit?
What should be done if a transaction amount exceeds the employee's limit?
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When can branch employees disburse official checks for phone requests?
When can branch employees disburse official checks for phone requests?
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What must members do if they wish to place a stop payment on an official check?
What must members do if they wish to place a stop payment on an official check?
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What is required from members during the transaction of disbursing checks?
What is required from members during the transaction of disbursing checks?
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Which transaction codes are used for disbursing checks?
Which transaction codes are used for disbursing checks?
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What must be retained for daily balancing after providing the official check?
What must be retained for daily balancing after providing the official check?
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What must be included on the front of the check regarding the Credit Union?
What must be included on the front of the check regarding the Credit Union?
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Where should the 'Pay' portion of the check be located?
Where should the 'Pay' portion of the check be located?
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What type of security feature is mandated to be displayed on the front of the check?
What type of security feature is mandated to be displayed on the front of the check?
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What information must be present on the back of the check?
What information must be present on the back of the check?
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What does the disclaimer above the endorsement lines state?
What does the disclaimer above the endorsement lines state?
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What additional information is required on the front side of the check?
What additional information is required on the front side of the check?
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Which aspect is essential for the back of the check?
Which aspect is essential for the back of the check?
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Which of the following checks can be reissued?
Which of the following checks can be reissued?
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What steps should be followed to access the 'Search for Check' screen on Symitar?
What steps should be followed to access the 'Search for Check' screen on Symitar?
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What is the maximum number of days after issuance that checks can still be reissued?
What is the maximum number of days after issuance that checks can still be reissued?
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What should branch employees do with unused check stock during closing hours?
What should branch employees do with unused check stock during closing hours?
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What is the purpose of dual control when handling newly arrived check stock?
What is the purpose of dual control when handling newly arrived check stock?
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When auditing the Official Check Stock, what information is NOT required to be recorded?
When auditing the Official Check Stock, what information is NOT required to be recorded?
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What is essential to verify the authenticity of Official Checks?
What is essential to verify the authenticity of Official Checks?
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How should newly arrived check stock be prepared?
How should newly arrived check stock be prepared?
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What indicates that the envelope or bag containing Official Checks has not been tampered with?
What indicates that the envelope or bag containing Official Checks has not been tampered with?
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What is the first step employees must take before proceeding with the Declaration of Loss?
What is the first step employees must take before proceeding with the Declaration of Loss?
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What type of check must be selected as the Check Type when filling out the Declaration of Loss form?
What type of check must be selected as the Check Type when filling out the Declaration of Loss form?
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What is the typical waiting period for a member before the Credit Union can reissue a check?
What is the typical waiting period for a member before the Credit Union can reissue a check?
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What additional risk is associated with third-party indemnification for individual payees?
What additional risk is associated with third-party indemnification for individual payees?
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When presenting a Declaration of Loss to a manager/supervisor, what document should be included?
When presenting a Declaration of Loss to a manager/supervisor, what document should be included?
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Which of the following is a step in reissuing an Official Check through Symitar?
Which of the following is a step in reissuing an Official Check through Symitar?
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What must be done to the check status before reissuing an Official Check?
What must be done to the check status before reissuing an Official Check?
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What document must be completed for a second-party statement to be approved?
What document must be completed for a second-party statement to be approved?
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What occurs if a check number entered in the Look For field is valid?
What occurs if a check number entered in the Look For field is valid?
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What should be done if a Record Not Found message is returned after searching for a check number?
What should be done if a Record Not Found message is returned after searching for a check number?
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Which prefix should be used when searching for checks issued by Accounting?
Which prefix should be used when searching for checks issued by Accounting?
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What does it indicate if a check status is Escheated?
What does it indicate if a check status is Escheated?
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What should be included in the email when creating a MARS case for an Official Check?
What should be included in the email when creating a MARS case for an Official Check?
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Which comment is required when processing a check transaction in Symitar?
Which comment is required when processing a check transaction in Symitar?
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What does the prefix '00' signify when searching for check numbers?
What does the prefix '00' signify when searching for check numbers?
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What is the first step employees must follow to print an Official Check?
What is the first step employees must follow to print an Official Check?
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Members are allowed to place stop payments on Official Checks if they are not satisfied with the payment.
Members are allowed to place stop payments on Official Checks if they are not satisfied with the payment.
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Branch employees must ask members to sign the transaction receipt using a signature pad.
Branch employees must ask members to sign the transaction receipt using a signature pad.
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A replacement check is automatically issued if an Official Check is lost.
A replacement check is automatically issued if an Official Check is lost.
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Employees can disburse Official Checks for phone requests without performing MAAP.
Employees can disburse Official Checks for phone requests without performing MAAP.
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Official Checks are guaranteed funds at the time of disbursal unless a stop payment has been placed.
Official Checks are guaranteed funds at the time of disbursal unless a stop payment has been placed.
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An override is required if the amount of a check exceeds the employee’s limit during disbursement.
An override is required if the amount of a check exceeds the employee’s limit during disbursement.
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Branch employees can retain the signed copies of transaction receipts for balancing purposes.
Branch employees can retain the signed copies of transaction receipts for balancing purposes.
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Members can order an unlimited number of Official Checks for free each month.
Members can order an unlimited number of Official Checks for free each month.
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The procedures for disbursing Official Checks involve directly mailing the checks without documentation.
The procedures for disbursing Official Checks involve directly mailing the checks without documentation.
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Official Checks can be made payable to 'Cash' or 'Bearer'.
Official Checks can be made payable to 'Cash' or 'Bearer'.
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Official Checks remain valid for 90 calendar days.
Official Checks remain valid for 90 calendar days.
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The payee must always be a member for Official Checks to be processed.
The payee must always be a member for Official Checks to be processed.
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If an Official Check is uncashed after 3 years, it is returned to the member's account.
If an Official Check is uncashed after 3 years, it is returned to the member's account.
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The payee field on an Official Check may be left blank as long as the check is valid.
The payee field on an Official Check may be left blank as long as the check is valid.
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Employees must verify the identity of the member when disbursing Official Checks.
Employees must verify the identity of the member when disbursing Official Checks.
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A stop payment can be placed on Official Checks without any limitations.
A stop payment can be placed on Official Checks without any limitations.
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Checks that were issued more than 5 days ago can be reissued.
Checks that were issued more than 5 days ago can be reissued.
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Unused check stock must be secured in a vault or locked cabinet during the closing process.
Unused check stock must be secured in a vault or locked cabinet during the closing process.
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Official Checks can be verified solely through visual inspection.
Official Checks can be verified solely through visual inspection.
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A monthly audit of Official Check Stock requires recording the total number of checks on hand.
A monthly audit of Official Check Stock requires recording the total number of checks on hand.
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Dual control is not necessary for opening newly arrived check stock.
Dual control is not necessary for opening newly arrived check stock.
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The back of the check must include a security warning at the center bottom.
The back of the check must include a security warning at the center bottom.
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All checks that do not have a status of 'Issued' cannot be reissued.
All checks that do not have a status of 'Issued' cannot be reissued.
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A disclaimer above the endorsement lines states, 'Must be endorsed by all parties'.
A disclaimer above the endorsement lines states, 'Must be endorsed by all parties'.
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The official checks are always recorded in the Symitar Check Manager after issuance.
The official checks are always recorded in the Symitar Check Manager after issuance.
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The front of the check must contain a 5-line disclosure at the top.
The front of the check must contain a 5-line disclosure at the top.
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The Credit Union’s brand-specific name must be located on the front of the check.
The Credit Union’s brand-specific name must be located on the front of the check.
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The maximum quantity of Official Checks that can be placed in sealed envelopes is 20.
The maximum quantity of Official Checks that can be placed in sealed envelopes is 20.
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Checks must only have one endorsement line on the back.
Checks must only have one endorsement line on the back.
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Authorized signatures on the check must conform to policy regarding the number of signatures.
Authorized signatures on the check must conform to policy regarding the number of signatures.
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A pre-printed stock number is required on the back of the check.
A pre-printed stock number is required on the back of the check.
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A notice stating 'Security Features included. Details on the back.' is placed on the left side of the front of the check.
A notice stating 'Security Features included. Details on the back.' is placed on the left side of the front of the check.
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The Declaration of Loss form can only be generated in PDF format.
The Declaration of Loss form can only be generated in PDF format.
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Employees must reset the check status to 'Not Issued' before reprinting an Official Check.
Employees must reset the check status to 'Not Issued' before reprinting an Official Check.
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Third-party indemnification is considered less risky for large companies compared to individuals.
Third-party indemnification is considered less risky for large companies compared to individuals.
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A member must wait 60 days after the original issue date for the Credit Union to reissue a check.
A member must wait 60 days after the original issue date for the Credit Union to reissue a check.
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Employees should present a printout of the IC screen when discussing a Declaration of Loss with their manager.
Employees should present a printout of the IC screen when discussing a Declaration of Loss with their manager.
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The confirmation email for reissuing an Official Check will be sent to the member's preferred email address without needing to input it.
The confirmation email for reissuing an Official Check will be sent to the member's preferred email address without needing to input it.
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Exceptions to the typical procedures for handling checks are common and easily granted.
Exceptions to the typical procedures for handling checks are common and easily granted.
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Second-party statements and third-party indemnification must always be approved by a supervisor.
Second-party statements and third-party indemnification must always be approved by a supervisor.
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Check numbers for checks issued by Accounting begin with the prefix 00.
Check numbers for checks issued by Accounting begin with the prefix 00.
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If a check status is Escheated, it indicates that the funds are being sent to the state as unclaimed property.
If a check status is Escheated, it indicates that the funds are being sent to the state as unclaimed property.
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When processing a check transaction in Symitar, the comment 'CHK REQ ATM EXCEP' must be included.
When processing a check transaction in Symitar, the comment 'CHK REQ ATM EXCEP' must be included.
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Employees should always follow the same steps for printing checks, regardless of the issuing department.
Employees should always follow the same steps for printing checks, regardless of the issuing department.
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It is unnecessary to search with and without the prefix if you are certain of the issuing department.
It is unnecessary to search with and without the prefix if you are certain of the issuing department.
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A Record Not Found message indicates that the check number entered is valid.
A Record Not Found message indicates that the check number entered is valid.
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Operations Services may print an Official Check if a member's membership is still active.
Operations Services may print an Official Check if a member's membership is still active.
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The dollar amount must be entered on a blank screen when processing a check transaction in Symitar.
The dollar amount must be entered on a blank screen when processing a check transaction in Symitar.
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Members are permitted to place stop payments on Official Checks unless the check has been lost, stolen, destroyed, or mutilated.
Members are permitted to place stop payments on Official Checks unless the check has been lost, stolen, destroyed, or mutilated.
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Branch employees can disburse Official Checks for phone requests only if MAAP is completed and the call is not recorded.
Branch employees can disburse Official Checks for phone requests only if MAAP is completed and the call is not recorded.
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A Declaration of Loss form must be completed by members wishing to stop payment on an Official Check.
A Declaration of Loss form must be completed by members wishing to stop payment on an Official Check.
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An override is not required if the amount of an Official Check exceeds the employee’s limit.
An override is not required if the amount of an Official Check exceeds the employee’s limit.
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Branch employees must retain signed copies of transaction receipts for daily balancing after providing the Official Check.
Branch employees must retain signed copies of transaction receipts for daily balancing after providing the Official Check.
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Members must sign a file copy of the check to acknowledge that they have received the check.
Members must sign a file copy of the check to acknowledge that they have received the check.
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Check disbursement codes KD and KO are used to identify checks disbursed to members only.
Check disbursement codes KD and KO are used to identify checks disbursed to members only.
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The first three Official Checks in a calendar month are charged a fee.
The first three Official Checks in a calendar month are charged a fee.
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Branch employees do not need to run OFAC checks if the payee is a member.
Branch employees do not need to run OFAC checks if the payee is a member.
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Official Checks can be made payable to 'Cash'.
Official Checks can be made payable to 'Cash'.
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All issued Official Checks are recorded in Symitar Check Manager.
All issued Official Checks are recorded in Symitar Check Manager.
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Members must request to reissue a check if it remains uncashed for more than 90 days.
Members must request to reissue a check if it remains uncashed for more than 90 days.
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Checks can be securely stored in an unlocked cabinet.
Checks can be securely stored in an unlocked cabinet.
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The payee field on an Official Check may be left blank.
The payee field on an Official Check may be left blank.
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If an Official Check is not cashed within three years, it is automatically reissued.
If an Official Check is not cashed within three years, it is automatically reissued.
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Visual verification of an Official Check is sufficient for confirming its authenticity.
Visual verification of an Official Check is sufficient for confirming its authenticity.
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Stop payments on Official Checks are commonplace and can be placed at any time.
Stop payments on Official Checks are commonplace and can be placed at any time.
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It is mandatory to open sealed envelopes containing Official Checks during an audit.
It is mandatory to open sealed envelopes containing Official Checks during an audit.
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Official Checks are valid for 90 calendar days after their issuance.
Official Checks are valid for 90 calendar days after their issuance.
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Branch employees must follow established guidelines to safeguard Official Check stock.
Branch employees must follow established guidelines to safeguard Official Check stock.
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Checks with a status other than Issued are eligible for reissue.
Checks with a status other than Issued are eligible for reissue.
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Checks made payable to a non-member do not require OFAC verification.
Checks made payable to a non-member do not require OFAC verification.
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Checks must be loaded into the check printer during non-working hours for security.
Checks must be loaded into the check printer during non-working hours for security.
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The front of the check must include a disclaimer above the endorsement lines.
The front of the check must include a disclaimer above the endorsement lines.
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The back of the check must have a security warning at the center bottom.
The back of the check must have a security warning at the center bottom.
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Checks must feature a 5-line disclosure at the top of one end on the back.
Checks must feature a 5-line disclosure at the top of one end on the back.
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The Credit Union’s toll-free number must be pre-printed on the back of the check.
The Credit Union’s toll-free number must be pre-printed on the back of the check.
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Two endorsement lines are mandatory on the back of the check.
Two endorsement lines are mandatory on the back of the check.
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The authorized signature(s) must adhere to the policy specified by the Credit Union.
The authorized signature(s) must adhere to the policy specified by the Credit Union.
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The front side of the check must include a security feature notice.
The front side of the check must include a security feature notice.
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Operations Services may print an Official Check for a member if their membership is closed.
Operations Services may print an Official Check for a member if their membership is closed.
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If a check status is anything other than Issued or Escheated, no further action is required.
If a check status is anything other than Issued or Escheated, no further action is required.
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A Record Not Found message will be returned if the check number entered is valid.
A Record Not Found message will be returned if the check number entered is valid.
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Employees must insert both the letter and the check in an envelope before mailing it to the member.
Employees must insert both the letter and the check in an envelope before mailing it to the member.
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Checks that are Escheated indicate that the funds are with the issuing department.
Checks that are Escheated indicate that the funds are with the issuing department.
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Check Manager displays both the amount and payee information when a valid check number is entered.
Check Manager displays both the amount and payee information when a valid check number is entered.
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The comment required when processing a check transaction in Symitar is 'CHK REQ ATM EXCEP'.
The comment required when processing a check transaction in Symitar is 'CHK REQ ATM EXCEP'.
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Employees must confirm the Official Check has not been reconciled before proceeding with the Declaration of Loss.
Employees must confirm the Official Check has not been reconciled before proceeding with the Declaration of Loss.
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The Declaration of Loss form cannot be generated in DocuSign.
The Declaration of Loss form cannot be generated in DocuSign.
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Second-party statements and third-party indemnification are automatically approved without any discussion.
Second-party statements and third-party indemnification are automatically approved without any discussion.
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Employees must wait 60 days after the original issue date before reissuing an Official Check.
Employees must wait 60 days after the original issue date before reissuing an Official Check.
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The first step to reissue an Official Check through Symitar is to click the Reissue Checks button.
The first step to reissue an Official Check through Symitar is to click the Reissue Checks button.
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Including the IC screen printout is necessary when presenting a Declaration of Loss to a manager.
Including the IC screen printout is necessary when presenting a Declaration of Loss to a manager.
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If a large company is the payee, the risk of double payment is lower compared to individual payees.
If a large company is the payee, the risk of double payment is lower compared to individual payees.
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Employees should notify members to check their emails after submitting the reissue process.
Employees should notify members to check their emails after submitting the reissue process.
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Study Notes
Official Checks
- Credit Union offers Official Checks; funds are debited when disbursed, except for stop payments.
- First three checks per calendar month are free; subsequent fees are on the schedule.
- Checks can be made payable to individuals, businesses, or entities but not cash, bearer, or for deposit only.
- OFAC verification is required for non-members. Payee field cannot be blank.
- Checks are valid for 90 days; checks not processed within 90 days are considered stale-dated.
- Payment Services reviews uncashed checks and notifies members if not processed; after 3 years, uncashed checks are escheated (returned) to the state.
- Stop payments are exceptions and must be communicated at disbursement time.
- Official Checks are the Credit Union's obligation; liability provisions apply if payment is refused.
Official Check Order Process
- Members can request Official Checks in person, by phone, mail, or secure email.
- Employees must follow steps to verify funds, OFAC, and create a request.
- Debit account in Symitar; Operations Services handles printing/mailing if needed.
- Employees must document transactions and tasks, including attaching/indexing received/recorded items.
- Use correct transaction codes (KD or KO) for branch transactions.
- Members must sign transaction receipts and check copies acknowledging 90-day stop payment policy.
- Check information must be accurate.
- Official checks, stubs, and transaction receipts are retained for daily balancing.
Official Check Stop Payments
- Stop payments are not permitted on Official Checks except for lost, stolen, destroyed, or mutilated checks.
- Declaration of Loss form is used for stop payments.
- Employees must confirm the check hasn't been reconciled, re-issued, or escheated in IC feature of Symitar.
- Forms are available in PDF or DocuSign/Symitar.
- Payee and rationale for declaration should be clear, especially for large companies.
- Second-party statements and indemnification are approved on a case-by-case basis and should be discussed with a manager/supervisor.
Reissuing Official Checks
- Official Checks can be reprinted if they are "Not Issued" in Symitar's OpCon Self Service.
- Steps to reissue: Access OpCon Self Service, click "Reissue Checks," enter check number, enter email for confirmation, press "submit," and confirm by checking email.
- Checks that cannot be reissued include: those with non-existent check numbers, issued more than 4 days ago, with a status other than "Issued," or from a different department.
Safeguarding Official Check Stock
- Branches maintain operating stock of checks loaded into the printer during working hours; excess stock is kept in the vault or locked cabinet.
- Unused checks are moved to the vault or cabinet at closing.
- Newly arrived checks are placed in sealed envelopes (25, 50, or 100) signed and dated.
- Checks are stored in the vault or locked cabinet.
Auditing Official Check Stock
- Count and record Official Checks in the cash and negotiable items audit monthly.
- Record starting/ending numbers and total on hand.
- Unopened sealed envelopes with employee initials and no signs of tampering do not need to be opened.
Identifying Official Checks
- Two methods exist for verifying Official Checks: visual verification and Symitar Check Manager verification.
- All issued checks are in Symitar Check Manager, and visual verification alone is insufficient.
- Visual checks require reviewing the front and back, with the front including the Credit Union brand, address, toll-free number, web address, a Pay line (not part of the amount), and a security warning.
- The back needs a 5-line disclosure, a disclaimer, and two endorsement lines.
- Authorized signatures must follow policy, with details on security features.
Identifying Official Checks (Symitar)
- Access Symitar Check Manager for check verification.
- Entering the check number into Symitar will provide details about the check (if valid) such as amount and payee. Invalid check numbers produce a "Record Not Found" message.
- Contact supervisor or Fraud and Transaction Analysis if a check status is not "Issued" or if the check number is invalid in Symitar.
- Check prefixes can indicate the issuing department (prefixed 00 or 01).
Operations: Printing Official Checks using a GL
- Operations Services may be asked to print Official Checks for closed memberships.
- Cases require specific information (subject, member name, address, check amount, processing GL, letter information).
- A process exists through Symitar to print the check and supporting documentation.
- An envelope and mailing is the final step.
Official Checks: Vendor Inventory Control
- American Solutions for Business (ASB) handles paper stock control.
- Departments/branches submit order requests through the ASB link on The Hub.
- Marketing confirms reasonableness and passes to ASB.
- ASB prepares/ships checks; discrepancies are reported to ASB.
- Receiving departments/branches sign packing slips, noting discrepancies in email to ASB.
- Operations Services matches notifications and documentation.
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Description
This quiz covers the policy regarding official checks provided by the Credit Union, detailing the process of issuing checks, associated fees, and verification requirements. It also explains the implications of uncashed checks and the standard procedures for placing stop payments.
