Podcast
Questions and Answers
What happens when an Official Check is disbursed?
What happens when an Official Check is disbursed?
- The funds are put on hold for verification.
- The payee can request additional checks at no fee.
- The funds are debited from the account. (correct)
- The payee must cash it immediately.
What is the validity period of an Official Check?
What is the validity period of an Official Check?
- 60 calendar days
- 120 days
- 90 calendar days (correct)
- 30 days
What happens to unnegotiated checks after 3 years?
What happens to unnegotiated checks after 3 years?
- They are returned to the payee.
- They are escheated to the state. (correct)
- They remain in the system indefinitely.
- They are reissued automatically.
Which of the following is NOT a valid payee for an Official Check?
Which of the following is NOT a valid payee for an Official Check?
What is the fee structure for Official Checks issued per month?
What is the fee structure for Official Checks issued per month?
What specific requirement is there for the payee field when issuing an Official Check?
What specific requirement is there for the payee field when issuing an Official Check?
Under what condition can stop payments be placed on Official Checks?
Under what condition can stop payments be placed on Official Checks?
What verification is required for checks made payable to a non-member?
What verification is required for checks made payable to a non-member?
What is the initial step to verify before processing an Official Check?
What is the initial step to verify before processing an Official Check?
What should a branch employee do if the check amount exceeds their limit?
What should a branch employee do if the check amount exceeds their limit?
When can members place a stop payment on an Official Check?
When can members place a stop payment on an Official Check?
What documentation must members sign when receiving an Official Check?
What documentation must members sign when receiving an Official Check?
Which transaction code should be used for checking disbursement in CFCU?
Which transaction code should be used for checking disbursement in CFCU?
What is necessary before disbursing an Official Check for phone requests?
What is necessary before disbursing an Official Check for phone requests?
What procedure must follow after identifying all findings during the OFAC check?
What procedure must follow after identifying all findings during the OFAC check?
What action is taken after an Official Check is printed by the branch staff?
What action is taken after an Official Check is printed by the branch staff?
What must employees confirm before proceeding with the Declaration of Loss for an Official Check?
What must employees confirm before proceeding with the Declaration of Loss for an Official Check?
What additional risk is associated with reissuing a check for an individual using third-party indemnification?
What additional risk is associated with reissuing a check for an individual using third-party indemnification?
How long must a member typically wait after the original issue date before the Credit Union can reissue a check?
How long must a member typically wait after the original issue date before the Credit Union can reissue a check?
What must be included when presenting a Declaration of Loss to a manager or supervisor?
What must be included when presenting a Declaration of Loss to a manager or supervisor?
What is the first step to reissue an Official Check through Symitar?
What is the first step to reissue an Official Check through Symitar?
Which of the following checks cannot be reissued?
Which of the following checks cannot be reissued?
What confirmation must employees provide after submitting a reissue request for an Official Check?
What confirmation must employees provide after submitting a reissue request for an Official Check?
Which factors influence the approval of second-party statements and third-party indemnification?
Which factors influence the approval of second-party statements and third-party indemnification?
What should happen to unused Official Checks during the branch closing process?
What should happen to unused Official Checks during the branch closing process?
What tool within Symitar do employees use to access the Declaration Loss form?
What tool within Symitar do employees use to access the Declaration Loss form?
What is the recommended way to handle newly arrived stock of Official Checks?
What is the recommended way to handle newly arrived stock of Official Checks?
How often should the working supply and vault supply of Official Checks be audited?
How often should the working supply and vault supply of Official Checks be audited?
What is NOT a required action when auditing Official Check stock?
What is NOT a required action when auditing Official Check stock?
Which method is fundamental for verifying the authenticity of Official Checks?
Which method is fundamental for verifying the authenticity of Official Checks?
When visually verifying an Official Check, what is essential to do?
When visually verifying an Official Check, what is essential to do?
What quantities should newly arrived stock of Official Checks be placed in?
What quantities should newly arrived stock of Official Checks be placed in?
What information must be included on the front of the check regarding the Credit Union?
What information must be included on the front of the check regarding the Credit Union?
Which of the following is a requirement for the back of the check?
Which of the following is a requirement for the back of the check?
What is the purpose of the security warning on the front of the check?
What is the purpose of the security warning on the front of the check?
Which statement describes the requirements for authorized signatures on the check?
Which statement describes the requirements for authorized signatures on the check?
Which of the following features must be present on the back of the check?
Which of the following features must be present on the back of the check?
What is the purpose of the 5-line disclosure on the back of the check?
What is the purpose of the 5-line disclosure on the back of the check?
What is indicated by the pre-printed stock number on the check?
What is indicated by the pre-printed stock number on the check?
What are the steps to access the Search for Check screen in Symitar Check Manager?
What are the steps to access the Search for Check screen in Symitar Check Manager?
What should be done if a Record Not Found message is returned while searching for a check number?
What should be done if a Record Not Found message is returned while searching for a check number?
Which of the following prefixes is required when searching for checks issued by Accounting?
Which of the following prefixes is required when searching for checks issued by Accounting?
What does the status 'Escheated' indicate regarding unclaimed funds?
What does the status 'Escheated' indicate regarding unclaimed funds?
What is the first step an employee should take when processing a check request in Symitar?
What is the first step an employee should take when processing a check request in Symitar?
When printing an Official Check for a closed membership, what information must be included in the MARS case?
When printing an Official Check for a closed membership, what information must be included in the MARS case?
Which comment should be entered when processing a check request in Symitar?
Which comment should be entered when processing a check request in Symitar?
Why might an employee need to search for a check number with and without a prefix?
Why might an employee need to search for a check number with and without a prefix?
What happens if a check's status is anything other than Issued or Escheated?
What happens if a check's status is anything other than Issued or Escheated?
Flashcards
Official Checks
Official Checks
Checks issued by a credit union, guaranteeing funds unless a stop payment is placed.
Stop Payment
Stop Payment
An exception to the guarantee of official check funds, halting payment.
Account Debited
Account Debited
Money deducted from a person's account upon official check disbursement.
Stale Dated Check
Stale Dated Check
Signup and view all the flashcards
Free Official Checks
Free Official Checks
Signup and view all the flashcards
Payee Restrictions
Payee Restrictions
Signup and view all the flashcards
OFAC Verification
OFAC Verification
Signup and view all the flashcards
Check Validity Period
Check Validity Period
Signup and view all the flashcards
MAAP Level 3
MAAP Level 3
Signup and view all the flashcards
OFAC Check
OFAC Check
Signup and view all the flashcards
MARS Case
MARS Case
Signup and view all the flashcards
Disburse Official Check
Disburse Official Check
Signup and view all the flashcards
Declaration of Loss
Declaration of Loss
Signup and view all the flashcards
Transaction Receipt
Transaction Receipt
Signup and view all the flashcards
90-day stop payment
90-day stop payment
Signup and view all the flashcards
Reconciling an Official Check
Reconciling an Official Check
Signup and view all the flashcards
Declaration of Loss Form
Declaration of Loss Form
Signup and view all the flashcards
Third-Party Indemnification
Third-Party Indemnification
Signup and view all the flashcards
Double Payment Risk
Double Payment Risk
Signup and view all the flashcards
Reissuing an Official Check
Reissuing an Official Check
Signup and view all the flashcards
OpCon Self Service
OpCon Self Service
Signup and view all the flashcards
90-day Waiting Period
90-day Waiting Period
Signup and view all the flashcards
Manager Approval
Manager Approval
Signup and view all the flashcards
Reissuable Checks
Reissuable Checks
Signup and view all the flashcards
Symitar Support
Symitar Support
Signup and view all the flashcards
Safeguarding Check Stock: Loading Checks
Safeguarding Check Stock: Loading Checks
Signup and view all the flashcards
Safeguarding Check Stock: Closing Process
Safeguarding Check Stock: Closing Process
Signup and view all the flashcards
Safeguarding Check Stock: New Arrivals
Safeguarding Check Stock: New Arrivals
Signup and view all the flashcards
Safeguarding Check Stock: Envelope & Bag Storage
Safeguarding Check Stock: Envelope & Bag Storage
Signup and view all the flashcards
Auditing Official Check Stock
Auditing Official Check Stock
Signup and view all the flashcards
Official Check Authenticity: Verification Methods
Official Check Authenticity: Verification Methods
Signup and view all the flashcards
Check Front Requirements
Check Front Requirements
Signup and view all the flashcards
Check Back Requirements
Check Back Requirements
Signup and view all the flashcards
Authorized Signatures
Authorized Signatures
Signup and view all the flashcards
Security Features
Security Features
Signup and view all the flashcards
Symitar Check Manager
Symitar Check Manager
Signup and view all the flashcards
Search for Check Screen
Search for Check Screen
Signup and view all the flashcards
Endorsement Requirements
Endorsement Requirements
Signup and view all the flashcards
Check Search Prefix
Check Search Prefix
Signup and view all the flashcards
Escheated Check
Escheated Check
Signup and view all the flashcards
What to do if a check is not found?
What to do if a check is not found?
Signup and view all the flashcards
Official Check Process for Closed Memberships
Official Check Process for Closed Memberships
Signup and view all the flashcards
Official Check Symitar Entry
Official Check Symitar Entry
Signup and view all the flashcards
Official Check Vendor Control
Official Check Vendor Control
Signup and view all the flashcards
Official Check - Who to Contact for Escheated Checks?
Official Check - Who to Contact for Escheated Checks?
Signup and view all the flashcards
Official Check - Who to Contact for Invalid Check Status?
Official Check - Who to Contact for Invalid Check Status?
Signup and view all the flashcards
Study Notes
Official Checks
- Offered by the Credit Union
- Funds are debited when checks are disbursed, guaranteeing funds unless a stop payment is placed.
- First three checks in a month are free; additional fees are per the fee schedule.
- Checks can be made payable to individuals, businesses, or entities. Non-members require OFAC verification. Cannot be made payable to "Cash", "Bearer", or "For Deposit Only." Payee field cannot be blank.
- Valid for 90 calendar days; after that time they are considered stale-dated.
- Uncashed checks are reviewed periodically and returned to members if not negotiated.
- Members may reissue or funds may be credited back.
- After 3 years, uncashed checks revert to the state.
- Official Checks are obligation of the Credit Union. Liability applies in case of refusal to pay, which is only an exception on stop payment cases. Members must be informed at disbursement time.
Official Check Order Process
- Members can request Official Checks in person, by phone, mail, or secure email.
- Employees must follow specific steps, including verifying sufficient funds, OFAC verification (if necessary), creating a case in MARS, debiting the account, and potential reassignment for printing and mailing (to Operations Services).
- Employees must document all actions.
- Transaction codes used for disbursement.
- Employees must ensure member acknowledgment of the 90-day stop payment criteria, receiving the correct check, and accuracy of the check by having them sign a receipt.
- If MAAP is performed/call is recorded, employees can disburse Official Checks by phone request.
- Employees must provide the Official Check, check stub, and transaction receipt. Hold onto the signed copies.
Official Check Stop Payments
- Stop payments are only allowed for lost, stolen, destroyed, or mutilated checks. A replacement check is issued if a member wishes.
- Members must complete a Declaration of Loss form (available in PDF, DocuSign, or Symitar).
- Employees must verify with IC feature in Symitar if check has been reconciled/reissued or escheated before proceeding.
- If an individual, risk is increased with third-party indemnification.
- For large companies, risk of double payment exists (lost check and reissue).
- Second-party statements and third-party indemnification are approved on a case by case basis.
- Discuss with a supervisor about the situation.
- Exceptions are rare but may be granted.
- Include details justifying each exception
- Members must wait 90 days before a reissue can take place.
Reissuing Official Checks
-
To reissue checks, the check status must be reset to Not Issued in OpCon Self Service module.
-
Steps:
- Access EASE OpCon Self Service
- Click Reissue Checks
- Enter check number
- Email address for confirmation
- Submit Button
- OK button on Completed screen
- Check email for confirmation
-
Checks cannot be reissued if:
-
Number doesn't exist
-
Issued more than 4 days ago
-
Status is other than Issued
-
Not issued by department
Safeguarding Official Check Stock
- Each branch maintains a supply of Official Checks, loaded into the check printer during working hours.
- Excess checks are placed in a vault or locked cabinet.
- During closing, unused checks are removed and stored in the vault/cabinet.
- If possible, new stock is opened under dual control.
- Checks are placed quantities of 25, 50, or 100 into sealed envelopes/bags, signed, and dated.
- Checks must be secured in a vault or locked cabinet.
Auditing Official Check Stock
- Monthly audit of working supply and vault supply of Official Checks, done during the cash and negotiable items audit.
- Records must include starting number, ending number, and total on hand.
- Sealed, initialed, and tamper-free envelopes/bags containing checks do not need opening. Checks may be in quantities of 25, 50, or 100 in each envelope/bag.
Identifying Official Checks
- Two methods for verifying Official Checks: visual inspection and verification in Symitar Check Manager.
- All issued Official Checks are recorded in Symitar Check Manager (Always verify in Symitar).
- Visual verification is performed by checking the front and back of the check.
- Front includes:
- Credit Union name, address, phone number and web address.
- "Pay" designation printed, not embossed.
- Security warning.
- Back includes:
- 5-line disclosure.
- Disclaimer above endorsement lines "Must be endorsed by all parties".
- 2 endorsement lines..
- Security details enclosed in a text box, a pre-printed stock number, authorized signatures, and Security Features included on the back.
Operations: Printing Official Checks using a GL
- Operations Services may be asked to print/mail Official Checks if a member's account has been closed.
- Information for cases:
- Check Request as subject line
- Member name/address
- Dollar amount of check
- GL to be used
- Letter to the member
- Steps (per Symitar):
- Enter KD GL
- Enter check amount
- Enter payees name and address
- Enter GL and Comment "CHK REQ ATM EXCEP"
- Print the letter
- Put the letter and check in an envelope and mail
Official Checks: Vendor Inventory Control
- Process handled by ASB:
- A department/branch request official checks stock through ASB on the Hub.
- Marketing confirms stock request reasonableness and sends to ASB.
- ASB supplies the needed stock.
- Receiving department/branch reports discrepancies to ASB.
- Receiving department/branch signs packing slip showing receipt and any noted discrepancies.
- Email signed packing slip to Ops ASB Reconciliation distribution list.
- Operations reviews, matches FedEx notification and files docs.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
This quiz covers the essential policies and procedures regarding official checks offered by the Credit Union. You will learn about the processes related to requesting, issuing, and the implications of uncashed checks, as well as the free check allowances for members. Test your knowledge on these important financial practices.
