Official Checks Procedures and Regulations

<p>Members must be informed (C)</p> Signup and view all the answers

<p>By text message (C)</p> Signup and view all the answers

<p>They are escheated to the state (A)</p> Signup and view all the answers

<p>OFAC verification (D)</p> Signup and view all the answers

<p>Members are notified and can request to reissue it (C)</p> Signup and view all the answers

<p>The check has not been reconciled, reissued, or escheated. (B)</p> Signup and view all the answers

<p>Cashiers Check (A)</p> Signup and view all the answers

<p>Waiting period of 90 days. (C)</p> Signup and view all the answers

<p>Increased processing time. (C)</p> Signup and view all the answers

<p>A printout of the IC screen and a Verification of Deposit. (C)</p> Signup and view all the answers

<p>Reset the check status to Not Issued. (B)</p> Signup and view all the answers

<p>Your own email address. (D)</p> Signup and view all the answers

<p>Rationale for the approval. (B)</p> Signup and view all the answers

<p>Checks that were issued more than 4 days ago (D)</p> Signup and view all the answers

<p>Pull it from the printer and place it in the vault (A)</p> Signup and view all the answers

<p>Visual verification only (B)</p> Signup and view all the answers

<p>Monthly (D)</p> Signup and view all the answers

<p>25, 50, or 100 (B)</p> Signup and view all the answers

<p>Load checks into the printer after hours (D)</p> Signup and view all the answers

<p>Issued status (B)</p> Signup and view all the answers

<p>Notify a supervisor and do not open the envelope (B)</p> Signup and view all the answers

<p>Authorized signature(s) (D)</p> Signup and view all the answers

<p>It must have a disclaimer above the endorsement lines. (A)</p> Signup and view all the answers

<p>A security warning (B)</p> Signup and view all the answers

<p>A text box with security details (C)</p> Signup and view all the answers

<p>Endorsement lines (C)</p> Signup and view all the answers

<p>Right side of the front (B)</p> Signup and view all the answers

<p>Click Navigate &gt; Accounting &gt; Check Manager (A)</p> Signup and view all the answers

<p>Two endorsement lines (A)</p> Signup and view all the answers

<p>Verify there are sufficient funds to cover the check (D)</p> Signup and view all the answers

<p>KD (C)</p> Signup and view all the answers

<p>Sign the file copy of the check (A)</p> Signup and view all the answers

<p>If the check has been lost, stolen, destroyed, or mutilated (B)</p> Signup and view all the answers

<p>Calls must be recorded if Official Checks are disbursed (B)</p> Signup and view all the answers

<p>They must complete a Declaration of Loss form (D)</p> Signup and view all the answers

<p>It can be handled by services or branch employees (A)</p> Signup and view all the answers

<p>Process the request without recording the call (D)</p> Signup and view all the answers

<p>Contact your manager or Fraud &amp; Transaction Analysis. (C)</p> Signup and view all the answers

<p>The funds are with the state as unclaimed property. (A)</p> Signup and view all the answers

<p>01 (D)</p> Signup and view all the answers

<p>Enter KD GL on a blank screen in Symitar. (C)</p> Signup and view all the answers

<p>Search with and without the prefix. (B)</p> Signup and view all the answers

<p>The member's phone number (A)</p> Signup and view all the answers

<p>Mail it to the last known address by U.S. Mail. (C)</p> Signup and view all the answers

<p>CHK REQ ATM EXCEP (A)</p> Signup and view all the answers

Checks issued by a credit union, guaranteed funds unless a stop payment is in place.

A request to prevent an official check from being cashed.

Funds are withdrawn from a member's account when an official check is disbursed.

An official check not negotiated (cashed) within 90 days of its issue date.

The process of checking if a non-member payee is on the Office of Foreign Assets Control (OFAC) sanctions list.

The first three official checks issued in a calendar month are free.

The process of the state receiving unnegotiated official checks after a set time period.

The person or entity who is to receive payment.

Checking if the payee is on the Office of Foreign Assets Control (OFAC) sanctions list.

Ensuring enough money is available to cover the check amount.

Creating a case record in the MARS system for the check disbursement request.

Members can request stop payments only if the check is lost, stolen, destroyed, or mutilated; a replacement check is issued.

Member's signature confirmation for the transaction.

Matching the physical checks and records for accuracy.

Confirming the accuracy of the information on the check.

Specific codes for posting check disbursement transactions in the system (KD for CFCU, KO for Spectrum).

Confirming an official check hasn't been reconciled, reissued, or escheated before proceeding.

Document used to declare a lost official check, available in PDF, DocuSign, or Symitar.

Symitar feature to access forms and documents, including "Declaration Loss."

Specify check type as 'Cashier's Check' for Declaration of Loss Form within Symitar.

Process of reprinting/reissuing an official check via Symitar and OpCon Self Service system.

Changing an official check status to "Not Issued" in OpCon Self Service before reissuance.

Needed to authorize Declaration of Loss and reissue due to potential risks.

Minimum waiting period after the original issue date before reissuing a check.

Official checks that meet specific criteria can be reissued. Criteria include: existing check number, issued within 4 days, status of 'Issued', and issued by your department.

Guidelines for protecting official checks include: loading checks during working hours, storing excess checks securely, dual control for new stock, sealing new stock in tamper-proof bags, and securing checks in a vault or locked cabinet.

Official check inventory is audited monthly as part of the cash/negotiable items audit. The process involves verifying starting/ending numbers and total on hand.

Visually verifying an official check involves inspecting both the front and back for security features.

Symitar Check Manager records all issued official checks. Verifying in this system is mandatory and more reliable than visual verification.

While visual verification is a step, it's not enough to guarantee authenticity. Checking Symitar Check Manager is crucial for confirming a check's validity.

Branches maintain a working supply of official checks, with excess kept secure. Strict procedures are in place for handling and securing checks.

Opening new official check stock should involve two employees for added security and accountability.

A credit union check must display the institution's name, address, toll-free number, website, "Pay" in the pre-printed section, a security warning, and authorized signatures conforming to policy.

The back of the check includes a 5-line disclosure, a disclaimer about endorsement by all parties, 2 endorsement lines, security details in a box, and a stock number.

Security features for a credit union check are outlined on the back, while the notification about their presence is found on the front right corner.

A system used to verify if a check is valid and official for the credit union.

To access the Check Manager on the Symitar home screen, navigate to "Navigate > Accounting > Check Manager."

The code 'IC' on the Teller Transactions screen is used to access Check Manager and Check Control.

To access Check Control in the Check Manager, press Enter/click Next after entering transaction code 'IC' on the Teller Transactions screen.

This screen within Check Manager allows you to search for and verify the validity of a check.

Certain departments use prefixes on check numbers, like '01' for Accounting and '00' for others.

To find a check in Check Manager, enter its number. Include prefix '01' for Accounting checks. If unsure, try with and without the prefix.

If you enter a wrong check number, Check Manager shows 'Record Not Found'. Contact your manager or Fraud & Transaction Analysis.

'Issued' or 'Escheated' are the normal statuses. Contact your manager or Fraud & Transaction Analysis if you see something else.

Means the Credit Union sent funds to the state as unclaimed property. Contact Operations Services if you see it.

If a closed member is owed money, Operations Services can print an official check and mail it to their last known address.

For official checks, enter details in Symitar, print a letter, and mail both to the member.

The credit union uses American Solutions for Business (ASB) to manage their paper stock for official checks.