Podcast
Questions and Answers
What is the maximum number of free Official Checks issued per calendar month?
What is the maximum number of free Official Checks issued per calendar month?
Official Checks can be made payable to Cash.
Official Checks can be made payable to Cash.
False
What must members do if they wish to stop payment on an Official Check?
What must members do if they wish to stop payment on an Official Check?
Place a stop payment as an exception.
Official Checks are considered stale dated after _____ calendar days.
Official Checks are considered stale dated after _____ calendar days.
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Match the terms related to Official Checks with their definitions:
Match the terms related to Official Checks with their definitions:
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Which of the following is NOT a method to request Official Checks?
Which of the following is NOT a method to request Official Checks?
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Members must be informed about stop payments at the time of disbursal of Official Checks.
Members must be informed about stop payments at the time of disbursal of Official Checks.
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What happens to unnegotiated checks after 3 years?
What happens to unnegotiated checks after 3 years?
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What is one condition that would prevent a reissue of an Official Check?
What is one condition that would prevent a reissue of an Official Check?
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Checks with a status of 'Cancelled' can be reissued.
Checks with a status of 'Cancelled' can be reissued.
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What should employees do with unused Official Checks during the branch closing process?
What should employees do with unused Official Checks during the branch closing process?
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Every branch must keep a working supply of Official Checks stored in a _________.
Every branch must keep a working supply of Official Checks stored in a _________.
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Match the following actions with their corresponding guidelines:
Match the following actions with their corresponding guidelines:
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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?
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Visual verification of Official Checks is sufficient on its own.
Visual verification of Official Checks is sufficient on its own.
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What two methods are available for verifying the authenticity of Official Checks?
What two methods are available for verifying the authenticity of Official Checks?
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What is the first step to processing an Official Check?
What is the first step to processing an Official Check?
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Members can place stop payments on Official Checks at any time.
Members can place stop payments on Official Checks at any time.
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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?
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If a check exceeds the employee’s limit, an __________ will be required to post the transaction.
If a check exceeds the employee’s limit, an __________ will be required to post the transaction.
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Which procedures must a branch employee follow to complete an Official Check transaction? (Select all that apply)
Which procedures must a branch employee follow to complete an Official Check transaction? (Select all that apply)
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Match the following steps with their corresponding actions in processing an Official Check:
Match the following steps with their corresponding actions in processing an Official Check:
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Branch employees may disburse Official Checks for phone requests if __________ is performed.
Branch employees may disburse Official Checks for phone requests if __________ is performed.
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What is the purpose of a case comment regarding any OFAC finding?
What is the purpose of a case comment regarding any OFAC finding?
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What must be confirmed before proceeding with the Declaration of Loss?
What must be confirmed before proceeding with the Declaration of Loss?
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The member can expect to receive the reissued check immediately after filing a Declaration of Loss.
The member can expect to receive the reissued check immediately after filing a Declaration of Loss.
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Name one additional risk associated with using third-party indemnification for individuals.
Name one additional risk associated with using third-party indemnification for individuals.
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Before the Official Check can be reissued, the check status must be reset to ______.
Before the Official Check can be reissued, the check status must be reset to ______.
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Match the steps for reissuing an Official Check with the correct order:
Match the steps for reissuing an Official Check with the correct order:
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Which document should be included when presenting a Declaration of Loss to the manager?
Which document should be included when presenting a Declaration of Loss to the manager?
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Second-party statements and third-party indemnification do not require manager approval.
Second-party statements and third-party indemnification do not require manager approval.
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What type of check is to be entered as the Check Type when filling the Declaration of Loss form?
What type of check is to be entered as the Check Type when filling the Declaration of Loss form?
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What must appear on the front of an official check?
What must appear on the front of an official check?
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The back of the check must include a 5-line disclosure at the bottom.
The back of the check must include a 5-line disclosure at the bottom.
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What is the purpose of the disclaimer above the endorsement lines on the back of the check?
What is the purpose of the disclaimer above the endorsement lines on the back of the check?
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The authorized signature(s) must conform to the _____ policy.
The authorized signature(s) must conform to the _____ policy.
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Match the following features with their locations on the check:
Match the following features with their locations on the check:
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Which of the following is NOT required on the back of the check?
Which of the following is NOT required on the back of the check?
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What should be included at the right of the front of the check?
What should be included at the right of the front of the check?
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The Symitar Check Manager allows access to check verification through multiple steps.
The Symitar Check Manager allows access to check verification through multiple steps.
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What prefix should be entered when searching for checks issued by Accounting?
What prefix should be entered when searching for checks issued by Accounting?
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If the status of a check is Escheated, you should contact the Fraud & Transaction Analysis department.
If the status of a check is Escheated, you should contact the Fraud & Transaction Analysis department.
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What should you do if you receive a Record Not Found message after entering a check number?
What should you do if you receive a Record Not Found message after entering a check number?
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Checks issued by any other department begin with the prefix ______.
Checks issued by any other department begin with the prefix ______.
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What must be included in the cases assigned to Operations – General Queue?
What must be included in the cases assigned to Operations – General Queue?
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Match the check statuses with their meanings:
Match the check statuses with their meanings:
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What is the first step to process an Official Check for a member with a closed membership?
What is the first step to process an Official Check for a member with a closed membership?
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When searching for a check, it is not necessary to enter the department prefix if you are sure of the issuing department.
When searching for a check, it is not necessary to enter the department prefix if you are sure of the issuing department.
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Study Notes
Official Checks
- Credit Union offers Official Checks; funds debited when disbursed, except for stop payments.
- First 3 checks per calendar month are free; additional fees based on fee schedule.
- Checks made payable to individuals, businesses or entities; non-member checks may require OFAC verification; cannot be made payable to cash, bearer, or "for deposit only."
- Payee field cannot be blank.
- Checks valid for 90 calendar days; uncashed checks after 90 days are considered stale-dated.
- Credit Union periodically reviews uncashed checks, notifying members via letter.
- Members can reissue checks or receive funds back; unclaimed checks escheated to the state after 3 years.
- Official Checks are the Credit Union's liability; stop payments are exceptions, communicated at disbursement time.
Official Check Order Process
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Members order checks in person, by phone, mail, or Secure Email; employees follow specific procedures.
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Initial step: verify sufficient funds and payee, if not a member, run OFAC.
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Create MARS case for the request and any OFAC finding.
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Debit account in Symitar.
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Assign to Operations Services (printing and mailing) if needed.
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Employee documentation includes attaching/indexing received items, recorded calls, etc.
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Use transaction codes (KD or KO) based on type; override if exceeding employee limit
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Employees must obtain member signature on transaction receipt and check copy to confirm 90-day stop payment requirement and accurate check information.
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If MAAP performed, employees can use phone orders if call is recorded
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Employees must provide official check, stub, and transaction receipt for daily balancing.
Official Check Stop Payments
- Stop payments only permitted for lost, stolen, destroyed, or mutilated checks; replacement issued if desired.
- Members complete a Declaration of Loss form (available in PDF or generated through DocuSign/Symitar).
- Employee confirms check hasn't been previously reconciled, reissued, or escheated in Symitar.
- Payee and reason for declaration crucial, especially for individuals or large companies; third-party indemnification may pose risk of double payments and requires additional discussion with a manager.
- Second-party statements and third-party indemnification handled on a case-by-case basis with manager/supervisor authorization for exceptions.
- Members typically must wait 90 days before reissuance.
Reissuing Official Checks
- To reissue a check, first reset status to "Not Issued" in OpCon Self-Service module (The Hub).
- Steps include clicking on the Reissue Checks button, entering check number, email address, submitting, and verifying confirmation message.
- Cannot reissue checks if the number is invalid, issued more than 4 days ago, the wrong status, or not issued by the department.
Safeguarding Official Check Stock
- Branches maintain working check stock loaded into printers; excess kept in vault/locked cabinet.
- Unused checks returned/moved to vault/cabinet at closing.
- Newly arrived checks placed in sealed envelopes (25, 50, or 100) signed/dated.
- Ensures checks are in secured vault/cabinet.
Auditing Official Check Stock
- Monthly stock audit, recording lowest and highest numbers, and total on hand.
- Sealed, initialed, and tamper-free envelopes/bags don't require opening during the audit; quantities of 25, 50, or 100 per sealed envelope/bag.
Identifying Official Checks
- Visual verification: checks must be validated in Symitar Check Manager; visual verification alone is inadequate.
- Front: brand name, address, toll-free #, web address, “Pay” and security warning.
- Back: authorized signatures (conforming to policy), security features, notice, and 5-line disclosure/disclaimer above endorsement lines (must be endorsed by all parties).
Operations: Printing Official Checks using a GL
- For member accounts closed but with owed funds, Operations Services prints and mails checks, including member information.
- Use Symitar; enter details like member name, member address, dollar amount, GL (general ledger), and any special instructions.
Official Checks: Vendor Inventory Control
- Process followed for controlling paper stock: ASB (American Solutions for Business) involved.
- Department/branch orders checks through ASB's link and confirms order reasonableness.
- ASB ships orders; discrepancies reported to ASB by email; signed acknowledgment confirming receive and reported discrepancies.
- Ops Services reviews, matches information to FedEx confirmation, and files documents
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Description
This quiz covers the procedures and guidelines related to Official Checks offered by a Credit Union. It includes information on ordering, usage, fees, and the validity of checks. Understanding these details is vital for members to effectively utilize this financial service.
