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Most Popular Content in 7-day Processing
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1.
What is not affected by 7-day back office processing? What do ACH transfers, OTB transactions, Remote Deposit Capture (RDC), and eAlerts have in common? Views: 251
The following things are not affected by 7-day back office processing changes implemeted in February 2019. ACH - ACH will continue to process as always. OTB - OTB is not affected by 7-day back office processing. RDC - Deposits are processed seven days a week or by credit union configuration. eAlerts - These are sent with an automated process that is not changed with 7-day back office processing.
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2.
How is the configuration of Credit Union Non-Business Days (Tool #243) affected by 7-day processing? Views: 149
The non-business days configuration, which includes Federal holidays, is used only when calculating the release dates on check holds placed at the teller line or elsewhere. It is not related to 7-day processing. NOTE: Holds are released according to the release date on the individual Uncollected Funds record, regardless of whether daily processing is run on Sunday or not. If an Uncollected Funds record has a release date that falls on a Sunday, the hold is released on Sunday. This will work t More...
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3.
What is seven day processing? Views: 137
7-day processing refers to the daily processing done on your credit union data every night by the Operations department. End-of-day (EOD) and beginning-of-day (BOD) will be run on all seven days of the week. It is not to be confused with having the teller line open on Sundays. Terminology: Seven-Day Processing: CU*Answers processes your credit union’s nightly cycle seven days a week in accordance with our 24/7 approach to core processing. Sunday Open Branch: The CU staffs the lobby for More...
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4.
When did CU*Answers start processing seven days a week? Views: 101
CU*Answers began 7-day processing on Sunday, February 3, 2019.
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5.
How does 7-day processing affect lobby transactions? Views: 100
It is important to distinguish between the following: Terminology: Seven-Day Processing: CU*Answers processes your credit union’s nightly cycle seven days a week in accordance with our 24/7 approach to core processing. Sunday Open Branch: The CU staffs the lobby for business and performs regular daily services for members. CU*Answers requires 30 days lead-time to prepare this activity for your credit union. We have accommodated credit unions with Sunday Open Branch activity since 2013. Cur More...
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How does 7-day processing affect beginning-of-day (BOD) and end-of-day (EOD) processing? Views: 99
With 7-day processing, beginning-of-day and end-of-day processing is run every day. Beginning in 2021, CU*Answers also runs EOD/BOD on Federal holidays, including Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.
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7.
What does my accounting team have to do differently with 7-day processing? Views: 81
Any activity your accounting team performs daily, will now need to be done for all seven days of the week. Also refer to the related items below.
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What is 24/7 processing? Views: 77
There are two parts to 24/7 processing. The ‘24’ means that we are focused on making our processing environment work for you for as much of the day as we can. We call it Time Zone Processing, and it’s designed so that no matter where you are, we’re working on your schedule. The ‘7’ means that we are processing on your behalf seven days a week instead of six. 7-day processing refers to the daily processing done on your credit union data every night by the Oper More...
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9.
How does 7-day processing affect the generation of CU*Spy reports? Views: 67
Reports are generated during beginning-of-day (BOD) processing and end-of-day (EOD) processing seven days a week. No configuration changes are needed. A whole new set of reports will be created on Sunday as with Saturdays. If you refer to reports daily, you will also need to review the Sunday reports, in addition to Saturday reports, if you do not already do so. Refer to the documentation on daily CU*Spy reports for more assistance.
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10.
How does 7-Day Processing affect our disclosures for Reg CC (and other) configurations based on our business days being Monday-Friday?
Views: 67
As far as Reg CC goes, business days are definitely covered by your Business Days configuration ( Tool #243 Configure CU Non-Business Days ). If your business days are configured for Reg CC as Monday-Friday, it will stay Monday-Friday even with 7-day processing, unless your credit union makes that change.
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11.
How does 7-day processing affect the releasing of uncollected funds holds (including ATM deposit holds)? Views: 66
Seven-day back-office processing has no effect on the releasing of uncollected holds, including ATM deposit holds. If your credit union has set up holds to calculate based on business days, then release dates for these types of holds are calculated based on the configured credit union business days (the days the credit union branches are open).
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12.
How does 7-day processing affect (scheduled) Automated Fund Transfers (AFTs)? Views: 63
With seven-day processing, AFTs are processed seven days a week, including on Sundays. They will be processed at either end-of-day or beginning-of-day processing, according to your credit union's configured settings for incoming and outgoing AFTs. Starting in 2021, CU*Answers also processes AFTs on all Federal holidays, including Memorial Day, Independence Day, Labor Day, Thanksgiving, and Christmas.
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13.
How does 7-day processing affect check holds? Views: 63
If your credit union uses business days to determine check holds, the release days are determined using the non-business day configuration (Tool 243). Unless your credit union changes this configuration to include Sundays, check holds are not changed by 7-day processing, since holds already release 7 days a week anyway, according to the release date on the Uncollected Funds record.
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14.
How does 7-day processing affect Analytics Booth? Views: 62
With 7-day processing, alerts are sent seven days a week and dashboards have data points for every day of the week.
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15.
How does 7-day processing affect things that rely on daily processing, such as delinquency, dormancy, ANR scoring, configured daily service charges, etc.? Views: 61
With 7-day processing, things that rely on daily processing are evaluated daily, including Sundays. This includes, but is not limited to delinquency, dormancy, ANR scoring, and configured daily service charges. Do not forget to review your daily reports. Data will be generated seven days a week.
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16.
How does 7-day processing affect the reconciliation of G/Ls? Views: 58
G/Ls need to be reconciled for every day on which processing is run. For most credit union accounting teams, even if the CU's teller line happens to be open on Saturday, Saturday G/L recons are usually handled on Mondays. With 7-day processing, the same process will apply to Sundays as well. When balancing GL activity on Monday morning, the accounting department may need to review balance information for weekend days or additional reports created on the weekend if any research is needed. More...
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17.
How does 7-day processing affect dashboards? Views: 54
Since accruals are run every day with 7-day processing, the savings and loan accrual dashboards will have entries for all seven days.
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18.
How does 7-day processing affect audio or online payments? Views: 53
With 7-day processing, because a Sunday is an actual processing day, audio and online/mobile banking deposits and payments are dated the day that they are paid. So if a member makes a transfer to pay their loan payment on a Sunday afternoon, the transaction date will show Sunday's date, not Monday's as it would have prior to 7-day processing.
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19.
How does 7-day processing affect delinquency for non-credit card loans? Views: 52
Delinquency is calculated during end-of-day processing and loans appear delinquent at beginning-of-day processing for the next day. When the grace on a non-credit card loan ends on a Sunday, delinquency will be more accurately shown to the member in online banking with 7-day processing. Here is an example to explain why this is the case: Without 7-day back office processing , end-of-day processing on Sunday and beginning-of-day processing for Monday are both run late Saturday/early Sunday mo More...
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20.
How does 7-day processing affect accruals? Views: 51
Whenever end-of-day (EOD) processing is run, the system accrues share dividends and loan interest from the last day of accrual on each account. With the change to 7-day processing, you will now see general ledger entries and accrual increases on the member account every day. Where Sunday's accruals used to be added to Monday's update (a total for 2 days of interest), now you will separate reports and GL entries for Sunday and Monday individually.
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21.
How does 7-day processing affect laser notices? Views: 51
With 7-day processing, notices are generated daily, including Sundays. Do not forget to print the notices that are generated on days your credit union is not open.
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22.
How does 7-day processing affect third-party transmissions? Views: 51
Third-party transmissions now may occur seven days a week. Be sure to alert your vendors that they may now begin receiving transfers on Sundays.
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23.
How does 7-day processing affect credit card grace days? Views: 46
Seven-day back office processing has no effect on credit card grace days. Credit card grace is determined by the configured credit union business days (the days the credit union branches are open).
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24.
How does 7-day processing affect miscellaneous holds (for debit and credit cards)? Views: 45
Holds on debit or credit cards are released at end-of-day processing. Generally, holds on debit and credit cards are dropped prior to the end of the hold days as the actual transaction comes in and posts to the account. With 7-day back-office processing end-of-day processing is run on Sunday, so in rare instances the holds could be dropped on Sunday. Credit unions concerned about this change can change the number of days to hold unmatched items.
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