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1.
What determines the amount and rate of a Deposit Secured loan?
The CD, Share Draft, or Share loan configuration screens allow you to offer the member any rate equal to or greater than the current certificate or savings product rate. There is no check on your general rate tolerance settings when configuring a CD Secured loan product. If the rate is tiered, then the member will be offered a different rate on their loan depending on the rate of their deposit account The amount the member can borrow is limited to the balance of the deposit account minus any am More...
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2.
Can we charge a fee for the Deposit Secured loans service?
Yes. A processing fee can be charged when the member opens the loan. The fee must come from a savings or checking account and cannot come from the new loan account. Your credit union can even elect not to charge an increased interest rate on the loan and simply earn money on your loans with these fees. If a member does not complete the process to open the loan (for example fails to complete a required promissory note), a loan application is created and is sent to the loan queue. The processin More...
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3.
How are Marketing Club Rate Benefits calculated for a simple daily accrual?
Loan Rate Benefit Calculation: (Benefit / 100) / 365 (or 366) = Daily Factor (truncated to 9 decimal places) Daily Factor x Current Loan Balance = Daily Benefit Accrual (rounded to 2 decimal places) Ex: Rate Benefit = .250, Loan Balance is $10,000.00 .250/100 = .0025 .0025 / 365 = .000006849 .000006849 * 10,000.00 = .068 rounded to .07 Share Rate Benefit Calculation Benefit / 36500 (or 36600) = Daily Factor (truncated to 8 decimal places) Daily Factor x Current Share Balance = More...
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4.
How do I verify we changed my variable loan rates correctly?
Use Tool #860 Print Variable Rate Config Report and use Enter to print the report. On this report you can verify floors and ceilings and effective dates of these changes. An example of the report is available on the help topic linked to below. Look in the PENDING section for what rate they are changing to and when the change will occur.
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5.
How can I see the average dividend rate paid on regular shares? I am filling out my 5300 report.
If your regular share account is set up with a split rate, assuming the majority of your accounts are at the base rate, most credit unions elect to use that rate as the average rate on the call report. The call report is looking for an average rate, not a weighted one. If you wanted to calculate the weighted average rate on a split-rate share product for other reasons, you could use Tool #344 Div/Int Split Rate Forecasting. Take the Total Forecasted Dividends, divide by the Total Average More...
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6.
Currently our certificate rates are played in CU*Talk audio response as well as displayed in It's Me 247 online banking. Can we delete these rates only from audio response?
The following applies only to credit unions that have activated the Text-To-Speech (TTS) engine for CU*Talk Audio Response. You can use Tool #506 Member Rate Maintenance to control product rates read to members in CU*Talk Audio Response. But keep in mind that because you are using Text-To-Speech, changes made here directly affect the credit union website and It's Me 247 online banking as well. Once in the menu option, select shares or certificates. From the next rate menu you will see a More...
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7.
When a contract variable rate loan is set to recalculate the payment only when the interest rate changes, how does the system calculate the new payment?
The system calculates based on the current principal balance and remaining term. (It does not recalculate based on where the balance of the loan should be according to the original amortization schedule and the contractual remaining term.)
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8.
What is the difference between Single Premium, Level Rate and Monthly Renewable credit insurance?
All three of these terms describe the manner in which a credit disability premium is calculated for a specific loan. Single Premium - Calculates the premium through a set of rates that correspond to the Original Term of the loan. The premium amount assumes insurance coverage for the full term. This premium is added up front to the loan balance when the loan is created, hence Single Premium . If the loan is paid in full early, the borrower is entitled to a refund for the time between the pay More...
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9.
I have received new insurance rates from my insurance vendor. What do I need to do?
Fax/email a copy of the new rates to CU*Answers Client Services, along with your name and credit union contact information. We will make sure the rates are loaded into CU*BASE on the effective date. Your laser loan forms may require programming changes based on this change or addition of coverage. Please contact Client Services as soon as you know your insurance coverage will be updating.
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10.
I’d like to offer my members special rates for credit card purchases made in the next few months. What tools does CU*BASE have?
Yes, CU*BASE can help with that! You can configure special promotional rate buckets on your online credit card loan categories, with a date range so that purchase made within a particular period are given a special rate. Use the link below to review the documentation, and contact the SettleMINT team ( SettleMINTEFT@cuanswers.com ) if you need assistance!
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11.
In the program where we update the rates for Audio Banking, what happens if I change a rate to 0.000% or erase an entire line from the configuration?
If the configuration has a rate of 0.000, Audio Banking will not read any message for that rate, even if one was originally recorded. For example, say you have requested a message to be recorded for item #9 on the configuration, but then you forget to go in and actually enter the rate into your configuration, or you accidentally delete the rate later. That recording will never be read to the member. Once you go in and enter a rate in position 9, then message #9 will be read along with that ra More...
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12.
We have adjustable rate mortgages and our disclosures state we must give 30 days' notice.
If the variable rate attached to the mortgage is a Group Type, rather than a Contract Type, then a 30-day notice is not required.
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13.
Our dividend rates are at an all-time low, and many of our members do not have significant balances in their accounts, therefore not earning any interest. Can you explain how simple interest is calculated?
At the heart of the matter is the calculation and rounding the system uses. As we state in our documentation, we calculate to 8 decimal positions and half round up in the fourth. We warrant this math and it has not changed since 2006. What that means is that the member must have accrued at least 5 ten thousanths of a penny before we will begin accumulating the amount. In the case of a member who has more than the minimum balance to earn a dividend but less than the amount to actually accumul More...
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14.
What are some things I can do to improve the delivery rates of messages I send to members?
T o ensure all your email messages are delivered to members, be sure to include ALL the following: Clearly identify the credit union name, address, phone number, and member service email address in the body of the email. Clearly identify the purpose of the email in the subject line. (See SAMPLE MESSAGES below.) Make a web-friendly Signature Line message. (SEE SAMPLE SIGNATURE LINE MESSAGE below. ) Clearly state why the member is receiving the email. Ensure your message uses proper grammar, spel More...
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15.
What happens if I enter a rate into the Audio Banking rate configuration screen but there is no recorded message that goes with that rate?
The following applies only to CUs that do NOT use the Text-To-Speech (TTS) engine for CU*Talk Audio Response. In order to read a rate message to a member in CU*Talk Audio Response, the system must find both a recorded message for that position and a rate greater than 0.000 on the corresponding position in your configuration (Tool #882 Update ARU Interest Rates ). For example, message #1 and rate #1 must both exist in order to read the rate message to the member. Remember that in order for mes More...
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16.
In the workflow for opening memberships, is there a way to get to teller posting so I can deposit money (for example, if the new member wants to open a CD right away)?
Workflow Controls do not include an automatic flow to the teller posting system. However, there is an easy way to incorporate this into your procedures. First, set your Workflow Control configuration (Tool #1004 Workflow Controls: Open Mbrships/Accts ) so that the Open sub-accounts feature is turned off . When opening a new member, start from the first Teller Posting screen, using F21-Open from the first teller screen and processing the new membership until done. Using Cancel (F7) at that More...
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17.
Are there any restrictions on the Certificate Types, Dividend Types, or Loan Products that can be used with CD or Share Secured Loans?
Certificate types or Dividend Applications that are Health Savings Accounts (HSAs) or IRAs cannot be set up as CD/Share Secured loans. Escrow accounts cannot be set up as Share Secured Loans. Only Installment closed-end loans can be selected when configuring CD Secured, Share Draft Secured, or Savings Secured Loans. Mortgages and open-end loans cannot be selected.
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18.
Can I have CU*BASE default the applicable delinquent fine code into that field when I am building a new loan request?
Yes. There is an Amortization Default option available in each of your Loan Product Code configurations which allows credit unions to default amortization criteria such as: Delinquency Fine Code, Rate, Payment Frequency, # of Payments etc. The system will then default this value into the applicable fields when creating a new loan request. These defaults are intended to provide consistency for all new loan requests, but can be changed/edited during the loan request process if necessary.
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19.
I recently updated my rate in my loan category (for example updated the prime interest rate), and it is not reflected in the rate that is shown online on my rate board in It’s Me 247. What should I check first?
Online banking rates don’t automatically update based on changes to loan categories. In order for the rate to be reflected in online banking, you must also update the rate in the Online Banking section of the Loan Product (Tool #470). To do this select the product shown on your rate board and enter the Online Banking screen. While the rate on this screen will reflect the change to the loan category, in order for it to be shown in online banking, you must save this screen. Use Enter, and th More...
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20.
What columns/fields, files/tables, and programs are included in the File Maintenance Inquiry "Critical Monitoring?"
When you use the filter buttons on the File Maintenance Inquiry dashboard (Tool #159: Audit File Maintenance Inquiry (CUFMNT)), indicators note which programs, fields/columns, and files/tables AuditLink has flagged as “critical” for auditing teams to monitor on a daily basis. You can quickly sort by that indicator and select only those items for a quick scan of maintenance that directly affects member accounts. Below is a listing of these critical items. Columns/Fields Field Why More...
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21.
On our loan credit insurance and/or debt protection posting reports, we see exception descriptions that are abbreviated. What are their meanings and did the premiums/fees post or were they rejected?
These message indicators appear on the CU*BASE loan insurance premium posting report (TCUNAS2 / TCUNAS3) and the Debt Protection Fee posting/exception reports (TCUNAD2 / TCUNAD3). By looking at the reports, you can tell if a premium / DP fee posted or not based on the exception. LOAN INSURANCE MESSAGES ADD SIGN There is joint coverage on this loan. There is either no 'additional signer' record, or the birth date for the additional signer is missing or invalid. JT TO SG There is joint cov More...
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22.
Do you have an explanation for members concerning the APYE calculation on their statement?
Truth-In-Savings requires certain disclosures on periodic statements. One of the disclosures required on dividend-bearing accounts is the “annual percentage yield earned (APYE)”. The APYE is an annualized rate that reflects the relationship between the amount of dividends actually paid to the member’s account during the period and the average daily balance in the account for that period. *Note - this calculation uses the member’s average daily balance for the period, More...
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23.
How do I manage variable rate loan changes in CU*BASE?
Refer to the Variable Rate Loan Products booklet below.
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24.
If the member takes the full value of the secured CD or, checking, or savings account, is it possible for them to later have available funds in that account?
Since dividends may be paid after the loan is created, it is possible for the member still to have available funds in their deposit account after they pledge the full toward a loan.
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25.
What features does It's Me 247 Mobile Web Banking offer?
Members can perform the following tasks while in Mobile Web Banking: Check account balances of savings, checking, certificate, credit card and loan accounts (both available and current balances). View transaction history for these accounts. View funds on hold for savings and checking accounts View pending authorizations for credit cards (if they exist) Transfer funds to other accounts (as allowed by standard online banking) View if a check has cleared (cancelled checks) View pending ACH transac More...
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