The first step is to make sure your credit union has filled out the three required forms: Sign Up Form, Electronic Payment Service Agreement, and Fed ACH Participation Agreement. There is also a non-disclosure agreement to sign to receive a copy of Magic-Wrighter's SSAE-16 audit results. Once the Client Service and Education team has received the forms from your credit union, they will send the form to our third party processor, Magic-Wrighter. Magic-Wrighter will submit a confirmation with  More...

Regardless of whether a member is enrolled in eStatements, the member will receive a paper copy of their tax documents in the mail, provided they earned enough dividends (or paid enough interest) through the tax year to qualify for a tax form. The presentation of tax documents in the My Documents section of It's Me 247 is an additional convenience that makes the forms readily available online, often earlier than they are provided by via mail. If you are not currently offering this feat  More...

When a collection account is charged off it may qualify for a 1099C to be sent to the member. Qualifications are detailed on the IRS website. Access Tool #922 Update 1099-A, C and MISC Tax Form Data to enter or modify information to be printed on a 1099-C form for a particular member.

Yes, if an online note is programmed in CU*BASE, it will be presented to and signed digitally prior to the loan funding. If the member cancels out and does not sign the form, the loan will not be created. Instead, the system will submit a loan application to be worked in the LOS Loan Queue (Tool #2). Deposit Secured loans do require special loan forms specifically coded for this type of offer. Your standard loan forms cannot be used with this feature without the special coding. f you are anx  More...

No. This law actually pertains to merchant card programs where the merchant is collecting payments for services and goods sold. Since we do not run merchant programs on our platform, this reporting requirement does not apply to us.

Members who are not U.S. citizens should have the Foreign citizen or Foreign corporation flag checked on their MASTER membership record. This can be done when creating the membership, or by using Tool #15 Update Membership Information (shortcut: umbr) . Memberships flagged this way will not be included in IRS reporting or tax forms processing. NOTE: This is different from the Foreign address flag, which just controls the format of the member's address. This is so that a foreign c  More...

Use Tool #52 Print Loan Forms , then use the Print Blank Forms button (F14).

The CTR did not populate because the system calculation can combine only those transactions that were posted at the same time. In this particular situation the member had seven deposits within a few minutes of each other where the total amount calculated under his Social Security number exceeded the credit union configured CTR flag amount over $10,000. None of the individual amounts he deposited, however, exceed the $10,000. The total excess of $10,000 calculated placed him on your BSA monitor  More...

A 1096 IRS Tax Form is required if an institution is filing your IRS Tax file using paper format. Since CU*Answers transmits your IRS Tax File electronically this form is not required to be completed. Reports (P1099 x, P1098 x , P5498 x) are generated automatically for each form type are generated when our Operations Team creates the files for the IRS in February and May. These reports contain the totals for each tax form type created.

Tool #21 is used for Misc Member Account Forms, such as TIS disclosures, certificate forms, and the like, but does not handle loan forms. To print a blank loan form, use Tool #52 Print Loan Forms , then select Print Blank Form without entering an account number or loan application number.

If you need to adjust the previous year total paid that will appear on a 1099-MISC form, launch tool # 990 Work with AP Vendors , select the vendor, then click the Update 1099 Misc for Prev Year button and update the amount that should be reported on form 1099-MISC. This must be done after January 1 but prior to the deadline set in your Year-End Processing Guide (typically within the first week of January) if you want the change to be included on the printed 1099-MISC form.

Yes. The annual Year-End Processing Guide includes specific steps on preparing your A/P vendors for annual 1099-MISC reporting. Certain configuration settings are needed to ensure that the system calculates the amount paid to the vendor for the year and places it into the Previous year 1099-MISC amount field on the vendor record during year-end processing. Prior to year-end: Verify the setting of the Create a form 1099-MISC year end flag on each vendor (via Tool # 990 Work with A/P Vendors )  More...

CU*BASE is designed in such a way that most programs are common between clients and menus. If a particular report has issues across multiple different printers, report the the issue to CU*Answers to investigate whether there is a programming error. However, the issue is typically isolated to a single workstation or to a single printer. Confirm the CU*BASE configuration of the printer The first step in the troubleshooting process is to ensure that the printer is configured correctly from top to  More...

The IRS, which makes changes to tax form layouts almost every year, recently added this new informational box to form 1098 to report the balance on a mortgage account as of January 1 of that same tax year. Each year on January 1 we capture the loan balance on all loan accounts in a special file, and then when tax forms are created at the end of the year we can use that figure. Therefore, for loans that were opened in a prior tax year, this balance is usually easy for members to understand.   More...

Follow the steps below to print a blank copy of the loan form: Launch Tool #52 Print Loan Forms . Click on Print Blank Forms (or press F14). Single-click the form you would like to print and click Select at the bottom.

This comes from the Workstation Device Configuration in CU*BASE. To view or change this: Launch Tool #326 CU Hardware Configuration Select Terminal/Workstation In the list of workstations, locate the ID of the workstation you are looking up and double click on it (or just type the ID and press Enter) This will open up the terminal's configuration in CU*BASE. In the middle is the list of default printers where your documents will print: General Printer - this will be the printer to which a  More...

When using Tool #990 Work With Accounts Payable Vendors to verify your 1099 vendor information, take special care that you are entering the correct 1099 box number from the 2020 1099-MISC form instructions; especially paying attention to box numbers that changed, including 7, 9, 10, 12, and 14. As an example, if your vendor reports Gross Proceeds Paid to an Attorney , that was previously box 14 and is now reported in box 10, so in order to report this correctly you must change the 14 to 10 on t  More...

No, you do not have to automatically activate OLB or ARU for new memberships. Actually, you can default all new memberships to deactivate online banking and/or audio response access until the member specifically requests it. This is highly recommended as it helps to protect members who join the credit union but never get around to using your online tools right away. These accounts may be your most vulnerable since the member hasn't set up a private password or security questions. By deact  More...

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...

The Secondary Names (SECNAMES) file stores instructions that link a membership account to another member or non-member record. The file stores links to joint owner names and beneficiary names for all non-IRA account types. (IRA beneficiaries are stored in a completely different file because they are linked to an IRA Plan Type, not specific individual sub-accounts.) The file also stores a third type referred to as miscellaneous owner which can be used for any purpose you wish. The most co  More...

The correct way to fill out the CTR form is for it to show the primary member and then the teller chooses on whose behalf the transaction was being made. Then add the joint owner as the person conducting business on behalf of another.

If the member closed their account in November, they would receive a final statement for their November transactions but will not receive a December Statement as they did not have any transactions in December and the account was not active. This would also be true for members who closed their accounts earlier in the year. For example, for a membership closed in April, the member will receive their final statement at the end of April then will not receive another statement again (not even the q  More...

If you need to allow an employee to perform upload and/or download tasks (FinCEN, AIRES, ALM, uploading G/L entries to post, etc.), you must first complete the iShield Security Access Request form and have it signed by your credit union’s designated Security Officer to sign. Once our Client Services team receives your signed form and verifies it, a request will be submitted to our System i administrators, and you will be notified when the new permissions have been granted. This process wi  More...

Source of Receipt (SOR) is the paperwork that accompanies the checks to the Check Processor. It is the documented proof of when and from whom the checks were received. SOR provides the ABA# of the bank the checks are received from, the date of the cashletter, the amount of the bundle the check was in, the position of the check in the bundle (checks before after), and the tracer number assigned to the check. On the form you'll see a couple of abbreviations: IB stands for Item Before that   More...

Using CU*BASE to Comply with New Rules for Tracking Beneficial Ownership FinCEN has issued new rules under the Bank Secrecy Act that require financial institutions to identify and verify the identity of the beneficial owners of all legal entity members (corporations, etc.). Under the final rule, credit unions are required to have written procedures to identify and verify beneficial owners of legal entity members who open new accounts on or after May 11, 2018. In addition to identifying and coll  More...