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...

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 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...

For CU*Answers online clients, effective in March 2017 the standard online retention is 12 months for basic savings and checking accounts, and 48 months for all certificates, IRAs (shares and CDs), HSA share and checking accounts, club accounts (such as vacation, holiday, Christmas), tax escrows, and all loans. Prior to March 2017, data retention was 6 months for savings/checking, and 24 months for other member transaction history . Note that when this data is purged, it also removes the additio  More...

The regulations do not allow any marketing material to be attached. This includes the statement message. A tax information insert must be included. Use the link below for a full explanation of our Substitute 1099 processing and recommendations. For full details you can consult IRS Publication 1220 at http://www.irs.gov/pub/irs-pdf/p1220.pdf . Go to Section 1:117 on page 119 topic H. tax reporting

Although extensive verification occurs beginning with intial test files, live files and converted files on CU*BASE, we have experienced situations with extenuating circumstances related to converted data that affected year end tax reporting. Because Substitute 1099 information is placed on the member statement at 12/31, members recieve information that may need to be ammended. Therefore, our policy is not to allow the use of this product until a new client completes a full calendar year on CU*BA  More...

According to the IRS, we are required to print the member's SSN/TIN in full on the 1099-INT form or any substitute 1099-INT. The person we spoke to indicated this is becoming a common question but as of yet the IRS has not loosened their requirements for printing. We no longer print the SSN/TIN on the top portion of a member's statement (actually, that's a old configuration flag but we no longer recommend it be used by anyone). However, we will still be required to print it on the bottom port  More...