Your request is being processed...
Did you mean:
Announcements
Most Relevant Content in All Topics
1 - 25 of 25
-
1.
What are the beneifts of becoming an owner of CU*Answers?
Ownership is CU*Answers offers investment opportunities with not only the 200 Shares of Class A stock, but the ability to purchase Class B stock, recieve patronage dividends, and participate in debenture offerings. Owners can be nominated for the Board of Directos and are given one vote for those elections. In addition, your voice contributes to the basic cooperative concept of a CUSO in parallel with the Credit Union industry business culture.
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
2.
Where can I go now to update joint owner information?
Joint owner and beneficiary names can now be updated for all sub-accounts using the following tools: Tool # 3 Open/Maintain Memberships/Accts (shortcut: open) Tool #20 Update Account Information (shortcut: acct) member service rewrite
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
3.
How do I use CU*BASE tools to keep track of the beneficial owners on my business accounts and other memberships?
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...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
4.
We are thinking of activating the new See and Jump features for online banking. Can you explain the thinking behind the security, and why only an account owner can have this access?
IMPORTANT NOTE: With the new look for It’s Me 247 being released during 2021, the “See” option shown on here is temporarily unavailable. Members who had See-only access previously configured will no longer have access. Jump, however, is still available. There are two major points to consider when thinking about allowing members to see information beyond the account to which they are actually logged in. Both extend beyond online banking to consider a financial institution&rs More...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
5.
One of my members has a joint owner but that name didn't appear on his statement. Why not?
When joint owners are created you must check the new Print name on correspondence flag in order for that name to appear on standard correspondence such as member statements and notices. Only two names per sub-account can be flagged to print on correspondence.
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
6.
Explain how the Secondary Names (SECNAMES) file works to store joint owner names, especially in cases where a membership doesn't really have "joint owners" per se (like a Representative Payee).
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...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
7.
Explain the differences between a joint owner and a miscellaneous owner.
Both of these terms refer to types of Secondary Names records that can be linked to individual savings, checking, certificate and IRA accounts. There are actually three types of links, tracked via records in the SECNAMES (Secondary Names) database table: Joint owners (type J ) Beneficiaries (type B ) Miscellaneous owners (type M - added with the 18.10 release) All are simply links from an account to another membership (MASTER) or non-member (MSNONMBR) record. Labels used when displaying t More...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
8.
When joint owners are created, will there be a scan against the OFAC file?
Any time a new member or non-member record is created, OFAC is checked, if turned on in your workflow controls. It doesn't really relate to joint owners, misc. owners, or beneficiaries specifically, but covers them just the same. Member service rewrite
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
9.
Who are the owners of Xtend?
As of May 2023, there are 104 owners of Xtend. This ownership comprises 103 credit unions plus CU*Answers, each having purchased 200 shares of stock in the CUSO. Each owner is allowed one vote on issues brought before the group.
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
10.
I'd like to do some marketing to my non-member database (joint owners, co-borrowers, etc.) Do non-member records have an open date associated with them so I know how long they've been on the system?
File MSNONMBR has a field (NMDTOPN) that is the date the non-member record was created. Although that date doesn’t appear on the non-member maintenance screen (Tool #997 Work With Non-Member Database ), you can Query it. It is currently not used for specific processing, and your credit union might have old records (brought in as part of your conversion, for example) that do not have an open date on them. But new records created whenever you add non-members in CU*BASE will record a dat More...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
11.
What happens to my joint owner links when I close a member account that was used as a joint owner (or beneficiary)?
When a membership is closed, the system will check to see if that member account was linked to any other accounts as a joint owner, beneficiary, IRA beneficiary, or additional signer. If so, a non-member record will be created automatically and the links will be to that non-member record. NOTE TO NEWLY-CONVERTED CUs: During the original conversion of your joint owner data to the new Secondary Names file, some of your joint owner links may have been made to closed member files, in cases where More...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
12.
How many credit unions are owners of CU*Answers?
Use the link below to take a look at our latest Annual Report for ownership statistics.
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
13.
For a membership application, how do I run QualiFile (ChexSystems) on a non-member joint owner?
Launch Tool #3 Open/Maintain Memberships/Accounts Select Update membership info , enter the account base and use Enter to proceed Select the Secondary names check box and use Enter Double click the regular share account Select your joint owner and click Change Select the Update name and address information checkbox and click Add/Update If the Blocked Persons Database window appears, click Continue You will then be brought to the Non-Member Information screen. At the very bottom is the Risk Ass More...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
14.
Are OFAC scans run on people I designate as Beneficial Owners under the new BSA rules?
Yes, if you create them as Secondary Names as recommended, these will be scanned the same as any other member or non-member record.
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
15.
We sometimes have non-member joint owners that join the credit union, or closed memberships that re-join later on. When I create the membership I choose to copy that old data into the new membership so I don’t have to retype everything. What happens with the phone numbers in those cases?
If you are creating a membership by copying over the data from an existing non-member record (like a joint owner or co-borrower is joining the credit union), the system will copy over all phone numbers tied to that non-member record and attach them to the new membership, then delete the old numbers tied to the non-member (since the non-member record itself also gets deleted at that time). This is not the same when copying from another existing membership , or when copying from a closed membershi More...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
16.
How many owners does CU*Answers have?
As of April 2023, CU*Answers has 150 credit union owners in 25 states.
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
17.
I have a member completed a loan application with the incorrect Social Security number for the joint owner. How did the credit report pull under the correct SSN if the incorrect SSN is attached to the loan application? Is there an indicator that will tell us that the SSN is incorrect for the co-borrower?
The information sent to the bureau was not an exact match, but based on the information provided (including name, address, DOB, etc.), the bureau returned a match to the correct SSN. CU*BASE is set up to pull a credit report for applications that are sent from online banking based on the applicant's consent to have their credit pulled within the application. There is not a way for the SSN to be verified as correct or not at the time of the application, but the credit bureau is able to do fur More...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
18.
How do I change a Social Security number that's on a non-member record and put it on a member's account instead?
There are several steps in removing a member's Social Security number: 1) Run a global search to see what types of relationship codes the SSN has with your credit union. 2) The first relationship codes you will want to review are the 'CB' or 'JI' which mean the non-member is a co-borrower and/or joint owner on the account. They need to be removed first. To remove them, launch Tool #3 Open/Maintian Memberships/Accounts, choose Update member information then Joint owners an More...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
19.
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...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
20.
What's the best way to create a Representative Payee account on CU*BASE?
In a nutshell, you will set up a Membership Designation Code for Representative Payee, with the label for primary name set to Beneficiary and the label for the joint owner name set to Rep Payee. Then the procedure is to open the membership in the beneficiary's name and SSN, then put the representative payee's SSN as the joint owner (type J secondary name link). TIPS: Remember that in CU*BASE the words joint owner simply are used to describe a particular record type in the Se More...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
21.
How do I research why a loan did not report to the Credit Bureau?
Here are seven things to review if you are trying to research why a loan did not report to the credit bureau. Look to see if the loan is flagged not to report to the credit bureau: Access Tool #20 Update Account Information (shortcut: acct) for the account and click the Credit Reporting Info button. The Report to credit bureau flag must be checked. Look at the Credit Report History located in Loan Account Inquiry via the Delinquency window (F23 or click the lookup button next to the Deli More...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
22.
What is the best way to set up a trust account on CU*BASE?
Trust accounts can be set up as either individual or organizational depending on the legal nature of the trust. Following are recommendations for handling situations when a member wants to set up a membership where the primary member and the first joint owner are, in essence, the same person. This happens most often for trust accounts. Currently in CU*BASE there are two ways to handle trusts: For trusts that use a person’s SSN (where you do not have a separate TIN for the trust), set up th More...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
23.
Why am I sometimes finding the primary owner only and other times the primary and secondary owners (such as joint owners) when I use the Xpress Teller search feature?
Depending on how you use the search criteria, you may get different search results: If you search on the account number, the results will show the names of the primary and secondary members of that membership. When you search on first and last name of the person, your results will include accounts where that name is primary or secondary (joint, co-borrower, beneficiary, miscellaneous owner) on the account. If the person is primary, the results will also include names of people who are secondar More...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
24.
Is PIB the same as multi-factor authentication?
No. PIB is a layered security solution , which is one of the three methods recommended by the NCUA to comply with the “Guidance on Authentication in Internet Banking Environment” (letter 05-CU-18). Remember that you only need to select one of the three available methods. (The other two methods are multi-factor authentication, and “other controls,” the NCUA’s way of allowing for technology that doesn’t even exist yet.) Although the term “multi-factor More...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
25.
What's the best way to create a custodial account on CU*BASE?
In the case of a custodial membership for a child and parent, the correct procedure is to open the membership in the child’s name and SSN, then put the parent’s SSN as the joint owner. NOTE: It is not possible for the joint owner name to state “As Custodian” instead of just the parent’s name. Because of the way joint owners are simply links between two member/non-member records in CU*BASE, a change to the joint owner name in this case would actually change the par More...
More...
(Rate/Comment, Related Content, Larger View, Tools)
View Mobile Help
{"IncludeArchiveItems":false,"IncludeSubItems":true,"MatchValue":"and","ArticleStatusValue":"2,9","ArticleTextBoxValue":"","ProductVersionValue":"","SelectMutipleCategories":false,"Sort":null}
true
|