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1.
For security reasons, I like to lock out members from using online banking until they actually want to use it. But with non-use expiration and automatic deactivation features turned on, how do I run any sort of online banking promotion?
If you: A) automatically deactivate online banking access for all new members, and B) expire online banking passwords due to non-use after 90 days, then how do you run an online banking promotion? After all, sending a marketing piece to members won't do any good if they're disabled or locked out from logging in. Of course you could have them call the credit union to get set up, but here's another idea: Set up a special promotional period! Pick a date to start your campaign. Advert More...
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2.
What are Trends in Analytics Booth?
Analytics Booth Trends provide a quick and easy way to view your credit union activity over time. Trending information can show how your credit union is performing. Watch for blips and spikes to see if marketing campaigns are succeeding. Did you run a new membership drive last month? Watch the trend to see how it paid off. Trends can be viewed on over fifty key performance indicatiors including balance, member, and transaction data. The graphs displayed on the trends screen can be selected to More...
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3.
When I export a financial report into Excel the G/L account descriptions keep indenting further and further in as the report progresses. By the time the last page appears the descriptions are almost off the page! What's happening?
This is happening because your financial report configuration was set up with a line of asterisks (************) as visual separators. These characters actually having meaning to the programming and that causes it to mess up when exporting the data. Simply remove those and things should line up fine next time you export.
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4.
Can I change the graphics that display in Xpress Teller?
Yes, you can customize the entry screen of Xpress Teller with four custom graphics using CU Publisher suite. All four graphics can have hyperlinks. This feature allows you to market special services, offerings, promotions, or other campaigns you wish to keep top of mind with your staff as they assist members. Learn more about this feature in the store. See the link below. When uploading graphics CU Publisher be sure to use graphics that are 420 x 210 pixels if you use the standard size screen. More...
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5.
How can I find out where my members have loans, credit cards, or LOCs at other financial institutions?
If you pull credit reports using the CU*BASE online credit bureau access system, credit report data is stored online and can therefore be mined for opportunities. There are a couple of ways you can find this information: Use Tool #976 Where Your Members Borrow This tool pulls trade line data from stored credit report files, showing other financial institutions with whom your members do business. This tool lets you make a direct comparison between your credit union and a competitive FI. F More...
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6.
I print my financial reports using the "Print accounting format" feature so it removes the minus sign from credit-balance accounts. Sometimes the minus sign still appears on certain line items. Why?
In order to determine whether or not the minus sign should be removed from an item, the system looks at the G/L account itself to determine whether it is an asset, liability, income, or expense. However, for line items that represent totals of multiple accounts, the system does not have a single G/L account to look at to determine whether or not to hide the minus sign. This particularly affects items that were configured using total codes B (Bypass/Accumulate) and P (Print Bypassed Total) and More...
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7.
My business member wants to send funds from an operating account every day to an investment account at another financial institution. What's the best way to set that up?
This can be done using the A2AFT feature, which combines the CU*BASE auto-funds transfer (AFT) functionality with the A2A feature that allows funds to be transferred to or from an outside FI using ACH. Refer to the booklet below for complete instructions. Setup is done via Tool #884 Update Auto Transfer Information then Add A2A Out (A2A must be activated for your CU for this feature to appear). If you choose the Sweep the entire balance... option, you can specify the minimum amount to transfe More...
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8.
How do I prevent a journal entry from being posted to my General Ledger once I've finished my books and printed financials for that month?
Tool #360 End of Month Processing should be used by your credit union whenever you have finished posting entries to your books for a particular month and want to prevent additional entries from being posted accidentally. Refer to the Closing Your Books link below for details about what happens when you use this feature. NOTE: This is not to be confused with the month-end processing that is done by CU*Answers Operators every month for online CUs (or by self processors) on the last day and fi More...
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9.
We have a loan serviced by another financial institution that we are participating in. Our auditors have asked us to make sure that it is viewed as a loan, but we have it configured as an investment on CU*BASE. How should this be configured?
Within CU*BASE the Participation Lending software is for managing member loans and investor positions. With this the member record is serviced by your credit union and therefore recorded as an actual member loan. If your credit union is purchasing into a loan serviced by someone else and you would like to manage your investment in participation offerings by others, this can be done through the CU*BASE Investments subsidiary software. Some pointers to keep in mind: You will use Tool #993 INV 1: More...
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10.
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...
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11.
What is stand-in processing?
Simply put, it is a way for your members to continue using interactive services such as audio response and online banking, ATM/debit cards, and online credit cards for their financial needs, even while CU*BASE is off line for normal daily or monthly processing. CU*BASE uses a special style of stand-in processing that allows for continued use of CU*TALK audio response and It's Me 247 online banking services even during the night when we perform end-of-day and end-of-month processing. Refe More...
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12.
A member did not get either an October or November statement, but his December statement showed a range of 12/1 to 12/31, not 10/1 to 12/31 as I would have expected. Can you explain?
In this particular member's situation there was no activity in either October or November that triggered a statement. The credit union's quarterly (and year-end) statements are configured to produce a statement for every member, regardless of activity level, but monthly statements are more restrictive in an attempt to save postage costs, and not every member gets a statement every month. NOTE: CU*BASE statements have a considerable number of configuration options that allow credit unio More...
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13.
My ATM/DEBIT switch is CO-OP. What does the "MSG TYPE" values mean on my LC01TXN report?
The MSG TYPE values describe types of 'authorizations' and 'transactions' processed through the CO-OP network. Authorizations: (100 110 120 130) For PIN Authorizations there is no hold on the member's funds. However, Signature Authorizations place a hold, CU*BASE shows this as a debit authorization comment in OTB processing. In either case this transaction is not posted to the members account. This is just a POS (point of sale) authorization for the merchant. It could be e More...
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14.
I have members whose records indicate a large number of logins to online banking per month. The member indicates that they do not login to online banking so many times. Is there an explanation for this?
Members need to remember that when they provide their online banking login credentials to financial aggregation software (Quicken, Mint, Yodlee, etc.) these programs login to online banking in order to retrieve their information. As a result, each time they refresh their data through this software will result in a login being recorded by our online banking software.
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15.
If a loan category is configured for a single payment per period (members are not allowed to pay ahead), at what point does the system know when to advance the next payment date and when it should not?
The answer depends on the payment period window, which runs from due date to due date (not calendar month). This is best illustrated by an example: A member has a loan with a monthly payment due date of July 25. A payment is made on June 30, advancing the due date to August 25. If another full payment is then made before July 25, the due date will not advance, because the loan is still within that same payment period window. If a full payment is made after July 25 (even if it's still in More...
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16.
What is the difference between Annual Percentage Yield (APY) and the Annual Percentage Yield Earned (APYE)?
The APY calculates the annualized rate for a savings product and adjusts for compounding. It assumes a balance of $1,000 for a 12-month term. It also assumes no withdrawals are made during the 12 month term. Truth-In-Savings (TIS) regulations require this disclosure to help people compare savings products, apples to apples, across multiple financial institutions. The APYE calculation is also required by TIS, and can be reported to members via their statement. It is the annualized rate that ta More...
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17.
Any tips on how to recognize a fraudulent check over the teller line? What is a fractional?
Tips for Recognizing a Fraudulent Check What is a Fractional? A fractional is used to determine the financial institution of the share draft if the MICR line is ever damaged or torn off: 2 digit city and state prefix pre-assigned by “Accuity” (in the example, the prefix is 25 – see red below) Digits 5-8 of the routing number and transit number indicating the institution identifier (in the example, this is 5678 – see blue below.) First 4 digits of the routing and transit n More...
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18.
Does the incoming ACH posting file have to have an OFAC scan performed on the originators in order for the credit union to be compliant?
OFAC is defined in the NACHA Operating Rules and Guidelines Chapter 3, Section 1 pages OG15-OG21. There is a difference between OFAC procedures for ACH transactions and the verification of parties with which a financial institution does business. For ACH purposes, only the addenda information on cross border transactions (IATs) require an OFAC scan for both RDFIs (receiving depository financial institutions) and ODFIs (outgoing depository financial institutions). As far as OFAC compliance goes More...
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19.
How does a member enroll for MoneyDesktop?
MoneyDesktop is a personal financial management tool that can be offered by credit unions through It's Me 247 . If MoneyDesktop is offered by the credit union, members can enroll through online banking by selecting Sign Up through the Personal Finance navigation. money desk top desktop
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20.
When looking at our loan queue, we see a ‘pass decision’ status but the application failed in the underwriting ratios assessment requirements. Why do we see the ‘pass decision’ status?
When you see the 'pass decision' status, this means that the application passed your filters and then passed the model. The underwriting ratios are not a hard stop and will not cause an application to pass or fail. Based on the workflow, a model is requested and a decision has already been made by the time those ratios calculated. The ‘fail’ flag in the underwriting ratio is simply a visual indicator to the loan officer that the ratio is potentially higher than normal. More...
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21.
Who is Xtend?
Xtend, Inc. is a CUSO with a select group of credit union leaders independent of CU*Answers. Xtend consulting is about creative services, access to marketplaces that may be outside the scope of smaller credit unions or even CU*Answers, and the sharing of resources that no single organization is able to afford. Participating credit unions have discussed using Xtend operationally to improve share branching concepts, provide call centers, share human resources, set up combined member outreach pro More...
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22.
What is the FR 2900 report?
The Report of Transaction Accounts, Other Deposits and Vault Cash (FR 2900) is required from depository institutions with certain net transaction amounts. The instructions can be obtained from the FRB using the link below. The FR 2900 is a snapshot of a financial institution for a pre-designated weekly period to determine reserve requirements with the Federal Reserve.
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23.
Why does CU*Answers charge a monthly fee for running service charge programs we configure ourselves in CU*BASE?
There are two primary reasons we charge this fee: Our belief that we should do our best to keep our fees down when credit unions do not earn. This is why, for example, It's Me 247 Mobile Web is offered free to our credit unions. It's also behind our constant pressure to reduce fees where CUs have no basis or belief they can charge for a defensive, relationship service. Charging for these services in this manner fund other areas where the direct expenses cannot easily be identified wi More...
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24.
Does CU*Answers support integrations such as mint.com that pull in financial information if the member supplies their user ID and password?
There is nothing CU*Answers can do to stop financial aggregation services like Mint from accessing our online banking products. Although we have set up many direct integration tools over the years (see the related links), members can also provide their credentials to whomever they choose and the process is entirely in the hands of that third party to maintain the connectivity. Hint: Members who choose to do this will need to remember that whenever they change their online banking password, they& More...
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25.
How can I obtain statistics on how my members use audio response and online banking?
There are several ways to obtain this data. To see the total number of active online banking members, use Tool #856 Tiered Svcs Monthly Comparison to display active user counts for any monthly period. (HINT: Click the Goal 4 button to display this data.) This can be done even if your credit union does not use Tiered Services for any other purpose. To print a report of usage statistics, use Tool #141 ARU/Online Banking Stats Dashboard To see online banking usage stats for a particular m More...
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