Configuring CU Printed Check Fees

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UCFCFG-01

Check Fee Configuration

1744


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Access this screen by selecting Tool #237: Configure Check printing Fees (maintenance). A view-only version of this screen will be accessed from the Fee Income/Waiver Analysis or by selecting Tool #426: Learn-From-Peer Check Printing Fees (inquiry)

SEE ALSO: Over-the-Counter Transaction Fees – Overview

Most checks printed by a credit union are part of normal internal credit union operations—paying bills, issuing loan proceeds, paying large withdrawals to save on cash reserves, etc. However, a member may occasionally request a check be cut from his or her account. In these cases, a credit union may elect to charge a fee for this service to offset the cost of printing and processing the check. The CU*BASE CU Printed Check Fee Configuration is used to design this fee structure.

Learn from a Peer

Wondering how other credit unions have this configured? If you access this screen via the Fee/Income Waiver Analysis or via Tool #426: Learn-From-Peer Check Printing Fees and select Learn from a Peer (F10), which is only available from these access points, to compare your configuration to the configurations of other credit unions. You will view all credit union configurations in on one Learn from a Peer comparison screen.

Using this Screen

This screen is used to configure fees for printing credit union checks via the Teller or Phone system, as well as via the Auto Check Funds Transfer (CFT) system. You may elect to configure fees for either method, or both, as desired. You may specify fee amounts, number of free items per day or month, and when fees will be waived. When done filling in parameters, use Enter to save the changes.

The CU Printed Check fee is an interactive fee. The system uses the fees configured on this screen when the Check Disbursements screen is used from either teller posting or the phone system. These fees are charged interactively at the time of each transaction. CFT Auto Check Fees will be assessed when the check is generated during daily automated transfer processing, not when it is printed. The fee amount will be added to the check transfer amount.

Field Descriptions

Field Name

Description

Teller/Phone Check Fees

These fields are used to activate fees that are charged for checks printed using the Teller and Phone Operator systems.

Activate check fees

This MUST be checked in order for check printing fees to be assessed.

Transaction description

This description will appear on member inquiry screens and statements for any transactions incurring this fee.

Fee amount

The total amount of the fee.

Fee income G/L #

The G/L income account where the fee is credited.

# of free items

This field indicates how many items can be printed without incurring any fees, and works in conjunction with the Purge frequency field.

  • For example, say you wish to allow members to print 3 checks each month free of any fees. This field would be set to “3” and the Purge frequency would be set to “M” for a Monthly purge.

Purge frequency

This field indicates how often the fee counter is reset back to zero, and works in conjunction with the # of free items field.

  • For example, say you wish to allow members to print 3 checks each month free of any fees. The # of free items field would be set to “3” and this field would be set to M for a Monthly purge. If you wish to allow 3 checks every day, choose a frequency of D for Daily.

Fee Waivers

These fields govern if and when fees will be waived. The same waivers are used for BOTH printed CU checks as well as CFT (Check Funds Transfer) automated checks. It is not possible to use different waivers for each area; however, by leaving the Use Waivers flag unchecked, you may elect not to use the waivers at all when processing CFT checks.

NOTE: For members who are waived from fees because of age or aggregate balance, the Check Fee field on the check printing screen will not even appear, regardless of how many checks are cut during that session or what effect the check disbursements have on the member's account balances.

  • For example, say a member with a high aggregate balance requests 10 checks be cut. The system checks the aggregate balance at the beginning of the transaction and does not display the fee field. Even if the total of all ten checks causes the member's account to fall below the aggregate balance waiver amount, all ten checks will still be free.

However, if the member is subject to fees but is eligible for free items, the check printing screen screen will display the Check Fee field after all allowed free items have been used.

  • For example, say a member comes in for the first time this month and requests 8 checks be cut from her account. The system checks to see if the member is waived, and finds that she is subject to check fees. However, configuration dictates that members are allowed 3 free checks per month. Once the first three have been cut, the Check Fee field will appear for the remaining 5 checks.

  • CU*TIP: Fees that are waived because of these parameters will be recorded in the Fee Waiver Information file (FWHIST) and can be viewed using the Fee Waiver Information Report.

Aggregate savings

Enter the aggregate savings amount (for ALL savings and certificate accounts, including IRAs and tax escrow accounts) needed to waive the fee. Any amount equal to or greater than this amount will not incur fees, so it is not recommended that you enter 0.00 in this fiels. To charge this fee regardless of aggregate savings, enter all 9’s in this field.

Aggregate loans

Enter the aggregate loan amount (for all loan and open credit accounts) needed to waive the fee. Any amount equal to or greater than this amount will not incur fees, so it is not recommended that you enter 0.00 in this fiels. To charge this fee regardless of aggregate loans, enter all 9’s in this field.

Low age

Enter an age. Any member at or below this age will NOT incur fees for printed checks. If the field is set to 0 (zero), all ages below the High Age will be charged.

  • For example, if you want to waive the fee for children age 18 and under, enter 18 here. Anyone age 19 and older will be charged.

  • NOTE: Age waivers apply only to individual accounts, not organizational ones.

High age

Enter an age. Any member at or above this age will NOT incur fees for printed checks. If the field is set to 999, all ages above the Low Age will be charged.

  • For example, if you want to waive the fee for seniors age 55 and older, enter 55 here. Anyone age 54 and younger will be charged.

  • NOTE: Age waivers apply only to individual accounts, not organizational ones.

Waive if [present

If you wish to waive the fee for members who have certain types of accounts or cards, place a check mark in one or more of these fields.

  • ATM card - Waiver for ATM card. For online ATM card, card must be in active status (not, for example hot carded) for fee to be waived.  For Off Trial Balance (OTB) ATM card, waives if a card is present, regardless of status.

  • Debit card - Waiver for debit card. For online debit card, card must be in active status (not, for example hot carded) for fee to be waived.  For Off Trial Balance (OTB) debit card, waives if a card is present, regardless of status.

  • Credit card - Waiver of fee for credit cards.  For online credit card, the loan must have a Process Type of V (credit card) with a status of Active (A) and not be written off (WRTOFF of 0) for fee to be waived.  For Off Trial Balance (OTB) credit card, waives if a card is present, regardless of status or balance.

  • OTB savings acct - Waives fee if member has Off Trial Balance (OTB) savings account, regardless of status or balance.

  • OTB loan acct - Waives fee if member has Off Trial Balance (OTB) loan account, regardless of status or balance. 

Allow fee to be manually waived

Place a checkmark here if you wish to allow a teller or member service representative to manually modify or waive this fee at the time of the member transaction. Remove the checkmark to block users from being able to change or waive this fee.

  • Remember that fees that are manually modified or waived will appear on the Fee Waiver Information Report, so you may choose to allow manual waivers, and then keep a close eye on them through the report and improve employee education as needed.

CFT Auto Check Fees

The fields in this section are used to configure the fees that should be charged for credit union checks generated by the automated Check Funds Transfer (CFT) system.

SEE ALSO: Automated Funds Transfers (AFTs) & Check Funds Transfers (CFTs)

Activate check fees

If you wish to charge fees for checks printed through the CFT system, choose Yes here and complete the remaining fields in this section.

Transaction description

Enter a transaction description to appear on member statements and inquiry screens when a CFT check fee is posted to the member's account.

Fee amount

Enter the total amount of the fee.

Fee income G/L #

Enter the G/L income account number where income from the fee should be posted.

Charge IRA account

If a CFT record is set up as an IRA Payout Distribution, this field is used to determine whether or not the fee should be charged directly to the IRA account itself. If this flag is not checked, be sure to complete the dividend application field described below.

  • If this is set to Yes, the fee amount will be taken in addition to the check amount, and the fee transaction will be coded with IRA withdrawal code “O” for Other.

If No, charge div appl

If "Charge IRA account" is not checked, enter the Dividend Application from which check fees should be taken. This applies only to CFT records that have been set up as a payout distribution from an IRA account.

Use waivers

Check this flag if you wish to use the settings entered into the Fee Waivers section above to determine whether or not to charge a fee for CFT-generated checks.

  • IMPORTANT: The Fee Waivers fields on this screen are used by both the Teller/Phone fee system and the CFT fee system. It is not possible to use different waivers for each area, although by leaving this field unchecked, you may elect not to use the waivers at all for processing CFT checks.

 

 

 

Link to ID: https://help.cubase.org/cubase/cubase.htm#UCFCFG-01.htm