Opening Savings Accounts

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UMBRACCT-02

New Account Creation

2416

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This screen appears after selecting a regular savings, IRA savings, or HSA savings account product on the New Account Creation screen.

Helpful Resources

Visit Show Me the Steps for easy instructions on how to use CU*BASE to complete tasks related to opening/closing memberships/accounts.

Screen Overview

This screen allows you to open a savings account. There will be a slight variation in the fields to be completed depending on whether you are opening a regular savings or an IRA or HSA savings account.

Use Procedures (F21) to see a list of credit union-defined policies and procedures pertaining to opening this account.

Use Work Checklist (F18) to move to work the checklist for this dividend application. This will allow you to “check off” items on the checklist when opening the account. This checklist can be used by your Member Service team to ensure each member receives the same level of service. (If this is your base (000) account, this checklist is also used as the membership checklist for the Open/Closed Dashboard.) SEE ALSO: Creating Checklists for information on configuring this list.

Planning for the Next Steps Upon Opening the Account

The blue box in the upper-right corner of the screen lets you choose where to proceed after you use Create (F5) to open the new account:

When done, use Create (F5) to open the account. If any TIS disclosures or other Misc. Member Account Forms have been defined and attached to this product, a window will appear to allow you to choose a printer. Your Employee ID will automatically be recorded in the account record as the MSR who opened the account.

Effective Dating Accounts at Account Opening

Want to effective date this account and select an open date prior to the current day? If you have missed opening an account on a Friday, for example, on Monday you can change the Open Date to match the date the member actually intended for the account to be opened on the system. Use Unlock Fields (F23) or click the images\2416lock_shg.gif button on the screen next to the open date field and the Open Date field will become an input-capable field, allowing you to enter the correct date. (We have even added a 90 day reasonability check to ensure you don’’t type in the wrong year!) The Open Date is the only field that is changed. The last maintenance date will remain the current date. The members statement will include a zero dollar transaction that the account was opened on the current date for the selected date (and thus the last trans date in MEMBER1 will also be the current date).

Field Descriptions

Field Name

Description

New account #

The base account number, along with the suffix assigned to this account.

Date opened

The current date.

New account type

The account type, selected on the previous screen.

IRA plan type

(Appears only when opening an IRA savings account.) The IRA Plan Type associated with this share account. This is configured as part of the dividend application and cannot be changed here.

Dividend pay code

If allowed by the configuration for this dividend application, this option lets the member choose where dividends for this account will be paid. Choose one of the following:

0 Transfer - Dividends will be paid directly into the account shown in the Dividend Transfer Account field.

1 Addback - Dividends will be added back to this account.

2 Check - Dividends will be paid to the member by check. (These checks are printed using the Print Auto/Mail Checks feature (Tool #632).

·     If this option is selected, click the Specify Dividend Checks Pay To/Address button (or use F22) to specify the Pay To and address information used for these dividend checks.

4 Transfer to G/L – The selected percentage of dividends will be paid to a selected  G/L. All dividends that are not paid to the G/L will stay in the member’s account. Not  available with base share accounts.

·     Once this option is selected, two additional fields will be revealed for entry of the G/L and as well as the percentage of the dividend that should be transferred.

·     See also: Dividend Donations: Setting up a Plan for Your Members (NOTE: A PDF version of this booklet will open.)

If 0, transfer to account

If the Dividend Pay Code for this account is set to 0 (Transfer), enter the account base and suffix where dividends should be deposited when paid on this account.

IRA limit

(Appears when creating IRA accounts only.) The yearly limit on deposits to this account. This amount is determined by law and is based on income and other factors. This field will only appear on the first IRA account created for this member.

Birthday

(Appears when creating IRA accounts only.) This field appears on the first IRA account created for this member, to allow for verification.

Update IRA beneficiary

(Appears when creating IRA accounts only.) Check this flag to proceed to the IRA Beneficiary screen after the account is opened to record IRA beneficiary information.

If this member already has beneficiary information recorded for this IRA Plan Type (i.e., he/she has an existing IRA share or certificate account under this Plan Type with beneficiaries already set up), remove the checkmark to skip this step.

HSA Type

Choose the appropriate HSA Type (Single or Family).

Annual Deposit Limit

Enter the annual deposit limit based on this particular member's situation. The default limits come from the settings on the Set HSA Annual Deposit Limits screen.

Overdraft Service for ATM & Everyday Debit Card Transactions

This area allows you to select a member’s Opt In/Opt Out Reg E selection. The two check boxes shown here allow for a selection at the membership level.  Exceptions at the individual sub-account level are allowed only if the member selects to Opt In at the membership level.  (The member can then select to opt out at the sub account level on the Opt In/Opt Out Maintenance Screen.)  

SEE ALSO: For an overview of the Reg E Opt In/Opt Out features in CU*BASE, refer to the booklet Managing Your Opt In/Opt Out Reg E Offering. (NOTE: A PDF version of this booklet will open.)

  • NOTE: Selections cannot be made if Reg E is turned off for the credit union. If it is turned on and the check boxes are absent, it may also be due to the fact that the Membership Designation code on this membership is exempt from Reg E functionality. SEE ALSO: Membership Designation Configuration.

 

Link to ID: https://help.cubase.org/cubase/cubase.htm#UMBRACCT-02.htm