Opening Checking Accounts

Screen ID: 

Screen Title: 

Panel Number:

images\kb_closed_shg.gif

UMBRACCT-03

New Account Creation

2417

Click here to magnify

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

Check out the video related to this topic: Opening Sub-Accounts (More videos below!)

Helpful Resources

Learn how to complete tasks related to opening/closing memberships/accounts.

Screen Overview

This screen allows you to open a checking account. Special features are available to allow you to proceed directly to setting up secondary names, configuring overdraft protection accounts, and even printing starter checks, after the checking account is opened. (See below for more information on these optional flags.) There will be a slight variation in the fields to be completed depending on whether you are opening a regular checking or an HSA checking 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.

New account type

The account type, selected on the previous screen.

Opened

The current date.

Share draft check digit

(Appears when creating share draft/checking accounts only.) A check digit is used in the MICR line on printed checks for account number verification during check printing and check processing.

·     IMPORTANT: Programming must be done in CU*BASE to ensure that the check digit shown here uses the same formula as dictated by your check printing vendor. In addition, you must contact a CU*BASE representative if any changes are anticipated that would affect the calculation used by the CU*BASE check digit calculator.

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 base share (000) account.

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: Print Auto/Mail Checks).

·     If this option is selected, click the Specify Dividend Checks Pay To/Address button (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.

·     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.

Negative balance limit

This field is used by the Automated Non-Returns system when posting electronic items (checks, ACH, bill pay, etc.) to a negative balance for a fee. If this member is eligible for a limit now, enter it here. Otherwise leave the field blank.

SEE ALSO: Automated Non-Returns

Lock this limit so it will not be changed by automated scoring

This field allows you to lock the Negative Balance Limit for this account so that it will not be changed by the monthly automated “scoring” routines. This might be used if you want to permanently set the limit to $0.00 so that this member is never eligible for negative balance processing.

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.

Activate debit card round up

Used with Debit Card Round Up feature. Refer to Debit Card Round Up manual. (NOTE: A PDF version of this booklet will open.)

Round up debit card to the nearest

Used with Debit Card Round Up feature. Refer to Debit Card Round Up manual. (NOTE: A PDF version of this booklet will open.)

Post an end of business day transfer to the following account

Used with Debit Card Round Up feature. Refer to Debit Card Round Up manual. (NOTE: A PDF version of this booklet will open.)

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.)

My member has elected to opt out of receiving overdraft services via the Reg E opt out flag. Will that member be charged NSF fees on a PIN ATM/Debit (13) or Debit Card Signature (16) transaction?

  • 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.

 

Additional Video Resources

View more videos related to opening memberships/accounts.

Visit the Show Me the Steps video library to view more videos!

 

 

Link to ID: https://help.cubase.org/cubase/cubase.htm#UMBRACCT-03.htm