Configuring Printed Money Order Fees

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UMOCFG-01

Money Order Configuration

2486


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Access this screen by selecting Tool #270: Configure Printed Money Order Fees (maintenance).  You may also access a view-only version of this screen from the Fee Income Waiver Analysis or by selecting  Tool #430: Learn-From-Peer Money Order Fees (inquiry).

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

SEE ALSO: Setting Up and Printing Money Orders – Overview

About this Configuration

This configuration screen is used to specify how members will be charged for money orders printed by the credit union. 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 Money Order fee is an interactive fee. The system uses the fees configured on this screen when Proc Code “M” is used from the teller posting system. These fees are charged interactively at the time of each transaction.

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 #430: Learn-From-Peer Money Order Fees, select Learn from a Peer (F10) (only available via 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.

Field Descriptions

Field Name

Description

Activate Check Fees

This flag MUST be set to Yes in order for money order fees to be assessed.

Transaction Description

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

Service Charges

These fields govern how and when fees are assessed.

Fee Amount

The total amount of the fee.

Purge

This field indicates how often the fee counter is reset back to zero, and works in conjunction with the Number of Free Items field.

  • For example, say you wish to allow members to print 3 money orders each month free of any fees. This field would be set to “M” for a Monthly purge. If you wish to allow 3 money orders every day, set the field to “D” for Daily. The Number of Free Items field would be set to “3” in either case.

Number of Free Items

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

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

Fee Income G/L Number

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

Fee Waivers

These fields govern if and when fees will be waived. All fields are required.

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

  • For example, say a member with a high aggregate balance requests 10 money orders 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 money orders causes the member's account to fall below the aggregate balance waiver amount, all ten money orders will still be free.

However, if the member is subject to fees but is eligible for free items, the money order printing screen screen will display the M/O 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 money orders be cut from her account. The system checks to see if the member is waived, and finds that she is subject to money order fees. However, configuration dictates that members are allowed 3 free money orders per month. Once the first three have been cut, the M/O Fee field will appear for the remaining 5 money orders.

  • 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 field. 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 incur not fees, so it is not recommended that you enter 0.00 in this field. 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 money orders. 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 money orders. 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.

 

 

 

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