BASIC SHARE DRAFT POSTING PROCEDURES

 

The following procedure lists the order in which Share Draft posting should be done with very basic explanation of each step. 

 

RETRIEVING SHARE DRAFT TRANSACTION FILES

 

ERS receives Share Draft files directly from your Share Draft processor at approximately the same time each day.   To retrieve those file you use Program #69 Option A. 

 

Share Draft posting can be done in the evening before closing or first thing each morning at the discretion of the credit union.  We do, however, strongly suggest you perform this procedure at approximately the same time each day whenever possible.

 

POSTING SHARE DRAFT TRANSACTIONS

 

1.                  Choose Program #24 Option A. 

 

If any of the Indexes is flashing 'Not Posted' you have unposted items for today or a prior

date.

 

If all Indexes say 'All Posted' you have no unposted Share Draft items for this date.

 

2.                  Choose Option A

 

3.                  Choose the appropriate Index (usually #1)

 

4.                  The system will default to the date of the oldest share draft which have not been.  Press 'ENTER' to post these share drafts.

 

5.                  The system shows you the number of items and Debit and Credit totals to be posted.

 

6.                  Enter 'Y' to post.  Share Drafts will be posted, overdraft transfers and loan advances performed per parameters set up on the individual member accounts in Program #5 Option E, and Per Occurrence fees charged per parameters in Program #47 Option A.  Totals will be listed at the bottom of the posting box.

 

Be sure to check if there are any Unposted Debit or Unposted Credit items.  These create system SUSPENSE and require attention right away as described below.

 

7.                  Choose Option B to display the exception items.   This listing shows all items that drew an account to a negative balance, below Pledged Shares or that had invalid account numbers or share types.  Codes to the right of the balance indicate the reason the item is on this list.  (See Program #24 Option K for a list of the codes used and their definitions.) 

 

NOTE: STEPS #8 AND #9  FOLLOWING CAUSE THE TELLER TO HAVE SUSPENSE IN THE AMOUNT OF THE ITEMS POSTED.  THIS IS NORMAL, AND CREATES THE NECESSARY OFFSET TO THE SUSPENSE CREATED WHEN PROGRAM #24 COULD NOT POST THEM IN STEP #6 ABOVE.

 

8.                  Items with 'Invalid Member Master'   These items have an account number that does not exist on your system.  These items should be researched and MUST be posted to a valid account, preferably on the same business day as the share draft file on which they appeared is posted.

 

            Often the last digit of the account number was dropped and you can easily tell where it should be posted.   If not, contact your share draft processor to have the item researched.

                                         A)   If you are able to determine the proper account number use one of the 

                                                following transaction codes and post it to the correct member account:

for a debit item use Share Withdrawal transaction #234 Draft 

Unposted Debit 

 

for a credit item use Share Deposits transaction #237 Draft Unposted

Credit

         B)      If you are not able to determine the proper account number on the same date 

                as the original file was posted, or determine that the item was not for one of

                your members, Post the item to your credit union's Exception Posting  

                account as follows:

for a debit item use Share Withdrawal transaction #234 Draft 

Unposted Debit 

 

for a credit item use Share Deposits transaction

#237 Draft Unposted Credit

 

9.                  Items with 'Invalid Share Type'   These items have a valid member account number but the share type to which the item is designated to post ('D' or 'P') does not exist on that account.  The items MUST 

            be posted to the appropriate account, and then you can return them if you wish.

 

In Program #2 on that account number open the designated share type and post the item using one of the following codes:

for a debit item use Share Withdrawal transaction #234 Draft Unposted Debit

for a credit item use Share Deposits transaction #237 Draft Unposted Credit

 

10.              Return Share Draft Exceptions to your share draft processor using your normal procedures. 

 

NOTE: It is very important to ALWAYS return an item using the correct code at the time the item posted.   Example: A share draft posts to an account has been closed, causing a negative balance.  The share draft processor has not yet been informed, (or has been informed, but it has not had time to take effect yet) so the item is sent by the share draft processor as an 'SD' not a 'CL'.  This particular item should be returned as an NSF item, not a Closed Account.   

 

IF MIDSTATES IS YOUR SHARE DRAFT PROCESSOR YOU CAN USE PROGRAM #74 OPTION “N” TO EXPORT THE EXCEPTION LIST (file name is “return.fil”) AND IMPORT IT DIRECTLY INTO THEIR SOFTWARE.  THIS AUTOMATICALLY ENTERS ALL OF THE NECESSARY INFORMATION FOR EACH ITEM, INCLUDING THE TRACER NUMBER.  AFTER IT IS IMPORTED YOU CAN DELETE ANY ITEM YOU CHOOSE NOT TO RETURN. 

 

11.              Print Notices via Program #24 Option J.  These notices print on normal vouchers and can be mailed in a window envelope. 

 

NOTE: If you charge your Overdraft Fee when the return credit is received, the notice will be printed

when the credit is received, NOT when the item posts.