CreitUnion2000 Overview.
SECURITY FEATURES
Numerous security features have been incorporated into the CreditUnion2000 system. In many instances management determines the levels of security necessary for their individual credit union.
Many programs can be password protected, enabling management to limit access to critical areas of the system. You determine these passwords and enter them on your in-house system, allowing them to be changed any time you feel it is necessary.
In a password protected program, management assigns each teller is assigned a three position alpha/numeric password and enters the corresponding teller's initials.
Management has the option to require this Teller Password to log onto a terminal, causing all transactions done on that terminal to be assigned to that password. Our recommended procedure is to have the Teller Password entered to verify each transaction as it is entered into the system. This allows employees to move freely between terminals as the need requires. Each transaction is stored with the Teller Password and terminal number as part of the record.
Static Changes are created when specific functions are performed that affect the member's account. A monthly report is automatically created of all Static Changes, or you can view them any time on the system. You can search by a number of different criteria such as changes to a specified account number, done by a specified employee, to a specified program, or by the type of change. Some of the instances which create a Static Change include:
- Changes to member Name, Address, Account Number
- Changes in loan APR, Next Payment Due Date, Interest Paid To, Unpaid Interest, Note Number
- Withdrawals done on accounts with Delinquent Loans or drawing below Pledged Shares
- Negative Cash Back Transactions
- Changes to system parameters
- Transactions done to dormant accounts
- Changes made to Certificates
- and many more
It is also available to "Lock Out" a member's account to prevent any employee from doing transactions. You can also impose an "Employee Lock Out" which prevents anyone without the required password to see balances on shares or loans, or to post any transactions to the account. Return To Top
MEMBER DATA
The member data base includes:
- ACCOUNT NUMBER (indexed for searches)
- MEMBER NAME (indexed for searches)
- SECONDARY NAME (indexed for searches)
- ADDRESS
- CITY, STATE, ZIP CODE (statements can be printed in zip order)
- UP TO THREE TELEPHONE NUMBER
- PAYROLL GROUP CODE
- SOCIAL SECURITY NUMBERS OF PRIMARY & JOINT (indexed for searches)
- BIRTH DATE
- MEMBERSHIP DATE
- THREE USER DEFINED FIELDS
- TRACKING FOR AUTOMATIC IRS BACKUP WITHHOLDING
- FOUR CARD NUMBERS, VISA, ETC. (appears on payment or cash advance reports)
- BRANCH CODE (used for branch accounting)
- CREDIT BUREAU IDENTIFICATION NUMBER
- MEMBER'S SECONDARY ACCOUNT NUMBER
- 'SYBIL' (telephone response) and HOME BANKING PASSWORD
- EMAIL ADDRESS
- 40 SPECIAL ACCOUNT TYPE INDICATOR AND FEE EXEMPT FLAGS
- . . PLUS MUCH MORE Return To Top
SHARES
The CreditUnion2000 system allows up to 10 share types on each account number and provides you with the following types of share accounts:
- REGULAR
- CHRISTMAS
- SPECIAL
- 2 SEPARATE DRAFT/CHECKING ACCOUNTS
- VACATION
- ESCROW
- INDIVIDUAL RETIREMENT
- 10 CERTIFICATE CODES
- FUNDS MANAGER
- KIDS CLUB
- ULTRA SAVINGS
- MONEY MARKET
- HI-RATE ACCOUNT
Each share account is identified as described above, on all member transactions, history and statements. E.R.S. does not use suffix or prefix numbers.
To post to a particular share type on a member's account, a teller would simply select a Regular share transaction by entering an 'R', a Draft transaction by entering a 'D', etc. Simplicity is important to the teller operations. It results in less training and greater retention of our unique data entry techniques. Return To Top
SHARE DIVIDEND METHODS
Most of the popular methods of automatically posting dividends to each share account type are provided in the CreditUnion2000 System. (See 'Certificates' for certificate dividend methods.) User defined areas for share amount, share levels, and varying dividend rates are provided. Tiered rate dividends allow up to five dividend rates based on five share balance levels.
Share Dividend Methods Available Include:
- Dividends computed quarterly and posted at the end of each quarter, using either daily or average balance.
- Dividends computed monthly and posted at the end of each month using either daily or average balance.
- Dividends computed daily (from day in to day) with no compounding, posted at the end of each quarter for the three month period.
- Dividends computed daily (from day in to day out) with no compounding, posted at the end of each month for the current month only.
- Dividends computed using the average daily balance posted at the end of the quarter for the three month period.
- Dividends computed using the average daily balance posted at the end of the current month for the current month only.
- Dividends computed using a single daily rate chart set up by the user, so the rate may change daily, weekly etc., and posted at the end of the quarter.
- Dividends computed using a single daily rate chart set up by the user, so the rate may change daily, weekly etc., and posted at the end of the current month. Return To Top
SHARE FEES
The CreditUnion2000 System has developed a method of automatically assessing fees to members' accounts during end-of-month processing. Fees that may be
calculated by the system at each month end include:
- Draft - Excess paid share draft fee
- Draft - Share account maintenance fee
- Draft - Automatic overdraft transfer
- Draft - Daily negative balance fee
- Draft - Below minimum balance fee
- Regular - Excess withdrawal fee
- Regular - Below minimum balance fee
- Regular - New account charge
- IRA - Account maintenance charge
- Club - Excess withdrawal fee
- ATM - Usage fees
- DORMANT - Dormant account fee
NOTE: 'Draft Automatic Overdraft Transfer', and 'Draft Negative Balance' fees may be posted as they occur rather than at the end of the month if you choose.
The Credit Union may set the following parameters for each of the monthLy fee postings
- Fee amount
- Number of occurrences allowed before the fee is assessed
- Exemption of fees entirely for specified members
- New members may be exempt
- Age Groups - Less than what age, older than what age can exempt this fee
- Six different minimum share balance methods Return To Top
SHARE 'HOLDS'
Share management is made simple. Funds unavailable to the member for any reason are displayed on the transaction screen, and automatically deducted from ATM positive balance files reported to your ATM processor. A Static Change is created if a transaction is done which will reduce the amount being held. You also have the option of requiring a Management Password before such a transaction can be done. Return To Top
PLEDGED SHARES
Pledged shares are held as collateral for a loan. The amount "pledged" as loan collateral will automatically decrease as the loan principal balance is paid. Shares may be pledged against the member's own loan or the loan of another member. Pledged shares are not available to the member and are not included in the share balance reported in the ATM positive balance file. Return To Top
CHECK HOLDS
Check Holds for a specified number of days can be placed on funds that have not yet been collected. A hold placed on a share amount will automatically reduce upon expiration of the hold period. A hold can also be multi-tiered to allow for the hold amount to be reduced gradually over time. The amount being "held" is not available to the member and is not included in the share balance reported in the ATM positive balance file. Return To Top
FROZEN FUNDS
A Freeze can be placed on funds for an indefinite amount of time, to be released manually at a future date. Frozen shares are not available to the member and are not included in the share balance reported in the ATM positive balance file. Return To Top
LOAN PAYMENT HOLD
Funds received via payroll for the purpose of periodic share-to-loan transfer can be automatically held. When share-to-loan transfer is done, the hold is automatically released. Shares being held for this purpose are not available to the member and are not included in the share balance reported in the ATM positive balance file. Return To Top
CERTIFICATES
The CreditUnion2000 system has an outstanding share certificate program which allows you to have up to 10 certificates per account number with varying certificate periods, dividend methods, and dividend posting periods. Dividends can be posted monthly or quarterly, and as part of normal month-end procedures, or on the anniversary date of purchase for each individual certificate. The dividend posting date is user defined for each certificate and dividends can be posted to the certificate, or any account number and share type you choose. Return To Top
LOANS
The CreditUnion2000 system allows up to 10 loans on each account number. Each member's Loan Master File displays all pertinent information concerning each loan in an easy to read and print format, easily accessible for teller and loan officer alike. Loan applications are stored and printed on the system, and most currently used loan documents can also be automatically printed. Reports are automatically generated at Month-end and many custom reports can also be printed from any terminal on the system whenever you choose. Return To Top
LOAN MASTER FILE
All information pertinent to a member's loan is stored in the Loan Master File, which is easily accessible from any terminal on your system. Following are some of the fields displayed in this file: Return To Top
- Desired and Required Loan Payments
- APR
- Payment Frequency and Method
- Insurance Add On Code and Rate per $1000
- Unsecured Line of Credit Limit
- Up to four (4) Collateral Codes and Collateral Description
- YTD Interest and Total Interest Paid
- Payoff Date, Amount, Daily Interest and 30-Day Interest
- Original Loan Date, Amount, Months Maturity and Payoff Date
- Next Payment Due Date, Partial Payment Accumulator
- Date Interest Paid To and Unpaid Interest Due
- Delinquency Method and Months, Days Delinquent
- Mortgage Points Paid
- Last Advance Date and Balance
- Loan Officer, Collection Officer, Notice Code & Type, Collector Code and Contact Date,
- Credit Score, Credit Score Date, Credit Bureau Payment and Payoff Status Codes
- Balloon Payment Amount and due date
- Collateral Evaluation Detail Summary, Missing Title and Missing Insurance flags
- Co-Maker Name, Address, Social Security Number and Spouse Code
- Real Estate Loan Escrow Amount, Grace Days and Late Fee Return To Top
LOAN TYPES AVAILABLE
- Closed End - A loan for a defined period of time.
- Special (open end) - A loan for an indefinite period of time, which allows for advances (additions to the principal) after a review of the borrowers qualifications and collateral.
- Line of Credit - Similar to the special loan type, but allows for an advance, without a review, to a pre-authorized loan amount maximum. (A month-end report indicates the total amount of credit approved, including unused credit,)
- Open-End Line of Credit - Interest is added to principal at month-end and the entire payment is deducted from principal (similar to a credit card)
- Refinanced Loan - Used to increase the amount of an existing closed end loan or combine several outstanding loans into one new loan. The interest rate, payment amount, and period may be changed when refinancing.
- Variable Rate - A loan that is subject to periodic fluctuations of the annual percentage rate. These fluctuations are determined by the system user.
- Real Estate - A loan established for real estate financing for which 1098 reporting is necessary.
- Principal Plus Interest - A loan that allows for a fixed principal payment amount with a varying interest payment. Each payment would decrease over the normal amortization of the loan.
- Resalable 30 day interest mortgage loans (with automatic Escrow and late fee collection.)
- Balloon Payment - A loan that has a specified number of equal payments with a "Balloon Payment" either as the last payment, or due following the last payment. Return To Top
LOAN COLLATERAL CODES
Ninety-nine (99) loan collateral codes are available for tracking the Credit Union's loans. Up to four (4) collateral codes can be used for each loan. A fifty character loan description field may be used to define each loan. Return To Top
LOAN RATES
The loan rate may be entered as an annual percentage rate with up to one-thousandth of a percentage point (i.e., 12.000% , 9.625% etc...). Return To Top
PAYMENT AMOUNT
The Minimum required loan payment amount is used for delinquency. The Desired Payment amount can be different than the amount contracted for members who wanted to pay ahead or make partial payments from payroll (i.e. weekly pay 1/4 of a monthly minimum payment). Return To Top
PAYMENT FREQUENCY
Payment frequency can be any of the following:
- Weekly,
- Bi-Weekly,
- Semi-Monthly,
- Monthly,
- Quarterly,
- Semi-Annually
- Annually. Return To Top
PAYMENT METHODS
Payments on simple interest loans can be deducted automatically from any defined member share account, applied directly through payroll deduction, paid over-the-counter, at a Service Center shared branch location, over the phone via SYBIL or using "PerfectTeller" home banking software.
Mortgage type payments are also available which are calculated on a 30 day month basis, with automatic escrow deposit and late payment fees. These payments cannot be done via ACH or payroll deduction.
LOAN INSURANCE PROGRAMS
Most credit life and/or disability insurance programs are supported by CreditUnion2000. The system will calculate monthly-add-on premium amounts for loans based on monthly ending balances or remaining payout. Parameters may be set to account for:
- Member Age Limitation
- Outstanding Loan Balance Limitation
- Single Rate Premium or 120 Different Rates Based On The Original Number Of Months Till The Loan Matures Return To Top
REGULATION "Z" CALCULATION
The CreditUnion2000 system will provide you with the most accurate Truth In Lending disclosure when granting new loans or advances. Given three of the four loan variables, principal, annual percentage rate, term, and payment amount, plus payment frequency and add-on insurance options, the system will calculate the missing variable, and protect against negative amortization of loans. An amortization schedule of future loan payments can be printed. Return To Top
INTEREST ACCOUNTING
The CreditUnion2000 system accurately monitors interest by maintaining "date interest paid to" and "accrued interest owed." Thus, on a payment to principal only, the "date interest paid to" will be bumped to the date of the payment and unpaid interest will be accrued to that date. On the next payment, the system will account for the interest from the last payment plus the accrued unpaid interest. Return To Top
LOAN DOCUMENT PRINTING
Most commonly used loan application and disclosure forms have been programmed into the system, and can be printed directly from the computer. Applications are stored on the system indefinitely and can be recalled, updated and reprinted. Return To Top
DELINQUENT LOANS
The CreditUnion2000 system provides the Credit Union with two methods of monitoring delinquent loans:
1. The most popular method is the next-payment-due-date (NPDD) method. When a payment is made the system will advance the NPDD for each full payment (including any amount that might be in the Partial Payment Accumulator field) and any partial payment amount remaining is stored in the Partial Payment Accumulator field. If the amount of the member's payment plus the amount in the Partial Payment Accumulator does not add up to a full payment, the NPDD will not advance and the amount of the payment will be stored (or added to the current amount) in the Partial Payment Accumulator field.
2. The second method computes delinquency by comparing the current balance with the amortized balance at any point in time based upon the original loan criteria. Return To Top
Interim Delinquent Reports Include
- Month-end delinquent loan report listing the prior three loan payments.
- Delinquent payments received
- Inactive loans report
- Delinquent loans listing with past history showing the latest nine payments received
- Loans that have just become delinquent in the past week
- Loans that did not make a required principal payment last month or thus far in the current month
- Delinquent loans with shares available for transfer
- Paid ahead loans
- Accrued interest receivable Return To Top
Delinquency Control
The CreditUnion2000 system provides the Collection Officer with a number of ways to add customized collection messages to a member's history, to aid in tracking delinquency. You can also customize the various collection notices available on the system.
During routine over-the-counter transactions, a delinquent account indicator as well as the delinquent amount will appear on the screen to alert the teller. This feature can help remedy a loan payment in arrears while the member is present. You have the option requiring a Management Override Password to allow share withdrawals from accounts with delinquent loans. In any case where a withdrawal is done to an account with a delinquent loan a Static Change is created.
At the end of each month a memo entry is made in member history for each loan that is over 30 days delinquent. This entry includes the amount of delinquency and the number of months and days delinquent. As this history accumulates (some of the E.R.S. users have accumulated over five years of history on their system), it provides an excellent reference to past member payment performance. Return To Top
LOAN LATE PAYMENT FEES
Loan late payment fees can be charged to applicable loans at the time that the loan becomes delinquent the specified number of days, or charged at month-end. The Credit Union also has the ability to set up the fee structure to determine a set fee, or a percentage of the loan payment or loan balance, as well as a number of situations which can exempt an account from the fee.
The Credit Union May Set The Following Late Payment Fee Parameters:
- Late Fee amount
- Percentage of Loan Payment as Maximum Fee
- Allowable Number of Grace Days
- New Loan and or Share Covered Loan Exemption
- Normal Payment Received During the Month Exemption
- Student Loan Exemption
- Age Exemption - Less than what age, Greater than what age
- Specified Collateral Code Exemption
- Minimum Low Total Shares Exemption
- Minimum Average Total Shares Exemption
- Minimum Current Total Shares Exemption Return To Top
INTEREST REBATE
An interest rebate may be posted at year end, at a rate determined by the Credit Union. Return To Top
CREDIT BUREAU REPORTING
The CreditUnion2000 system creates a report at each month end which can be downloaded and submitted electronically to all of the major credit bureaus. Return To Top
ARCHIVE HISTORY
As transactions are posted to member's accounts a history is accumulated, much like a ledger card. This history can easily be viewed and printed at any terminal for the current dividend period or from an archive file reflecting all the transactions made since the installation of the CreditUnion2000 system. Many of our users can quickly access all transaction data dating back to 1985. This has proven very valuable and time saving when searching for a prior year's year-to-date dividends or interest paid on a specified share type or loan. Monthly delinquent loan status for each loan is readily available within the transaction history. On share draft accounts, this history retention displays the date a draft cleared, the draft amount, draft number, and its trace number for requesting a draft copy. A listing can be printed in draft number sequence. (Just imagine a draft history in check number sequence showing all paid drafts during the past couple of years, or perhaps a listing of only the drafts that have not cleared during that time). History transactions are described in English and not in code. ACH transactions are displayed with the originator's
description and ATM and Debit Card transactions with the location where the card was used. Return To Top
MEMBER STATEMENTS
Member statements show all transactions to each share type or loan in date order with easy to understand descriptions for each transaction type. All Reg E requirements are met in regards to ACH and ATM description information. Typically Share Draft statements are issued monthly, and share and loan statements quarterly, however each credit union has the option of having share and loan information included on each monthly Share Draft statement. A share statement is also automatically created for any month in which your member has a Reg E transaction.
A Credit Union may elect to print their own statements or to have them printed by E.R.S. In case of the latter, the data is communicated automatically as part of month-end processing over a normal dial up, toll free telephone line to our office after you close. Typical statement turn around time is two to three working days.
The credit union determines the order in which statements are printed and the location to which they are shipped. CASS certification is an option offered to our credit unions for a minimal charge. If you choose to take advantage of this option, your member database is compared to the United States Postal Service database and addresses and zip codes are changed to conform to postal requirements when necessary. You receive a report containing addresses that do not conform, and
were not able to be corrected. A bar code which conforms to postal regulations containing Delivery Point Destination information is printed on each certified account's statement, and statements are sorted with certified statements and non-certified statements separated. You are provided with a CASS certificate, and the statement count breakdown by zip code necessary to take advantage of the reduced postal rates.
All member statements are stored on a secured website, and can be accessed at anytime by credit union personnel authorized by management to perform this operation. You can also choose to have statement copies made available directly to your members via Perfect Teller home banking. Return To Top
TELLER OPERATIONS
Upon implementing the CreditUnion2000 System, both you and your members will be impressed with the amount of information available on the teller screen, as well as the speed, accuracy, and ease of retrieving that information. The teller is able to access a member's account in a variety of ways which include entering the account number or the member's name, or by performing a social security number or payroll group search.
Transactions are easy to post and member information is updated instantly. An adding machine is provided within the system to ensure accurate accounting. When a check is written it is protected, lacking only a signature, and a check register entry is automatically created. Return To Top
TRANSACTION POSTING
With the CreditUnion2000 system, there is no need to memorize codes. Posting transactions to members' share and loan accounts is very simple. Transaction types are divided by types (Share Deposit, Share Withdrawal/Fees, Loan Payment/Charges and New Loans/Advance) and listed on the screen with an easy to understand description. You need only use arrow keys to highlight the transaction type you want to use, and the system will automatically proceed with that transaction type. This transaction description will then appear on the member's voucher and in his/her history, showing exactly what type of transaction was done.
You can also do a 'Word Search' to look for a specific transaction by a key word used in its description. Our system is designed to allow for the addition of unique share transaction descriptions when needed. Return To Top
MEMBER TRANSACTION VOUCHER
Up to 13 transaction lines are available on the member's transaction voucher. Vouchers include a breakdown of cash received, checks received, each transaction performed (showing previous and ending share type/loan principal balance), our unique cash back calculation, the date and time, terminal where the transaction was performed and the initials of the employee who performed the transaction. The member address appears in the proper position on the voucher to mail in a standard window envelope. An optional advertising message can also automatically be printed on each voucher. Return To Top
CASH DRAWER BALANCING
A cash drawer teller balancing feature is used to simplify daily teller balancing. At the end of a day, each teller has a detailed summary of all transactions posted. Balancing is simple with a summary indicating total cash, checks, money orders etc which should be in each drawer. Cut-offs can be made at anytime, and new totals started without system interruption. Teller posting detail is automatically stored for 12 months for future use and reference, allowing for complete voucher and check disbursement reprinting. Return To Top
TELLER ENTRY SUMMARY
Each transaction done that affects a member's account is stored in the Teller Entry Summary indefinitely. Detail of all transactions and summary by transaction code can be done for all transactions, those done using a specific Teller Password, done at specified branch, or by a specified group. Daily beginning and ending transaction code ranges are set enabling you to go to any day or month and perform an almost unlimited number of searches. Return To Top
THE GENERAL LEDGER INTERFACE
The CreditUnion2000 General Ledger package interfaces with the Credit Union and provides a means of doing the bookkeeping directly on the computer. It is easy to use, provides financial reporting, and increases productivity. Interfaces to personal computer spread sheet programs can be used for additional studies of your general ledger data.
This unique General Ledger allows you to determine the account numbers debited and credited for each individual transaction type possible in the system. After defining these transactions one time, your daily Transaction Summary can be posted to the General Ledger in a matter of minutes, giving you the maximum amount of flexibility possible. By posting the Transaction Summary daily, instead of automatic posting to the General Ledger as each transaction is done, you avoid unnecessary clutter in your General Ledger and are still able to get transaction detail thru the Teller Entry Summary program should the need arise. Amounts such as Total Bank Deposit, ATM, ACH and Share Draft posting totals are posted to your General Ledger so that each number will exactly match the corresponding numbers on your corporate statement, making reconcilement a simple matter.
Recurring type monthly entries such as depreciations and accruals are set performed as automatic entries. General Ledger closing is done independently of teller closing, allowing you more flexibility at month ends. Month end reports give you all of the information necessary for all financial requirements.
Account number and name search routines combined with automatic check printing, and envelope addresses make paying Credit Union bills a much simpler task. Employee payroll masters can also be set up allowing you to quickly post employee payroll and print checks with year-to-date tax totals on the stub. An Employee Payroll report gives you the information you need to make tax payments as well as create W2 forms at the end of the year.
Security is achieved through the use passwords set up by management. You have the option of also setting up a password for a "Bookkeeper Assistant" which will allow partial access to the General Ledger functions such as bill paying and daily Transaction Summary posting, without giving access to history and payroll information. Return To Top
MEMOS AND NOVELLAS
Electronic Recordkeeping developed two unique, free form areas for storing virtually unlimited member information.
The 'Novella' can be used to write notes that you want the teller to be aware of before posting a transaction to a specific account. The novella window appears on the teller screen after selecting a member's account. It supplies the teller with important information such as: a title, insurance verification, or a potential or existing problem that can be remedied while the member is in the Credit Union.
The 'Memo' is similar to the novella and can be utilized to enter and store collection notes or other information that you want to keep in the member's file. The memo window can be displayed on the teller screen by use of a function key. Return To Top
AUTOMATIC POSTING ROUTINES
The CreditUnion2000 system does not require any back room operation. All programs can be initiated from any terminal on the system. (Management has the option to password protect many programs within the system.) Payroll, ACH, Draft, and Loan Transfers can all be processed during normal working hours without interruption to teller operations. Return To Top
SHARE DRAFT CLEARINGS
The CreditUnion2000 system is capable of telecommunication of share draft/check clearings from virtually any clearing house. Clearings are presently received from MidStates, Travelers, Ohio Corporate Central and others.
Postings are completed simultaneously to both types of draft (checking) accounts by the computer upon the user's command from any terminal on your system, and can be done simultaneously with teller posting. Excellent audit trails are provided showing all transactions and exceptions (overdraft, unposted items, credits etc.). Automatic transfer from a share account or line-of-credit loan advance and automatic fee posting are available to both draft account types.
Options exist to post all drafts, create a listing of all exceptions, export this list to other vendor software (such as Mid-States M.Power) and return share drafts automatically. You can also issue credits to offset overdrafts, and automatically charge an overdraft fee if desired. Charges and Notices may be automatically generated for overdraft and NSF conditions.
Share draft statements are issued monthly, and can include both a listing in transaction order, and a listing of drafts cleared in draft number order. Return To Top
PAYROLL SPLIT POSTING
Over five hundred (500) payroll groups may be defined on the CreditUnion2000 system. Each group may be posted in any user determined time period and set up to correspond with virtually any payroll sequence listing.
Payroll posting can be done utilizing the batch/exception method, ACH and/or PC interfaces.
Each member's payroll can have up to 10 splits including:
- Share types and/or loans on this account number
- Another member's share(s) and/or loans
- Available balance split (enables you to hold payroll received to be used for automatic loan transfer later)
Various tools for maintaining payroll splits makes maintenance in this area simple and fast. Return To Top
'ACH' (AUTOMATED CLEARING HOUSE) POSTING SYSTEM
E.R.S. Inc receives your ACH transactions directly from the Federal Reserve Bank. Your credit union calls our computer to retrieve them. A listing of items with name mis-match, invalid account numbers or share types is available which allows you to make any corrections necessary before posting is done to assure accuracy. All ACH transactions can then be posted automatically, including "payroll" splits just like the E.R.S. payroll posting system (including loan payments). Items for which
authorization has been revoked and items received for closed accounts are automatically listed as exceptions and offset credits issued.
You can search for individual items by virtually any field in the file. You are also provided with a report by ACH Settlement Date which gives you an exact match to the amounts posted to your settlement account. This is an invaluable tool when doing your MidStates or Bank statement reconcilement. There is also a report which matches your Statement of ACH Activity faxed to you daily by the Federal Reserve. This allows you to confirm that all items have been received. Return To Top
AUTOMATIC SHARE-TO-LOAN TRANSFER
Share-to-loan transfers may be executed as desired to accommodate loan payment frequency (i.e., monthly, weekly, etc.). A report may be generated before posting the transfer, allowing the Credit Union to determine any members who may be deficient for the upcoming transfer. Return To Top
AUTOMATIC SHARE DEDUCTIONS
Insurance premiums such as: cancer insurance, union dues, uniform deductions etc., may be set up and posted automatically when necessary with appropriate transaction descriptions on member history. A list of members without sufficient shares for this transfer can be printed prior to posting. Return To Top
CLUB PAYOUT
The CreditUnion2000 system allows for Christmas and Vacation Club payout in the form of a check or a transfer to the Regular or Draft account. Club payout checks may be printed on continuous check forms or on separate individual checks. Return To Top
MANAGEMENT TOOLS
The CreditUnion2000 system provides Credit Union managers with reports, estimations, projections, data base interfaces and many other productivity options. Many system parameters are determined by management, making the system more easily conform to your needs.
Information needed for reports required by the NCUA and State Department of Financial Institutions can be easily found on month-end reports and/or exported to specially designed EXCEL spreadsheets which produce your NCUA monthly reports, as well as a 5300 Call Report worksheet in minutes. Other reports can be generated for monitoring the health of the Credit Union and for marketing purposes.
Cost estimations can be made of potential dividend rate or automatic month-end fee changes or methods at any time, and do not interrupt office operations.
Data base interface to a personal computer allows for selected fields of each member's data to be exported, in Ascii format, to a PC for any imaginable purpose. Return To Top
INVESTMENT PORTFOLIO
Enter your credit union investments and let the system help you keep track of this important information. Fields are available for Investment number, Investment Name, Purchase Date, Term of Investment, Maturity Date, Investment Amount, Investment Rate and Broker Code. Reports can be generated at any time, sorting the information by any of these fields. Return To Top
SYSTEM BACKUP
Backing up the system data is easily accomplished to either a DVD disk, or removable USB drives. Simply tell the system to begin backup from any terminal on the system and go home. Backup completes automatically. Return To Top
MONTH, QUARTER, YEAR-END PROCESSING
Month-end, quarter-end, and year-end processing is also done unattended. Once the program is initiated all functions necessary (including system backup, dividend payment, fee processing, insurance add-on and, statement data transmission to ERS and report creation) are executed automatically after office hours. Simply start it and go home. Return To Top
PERMANENT REPORT STORAGE
Printing a large volume of reports can be expensive due to many factors:
- Expensive high speed printers
- Cost of maintenance on printers
- Microfiche costs including creation and reader/printers
- Paper costs, binders, ribbons, etc.
- Storage
With the advent of our report storage technology, and the development of this unique software, a less expensive means of report generation, storage and retrieval has been achieved. This feature allows the user to completely eliminate the printing of reports. In most instances, reports will be viewed directly from any terminal in the Credit Union or branches, and any portion of the report can be printed upon the users demand.
Since reports are permanently stored on the system you can view past reports at any time. You also have the ability to print only portions of the report and do numerous searches such as locating a specific account number or dollar amount on the Share & Loan Trial Balance or on an ACH Origination file from last year.
General Ledger reports are viewed via an option in the General Ledger program, thus requiring a password for access. Return To Top
FINANCIAL FACTS
This feature lets you easily perform a number of functions such as:
- The future value of an investment (APY and APYE calculation)
- Regular deposits needed to yield a specified future balance
- Future value of regular deposits
- Compute an exact loan disclosure
- and many more Return To Top
APPOINTMENT CALENDAR
Enter "appointments" or special messages for any future date and they appear on the screen as you log onto the system on the appropriate date. Return To Top
TERMINAL COMMUNICATION
You can send messages from one terminal to another on your system, or even chat with another terminal. This is especially helpful between branches.
You can also send "Email" type messages to the staff at ERS or to other CreditUnion2000 users. Return To Top
WORD PROCESSOR
Included in our Credit Union package is a very basic word processing program. Files can be saved to be edited and/or printed later. Return To Top
SUPERVISORY COMMITTEE ROUTINES
An exclusive area for the Supervisory Committee is included with the CreditUnion2000 system. Within this area the Supervisory Committee (or credit union employee) can do periodic audits of selected Credit Union information and perform account verifications. Return To Top
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