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:
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.
The member data base includes:
The CreditUnion2000 system allows up to
10 share types on each account number and provides you with the following
types of share accounts:
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.
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:
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:
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
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.
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.
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.
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.
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.
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.
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.
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:
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.
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...).
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).
Payment frequency can be any of the following:
* Weekly,
* Bi-Weekly,
* Semi-Monthly,
* Monthly,
* Quarterly,
* Semi-Annually
* Annually.
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.
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
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.
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.
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.
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.
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
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.
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
An interest rebate may be posted at year end, at a rate determined by
the Credit Union.
The CreditUnion2000 system allows the Credit
Union to access its credit bureau using a standard telephone line. By merely
entering the account number or name of a member, the system will automatically
dial the credit bureau and obtain the report. This can save hundreds of
hours of time and frustration, plus it can eliminate the need to rent an
expensive dedicated credit bureau terminal. Reporting information to the
credit bureau is simple and inexpensive via a 'PC' diskette and actually
reduces the cost of reports received from the credit bureau.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
'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.
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.
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.
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.
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.
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.
Backing up the system data is easily accomplished to a DVD disk. Simply
tell the system to begin backup from any terminal on the system, put a
blank piece of paper in the printer and go home. Backup completes automatically
and a report is printed.
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.
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.
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
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.
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.
Included in our Credit Union package is a very basic word processing
program. Files can be saved to be edited and/or printed later.
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.