ACC01: MEMBERSHIP & ACCOUNT OWNERSHIP
There are a number of laws and disclosures that must be abided by when processing an application for membership in the credit union. This program presents the requirements for membership in the credit union and the various account types available to members.
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This program covers credit union share insurance and how it applies to the various accounts members hold at the credit union. It reviews the different ways members can obtain the maximum amount of insurance coverage available; common myths about insurance coverage; and some common questions that members often pose.
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Understanding membership eligibility, disclosure requirements and identity verification is critical to opening accounts accurately. Understanding the member's needs and how credit union products and services best suit those needs is critical to opening accounts effectively. Completing this program will prepare the employee for opening accounts both accurately and effectively.
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Proper closing of an account varies based on the type of account and the ownership of that account. The circumstances that lead to the closing of an account may also affect the manner in which the account is closed. The purpose of this program is to assist the employee in determining the proper way to handle the closing of an account at the credit union.
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Powers of Attorney allow one person, the attorney-in-fact, to act on behalf of another person, the principal. This program covers how powers of attorney work, the different types of powers of attorney, and how powers of attorney should be handled by the credit union.
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There are numerous types of trust accounts available at credit unions. This program explores the various types of trust accounts including how and why they are set up. It reviews the terminology that is used specifically when discussing trust accounts and it answers some frequently asked questions.
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This program covers what happens to funds left behind in credit union accounts when a member dies. It also reviews how to handle many other decedent account issues.
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The process through which member financial institutions exchange payment items, whether in paper or electronic form, is referred to as "clearing". This program reviews the clearing process, focusing on the staff's role in preparing deposit items for clearing, dealing with lost or damaged items, and procedures for sorting and forwarding clearing items.
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Credit union members (and the credit union itself) write share drafts or checks from their accounts at the credit union. A check or share draft is an order or instruction from the accountholder to the credit union to pay a specific amount of money from their account to the payee of the check. How the money gets from the account at the credit union to the payee's account is what this program is all about.
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This program reviews procedures for dealing with check returns: returns of share drafts written by our members and returns of items our members deposited. Returns of both share drafts and deposited items must be handled very quickly. The program examines why, and how to avoid losses to the credit union.
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EFT01: ELECTRONIC FUNDS TRANSFERS
Over the past few years, there has been an explosion of ways for consumers to exchange money electronically without the use of paper checks. This program covers the various types of Electronic Funds Transfers; how they are set up and the regulations and disclosures required to protect both the consumer and the credit union in managing this form of exchanging money.
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The Electronic Funds Transfer Act and Regulation E protect consumers from errors caused by unauthorized electronic funds transfers, whether by use of an ATM or debit card, Home Banking or Bill Payer, Audio Response or any other electronic activity on their account. These protections apply to natural persons who sign up for electronic services primarily for personal, family or household purposes. This program looks at error resolution procedures, preventing errors and the responsibilities of both the consumer and the financial institution.
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The National Automated Clearinghouse Association is a network of companies and financial institutions that process not only direct deposits of items such as Social Security and payroll, but also Government Benefits, Tax Refunds, Electronic Checks, Conversion of checks to electronic debits and Direct payment of consumer bills such as mortgages, credit cards, loans and insurance premiums. All such transactions are referred to as ACH - Automated Clearinghouse Transactions. This program reviews the different types of ACH transactions and how they are handled by the credit union.
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Credit union home banking programs allow accountholders to securely access their credit union accounts to check balances, transfer money, review cleared items, and check deposits. This program covers the features, benefits and requirements for use of Home Banking.
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Bill Payer is a system that allows payment of almost any bill directly from a computer using a credit union checking account, a home banking PIN and Internet access. Bill Payer offers such flexibility as scheduling payments up to a year in the future. This program reviews the features and benefits of Bill Payer and requirements for its use.
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