SHARED BRANCH - HOLDS ON CHECKS RECEIVED FOR DEPOSIT

 (See separate documentation for check holds on funds received in the credit union.)

When a member presents checks at the Shared Branch, the teller uses a transaction code to indicate if the checks are Local, Non-Local or Immediate.  Any deposit to shares will be one total amount of all checks received.

The ERS system will automatically do the following:

• Release the total of Immediate funds
• Release $100 of total Local funds and place a 3 day hold on the remainder
• Release $100 of the total Non-Local funds and place a 5 day hold on the remainder.
• EXAMPLE:
• Total Deposit of $5249.00
• $1000 = IMMEDIATE   ($1000 available immediately)
• $2000 = LOCAL  ($100 available - $1000 3 day hold)
• $2249 = NON-LOCAL ($100 available - $1249 5 day hold)
• Total Available immediately = $1200  
• Holds = $1000 3 day hold     $1249   5 day hold

The credit union can delete a check hold, or make changes in Program #5 Option D.

UNDERSTANDING THE DETAILS OF A CHECK HOLD
 

• A hold is for the number of calendar days (currently including weekends and holidays)with the date of deposit being the first day of the hold.  
   
• The hold is placed upon the funds in the share type where funds are deposited
   
• The system creates Transaction Code #492 in Program #7 for each check hold placed.  This transaction is for $0
   
• A memo is placed in member history and on their statement showing the amount of the hold, the share type held and the last date funds will be held
  

• At 12:01AM the morning following the last hold date, the hold will automatically be removed.

    EXAMPLE: A " Local Check" transaction for $500 is received from the Service Center (or an authorized Shared Branch) on December 1

                    $100 is released immediately

                    A 3 day hold is placed on $400

                    December 2 is the second day of the hold

                    December 3 is the third day of the hold

                    The hold is released at 12:01AM  December 4

  MEMBER HISTORY

A entry is placed in the member's history showing the details of the hold on funds.

PROGRAM #5 OPTION D

As in the past, this option shows any funds held for a specified number of days.  

• Holds placed via Shared Branch window will also appear in this option
• Holds can be changed or deleted in Program #5 Option D
• A Transaction #492 is created for any changes made in Program #5, generating a new memo in the member's history reflecting the change.

LISTING OF ALL CHECK HOLDS PLACED WITHIN SPECIFIED SEQUENCE RANGE

• Program #7
• Use Option E to set a specified sequence range
• Choose Option H
• No Teller Password
• Choose Option 2
• Enter 492  (to search for transaction code 492)
• You will receive a list of all transaction holds in that sequence range
• F/C field shows the amount of the hold that was placed
• Principal field shows the date thru which funds will be held