Release 8.0.14
This release contains program fixes and enhancements for the Sharetec system, ART and other modules related to Home Banking. Refer to the 8.0.14VAR Completed Issues document for further explanations about each of these items and to Issue Manager for information related to a specific issue.
Sharetec Modules
- Stop Payment form has been modified to support the Federal Reserve Board’s Regulation E regarding stop payments on recurring debits. The form no longer specifies an effective period of 6 months. Instead, it references the stop payment’s End Date.
- Teller Workspace > Central Information: On the Share Properties – Office Info screen, changed the ATM Overdraft Opt-in checkbox to a drop-down list with three options: Blank (indicating no response), Opt In, Opt Out.
- The ATM and ACH posting processes have been modified per the new Regulation E to use the ATM Overdrafts drop-down field in Share Properties and the member’s account open date in determining whether ATM and one-time debit transactions should incur overdraft fees.
oIn ACH processing, transactions with a Tran Type of ‘SHR’ or ‘MTE’ are considered to be one-time debits (per NACHA communication 3/24/2010).
oWhen ATM Overdrafts is set to “Opt In”, the member’s ATM and one-time debits will continue to be covered and may incur overdraft fees.
oWhen ATM Overdrafts is set to “Opt Out”, the member’s ATM and one-time debits processed before July 1, 2010, may incur an overdraft fee. Those processed on or after July 1, 2010, will not incur an overdraft fee.
oWhen ATM Overdrafts is left blank, if the member’s account was opened before July 1, 2010, they will continue to have overdraft coverage for their ATM and one-time debits through Aug. 15, 2010, and may incur an overdraft fee until then. ATM and one-time debits processed on or after August 15, 2010, will not incur an overdraft fee.
oWhen ATM Overdrafts is left blank, if the member’s account was opened on or after July 1, 2010, their ATM and one-time debits processed on or after July 1, 2010, will not incur an overdraft fee.
- The following features have been added for identifying loans that are part of a MFOEL Plan (for the new Regulation Z):
- The new “mfoel” Back Office Control allows the Credit Union to identify the Loan Fee Tran Codes for MFOEL plan loans and modify the Balance Computation Disclosure text for periodic statements.
- The new “Loan Plan Codes” screen in the Admin Workspace, under Loan Related, allows each Credit Union to define the Multi-Featured Open End Loan (MFOEL) plans available to their members.
Note: Plan Codes can be setup prior to July 1, 2010, but should not be assigned to any loans or loan products until July 1, 2010, to ensure the periodic statements prior to July do not list the loans in the new MFOEL format.
- The new Plan Code field on the Loan Product Properties screen allows each Credit Union to establish a default Plan Code for a loan product.
- The new Plan Code field on the Loan Properties screen allows each Credit Union to (if needed) change the Plan Code for a member’s loan.
- The new Plan Code field on the Loan Products Inquiry screen allows the user to view the default Plan Code for a loan product.
- The Periodic Statements have been updated per the new Regulations E and Z:
- Loans that are part of a MFOEL plan will appear in a new section and format required for open-end, non-home secured loans. This section will appear after share accounts and before all non-plan loan accounts, and is similar to a credit card statement.
- Removed the “Annual Percentage Rate” line for loan accounts, as this is no longer required.
- Changed all “Finance Charge” references to “Interest”, as the new MFOEL plan loan format requires referencing these as “Interest”.
- Changed the “YTD Taxable Interest” reference to “YTD Taxable Dividend”.
- Changed the column heading “Balance” to "Balance Subject to Interest Rate**" and added the corresponding balance computation disclosure statement to the end of each loan section. This disclosure statement can be modified using the “mfoel” Back Office Control record.
- The “odccalc” Back Office control has been added. This control identifies the Overdraft and NSF(Return) Fee tran codes that will be included in the PTD and YTD totals on the periodic statements.
- An "odccalc" program was added to monthend processing. This programcalculatesthe PTD Overdraft and NSF Fees, and adjusts prior period mb-ytd totals for refund transactions. The mb-ytd record is usedfor disclosure of PTD/YTD totals on the periodic statements.
- The NSF/OD fee summary section of the Periodic Statements have been updated per the new Regulation DD as follows:
- The summary section is enclosed in box.
- The section is entitled “Overdraft/Returned Item Fee Summary”
- The "Non-sufficient Funds Fees" label has been changed to "Total Returned Item Fees". Returned Item Fee codes (other than SDR and ACR) must be identified in the “odccalc” Back Office Control to be included in the PTD/YTD totals on the statement.
- The "Overdraft Fees" label has been changed to "Total Overdraft Fees".Overdraft Fee codes (other than ATOF) must be identified in the “odccalc” Back Office Control to be included in the PTD/YTD totals on the statement.
ART Related
- None
Home Banking/Transaction Server Related
- None