History Look up Requirement Questions and Answers Effective Immediately
History Look Up Requirement Questions and Answers – Effective Immediately
Q.The advisory states “Should you see two or more shared branching withdrawals on the same day or day prior, do not process the withdrawal and refer the Guest Member to their Host Credit Union”. Does this mean there is a limit of 2 withdrawals over a two day period?
A.Yes, and do not process the requested withdrawal.
Q.Is this a temporary change or a permanent change?
A.This requirement will be in effect until further notice. We will update the CO-OP Shared Branching Rules.
Q.What types of cash withdrawals are of concern?
A.Any shared branching cash or check withdrawals on the same day or day prior.
Q.Is the concern on cash withdrawals that our institution performed or those at other institutions?
A.Any shared branching cash or check withdrawals performed at any shared branching location.
Q.Is there any concern with cash withdrawals at ATMs or the guest members own credit union?
A.No. We are only concerned with withdrawals performed at shared branching locations.
Q.What if we are only able to look up history on shared branch members by actually printing out a mini statement, is there some other way to look up a history that we aren’t aware of?
A.No, there is no other way to look up a history. You will need to print the mini statement if your system does not allow the information to be viewed on the tellers’ monitor.
Q.If they confirm with their financial that it WAS them who completed the withdrawals and they return to our window saying they’ve been authorized to proceed – what steps do we take to verify that they are in fact authorized? Or do we just turn the guest member away?
A.You are not required to take additional steps to verify authorization. If the account history reflects the two shared branching withdrawals as indicated in the advisory, refer the Guest Member to their Host Credit Union.
Q.Do credit unions have the ability to program their systems to stop excessive withdrawals?
A.Currently, many Host Credit Unions do not have the ability to set limits. Credit unions should check with their core processor to see what options are available to them.
Q.What if we see one withdrawal today and one yesterday: can we withdraw today?
A.No, the limit has been reached.
Q.What if we see two withdrawals yesterday, but none yet today: can we still withdraw today?
A.No, the limit has been reached.
Q.What if we see two withdrawals 2 or 3 days ago, then one yesterday: can we still withdraw today? A. Yes, the limit has not been reached.
Q.What if we know the member because we have serviced them for years, are we required to conduct a history look up?
A.If you choose to not follow the process, you are accepting a risk.
Q.Does the amount of the two prior cash or check withdrawals make a difference on whether or not we deny the transaction?
A.No, you will still follow the requested process.