Close Accounts

Training Outline

Definition:

If a member is closing a sub-share, the account will remain open and the member will continue to have services. However, if they are closing the entire membership, each individual sub-share must be closed and then the primary account must be closed to eliminate the ability for further transactions.

When closing an account, there is a free form text field (MESSAGE) required. If the credit union is tracking why accounts are closed, it may be beneficial to create procedures and a standard to those messages when completing the closing process.

Be sure to close all plastic cards associated with the member’s account. When attempting to close a draft account, a notification will appear if there are any open cards linked.

Roles:

Navigations

Member Screen

Permissions

Member Screen- Add Certificate/Custom/Draft/Share Account Member Screen- Add Member

Member Screen- Edit Certificate/Custom/Draft/Share Account Member Screen- Edit Member

Reports Available:

• Certificate Reports: New Certificate Accounts
  

• Draft Reports: New Draft Accounts
  

• Share Reports: New Share Accounts
  

Procedure:

• Navigation: F12- Member Lookup
  

Closing a Sub-Share

Highlight the sub-account to be

closed, use the MORE drop down

and select ACCOUNT CLOSE.

Close Accounts

The CURRENT BALANCE will appear

with options for CASH OUT, CHECK

OUT, or TRANSFER TO another

account.

The ellipsis can be used if the check should be made out to someone other than the member, or if a dollar amount is entered into the check-out field, the function will pop-up.

If any dollar amount is entered in the TRANSFER TO field, the account/sub-account fields become available.

Can use multiple options for disbursal (is not limited to one function). The NEW BALANCE must be 0.00 before posting.

The MESSAGE is required, and will appear on the member history and statements.

POST to complete.

The last line item in the history will

show closed account.

The S-00 was just closed. It will show grayed

out until EOD processing. After, must click the

button for SHOW CLOSED to view.

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Close Accounts

Closing a custom account

• When closing an account, all sub-accounts must be closed prior to closing the primary share (unless permission to close primary account with other accounts opened), however the ACCOUNT CLOSE option is not available for CUSTOM ACCOUNTS.
  

• To close the custom account, select the expanded view
  

Hit the EDIT button

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Close Accounts

Enter the current date in the DATE CLOSED field

and hit SAVE.

The custom account is now closed.

Closing Membership

• Close all other sub-share accounts using the procedure for CLOSING A SUB-SHARE
  

• Repeat previous process of closing a sub-share
  

• If there are funds in multiple sub-accounts, it is best to transfer all into the primary savings and print one check (or 1 transfer amount to another account) when finalizing the close of the account.
  

Verify there are no open

cards on the account.

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Close Accounts

Highlight the primary

share account.

Select the MORE drop down on the account, and

choose ACCOUNT CLOSE

A pop-up box will appear with the close options.

The TRANSFER TO: box is empty, however if funds are

entered into the field, the lookup option becomes

available to transfer funds into another account.

The ellipsis can be used if the check should be made out to

someone other than the member, or if a dollar amount is

entered into the check-out field, the function will pop-up.

If any dollar amount is entered in the TRANSFER TO field, the

account/sub-account fields become available.

Can use multiple options for disbursal (is not limited to one

function). The NEW BALANCE must be 0.00 before posting.

The MESSAGE is required, and will appear on the member history

and statements.

POST to complete.

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Close Accounts

• Note: It will automatically pay any dividends owed to the member.
  

The

membership/account

is now closed.

• Following EOD processing, to search for this account in MEMBER LOOKUP, check the box for show closed accounts.
  

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Close Accounts

The search will include any closed

accounts, indicated by the icon in

the CLOSED column.

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