Activity – Member comes in to cash a check and the teller uses the check cashing function which does not write out a transaction on the member’s account. Four issues: First, in most states this is prohibited on business accounts. Second, when reviewing BSA activity the auditor must also review the teller audit log. Third, when required to provide transaction information to legal authorities, most credit unions provide copies of the member statements and certify that this constitutes total activity on the account. If they do not consider audit logs as part of the information they provide they are signing the certification incorrectly. Fourth, if the check comes back NSF it is difficult to find what account to apply it against as it is not part of the transaction history.
Solution – Needs to be discussed further. Top of mind suggests that when the transaction occurs we would write out a zero $ transaction record to the member’s base share. Will require focus group interaction to determine the scope of this potential project.
Status – Specs submitted: awaiting development. Review prototypes for the project. Updated 11/7/2012