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Class notes

  1. 1. CLASS NOTESBANKING 101 Bank’s main competitors are credit unions, consumer finance companies, insurance companies, mutual funds and securities brokerages. Federal reserve act of 1913 established the federal reserve system commonly called the fed The Fed Funds Rate is a short term indicator of the changes in monetary policy. Increase = the fed is attempting to slow the economy. Decrease= the fed is seeking rapid economic growth. Interest Income + Interest expense + FTP Expense + Provision for credit losses = Net Interest Income Fee & Service Charge Revenue = Debit Card Revenue = ATM Revenue =Other Earnings=Non- Interest Income Comp & Benefits + Occupancy & Equipment + Advertising + Deposit Account Losses + Divisional Assessments + Corporate Assessments + Other Expenses = Non- Interest ExpenseGL ReconciliationPermanent GLS 48319 – Permanent Teller over/short 48320 – Permanent Coin Counter Losses 48323 – Permanent Vault Difference – RM Approval 48324 – Permanent ATM Write off (under $1) 48308 – Permanent ATM over/short 48405 – Permanent Customer Resolution – RM Approval
  2. 2. FOUNDATIONS OF OPS 2 Business continuity - info updates in the event of a disaster/business disruption – 1-866-TCF- NEWS Canadian checks < than $5000. Canadian checks and foreign checks are sent to the Federal Reserve Bank Hard holds – complete the hard hold removal request form, key dhol to delete the hold. RM approval SLP holds – LP personnel authorizes to physically remove SLP hold. Only Assistant Vice Presidents and above are authorized to remove the SLP Document Storage at Iron Mountain: Order Records Retention Packet from purchasing department which contains enough materials for 25 boxes. Customer id is G1425 Invoices- forevery bill complete an Invoice Authorization forms. Make copes and sent original bills and form to accounts payable @ 380-02-0 Collection letters: No letter sent if less than $20.00 20.00-99.99; letter is sent after being negative 61 days 100.00 or more; letters sent at 5 days negative, 15 days, 30 days
  3. 3. Study Business continuity quizBRANCH IMAGE CAPTURE Encoding errors: Research of Transaction Request form Scans must be completed before 11am, 1om, 4pm and end of Within each transaction credits are scanned before debits BIC work retained for14 days (do not send if items remain in 17850) Queued items: item that has been captured but is still being processed to detect image or MICR line quality Skewed items: item was scanned at an angle causing a crooked image. Proper scanning prevents this Error messages  60017 Canadian items are not allowed  60018 This item failed image quality for the following reasons  60042 loan payments are not allowed  60042 MICR lie not read Contact Branch Banking for SupportCLICK2STAFF Three panes within the Schedule Now window: My Team, Schedule Navigator, Scheduling Manager What page do you use most often in the Scheduling application: Schedule Now in order to add a new team member: Team Management What are two ways to shift the date range in the Schedule Now: scroll over, the calendar Where in the application do you navigate? Non-exempt employees: 20 min uninterrupted lunch break when working 5 ½ hours or moreBUSINESS ACCOUNTS  Sole proprietorship: owned and managed by one person EXAMPLE:JOHN SMITH FINANCIAL SERVICES Tax payer id: SSN or EIN Documents: Assumed name certificate is need if the business name does not have the authorized signer’s full name Authority to act: When adding an authorized signer such as a secretary, “Bank Depository Declaration for Sole Proprietor Business Account” form is needed Additional documents to verify sole prop needed; business card, business brochure, business invoice  General Partnership: association of two or more persons to carry on as co-owners of the business for profit EXAMPLE: JONES, SMITH AND ANDERSON
  4. 4. Tax payer id: EIN Documents: Partnership agreement and an Assumed Name Certificate General partners have unlimited personal liability  Limited Liability Partnership: LLP partners are not liable for debt, obligations and liabilities or chargeable to the partnerships arising from negligence, wrongful acts, omissions, misconduct or malpractices EXAMPLE: TRAVELING GIRLS LLP Tax payer id: EIN Documents: State filed LLP Registration  Corporation: legal entity and is the most complex form of organization. Corps may sell shares of stocks. Tax payer id: EIN Documents: State filed Articles of Incorporation Foreign authority docs needed when the corp, is not doing business in the state where they filed their paperwork.  Non for profit corporation: As a public charity, the organization must prove to the IRS that they are tax exempt. Exempt purposes are defined as an organization that is; religious, charitable, testing for public safety, scientific, literary,. Tax payer id: must apply for tax exempt id from IRS or 503 ©(3) Documents: state filed articles of incorporation and nonprofit federal exempt status No owners, Board of directors acts as a group that makes decisions  Franchise: a right granted to an individual or a group to market a company’s goods or services within a certain territory or location. May be a corporation, LLC, type of partnership or sole prop. EXAMPLE; ON HE RUN DBA SUBWAY Tax payer id: EIN Documents: Franchise agreementFilmable Teller Work in order?What year was TCF profitableReg cc, reg ggregulationsSignature guarantee amount for tcf account holdersAuthorization limits