Deposit Solutions

Developing and maintaining effective compliance risk management policies is critical to the success of your business.

Employees who are properly trained can help your institution comply with policies and procedures and help provide a smooth transition when there are regulatory changes that need to be implemented.

Respond to your customers/members needs more effectively as you begin the deposit account process by gathering the information needed to help them make the right financial decisions for their situation.

Once the specific deposit needs of your customer/member are determined, you will begin to gather information to initiate the transaction.

Determine the information needed and begin the process outlined in your deposit policies and procedures to prepare the proper documentation.

After the account agreement or application has been completed, the customer/member will need all the required disclosures and copies of the necessary documents for their new account.

Gather the information needed to order checks, including a check design, from the account owner.

It’s important to have the capability of collecting and storing all the documentation to help you remain in compliance and for future reference in the event of an audit.

After completing the documentation for a particular transaction, the deposit account is booked and you can forward the information or documentation to the appropriate departments within your bank or credit union.

Additional reporting to specific regulatory agencies, such as a Suspicious Activity Report or Currency Transaction Report, may be required in order to comply with the regulations.

Various services are provided for the account owner throughout the life of the account as well as ongoing monitoring that is important to help you minimize the risk of illegal activity, such as possible money laundering taking place in your financial organization.