The Corporate Checking module serves a dual purpose. Credit unions on the Corporate Checking service utilize the Corporate Checking module to monitor cleared corporate drafts, as well as submit adjustment and return requests. Credit unions that participate in the Item Processing service utilize the Cleared Drafts module to review cleared member drafts and confirm inclearings totals.
Users with appropriate privileges may access the Cleared Drafts, Exceptions, and Stop Request tabs.
Cleared Drafts
The Cleared Drafts card displays inclearing information for both Corporate and Member Drafts. Users may use filtering tabs in addition to the standard filtering options to help narrow searches.
Not validating drafts on a daily basis opens the credit union to significant risk of loss, as all draft returns - including those of fraudulent nature - must be submitted prior to the cutoff time the day after the draft cleared.
To quickly set a date range, Users may select the Today, Last 30 Days, Last 60 Days, and Last 90 Days tabs located at the upper left side of the card. The upper right side of the card contains tabs to allow the User to select to view Corporate or Member drafts, depending on Service(s) in which the credit union participates. Once the draft type and date range have been selected, sorting and filtering is available on all columns. Click the arrow next to the column header to sort the column. The orange arrow indicates which column is currently sorting the information. Search within a column by typing information into the Search box located just under the column header, or by utilizing the column dropdown, if available. Specify a custom date range by providing From and To dates in date columns. To clear filters, click the x located in the search box, or click the Clear filters option at the top right side of the card. To view images, click the orange Search button once desired filters have been set. Results may be exported to PDF or Excel by clicking the Export to PDF or Export to XLSX button.
Once a list of cleared drafts is displayed, the total for the selection is located at the bottom of the screen. Users may click the dropdown arrow in the far-left column to expand the cleared draft and view the draft image and detail for either corporate share drafts or member draft inclearings.
The contents of the dropdown boxes are as follows:
| Dropdown Contents | Option | Adjustment / Return | Description |
|---|---|---|---|
| Correction Reason | All Order Types | ||
| Blank/No Correction Reason | |||
| Altered | Return | The draft has been altered | |
| Branch/Account Sold | Return | The branch/account was sold | |
| Counterfeit | Return | The draft is counterfeit | |
| Divested | Return | The account has been divested | |
| Duplicate Presentment | Adjustment / Return | The draft has already been paid | |
| Encoding Error | Adjustment | The draft information was submitted incorrectly | |
| Fictitious | Return | The draft is fictitious | |
| Forgery | Return | The draft is forged | |
| Not Authorized | Return | The draft is not authorized by the drawer (ex. phone generated checks) | |
| Not Our Item | Return | The draft is not drawn off of the credit union | |
| Stale Dated | Return | The draft was written at least 6 months ago | |
| Stop Payment | Return | Use if there is a stop payment placed on the draft | |
| Suspected Counterfeit | Return | The draft is a suspected counterfeit | |
| Wrong Financial Institution | Return | The draft does not belong to the credit union | |
| Other Return | Return | The draft is being returned for another reason | |
| Status | All Statuses | ||
| Cleared | The draft has cleared the account | ||
| Correction Completed | The correction request has completed | ||
| Correction Rejected | The correction request was rejected | ||
| Correction Requested | A draft correction has been requested | ||
| Need Info | The corporate needs information to complete the request | ||
| Under Review | The corporate is reviewing the draft correction request |
Draft Details
The Draft Details card contains all of the cleared draft detail, including Trace #, Draft #, Amount, and more for corporate share drafts or member draft inclearings. The User may confirm the cleared draft information matches. The Draft Preview card displays the front and back images of the cleared draft. Users may obtain a PDF of the share draft detail by clicking Export to PDF.
Future enhancements will allow for positive pay files to assist in confirming corporate share drafts have cleared correctly.
Draft Corrections (Corporate Share Drafts Only)
If any corrections or returns are needed for a Corporate Share Draft, the User may request a Correction Reason on the Draft Corrections card. Corrections will result in either an adjustment request or a share draft return. Draft Corrections are initiated from the draft detail by selecting a Correction Reason from the dropdown.
Correction Requests that result in a return require the User to complete an Affidavit. The User is alerted that the Affidavit must be electronically signed by clicking I Agree. Once the Affidavit has been completed, the User is able to click Request Correction.
Correction Requests must be submitted prior to the cutoff time. Completed correction requests are rolled up to the corporate for processing. Users with Corporate Checking permissions may receive notifications to monitor correction request status.