Financial Link® deposit Frequently Asked questions

Q: Why can't the Beneficiary’s Total % field be edited on the WBA382 POD Beneficiary Designation?

A: The Total % field provides in what percentages a depositor's funds will be distributed upon death to the P.O.D. beneficiaries. The field must equal 100% as that percentage equates to all of the funds in the depositor's account. Previous versions of this form required that distribution to beneficiaries be in equal shares. The form (7/06 version) now requires an affirmative disclosure of the percentage to be distributed to each POD beneficiary, whether in equal or varying amounts. If the percentage total less than 100% there will be excess funds in the account and the financial institution will be put in the position of attempting to determine who should receive the unallocated funds. If the percentage total exceeds 100%, then the depositor has in essence distributed more funds than are in the account and again, the financial institution is put in the position of attempting to determine who should receive the funds in the account and in what percentages the funds should be distributed. The financial institution clearly cannot be in either of these two positions. The Total % field may not be edited; therefore the individual beneficiary percentage(s) must add up to exactly 100%.

Q: Business Phone vs. Employer Contact Phone?

A: The Business Phone on the customer Info tab is intended to collect the customer's direct work number. The Contact Phone on the Employer tab is intended to collect the employer's contact number. The Business Phone does not default to the Contact Phone since the two numbers could be different. FIPCO programs the Contact Phone number from the Employer tab to print on the WBA signature cards under the employer information.

Q: Is the EFT (Reg E) Disclosure required when processing an HSA account with a Debit Card?

A: The EFT (Reg E) Disclosure should be an optional document because there is an exception to the Reg E rules for accounts that are "custodial accounts" or accounts subject to a "trust agreement". The Fed has taken the position informally that Reg E does not apply to HSAs because HSAs involve a custodial agreement. Therefore, FIPCO has made it an optional document to be provided with HSAs

Q: What does the miscellaneous question "Receives Original Checks With Statements?" mean?

A: If answered yes, the customer should receive the WBA 393 Important Information About Your Checking Account when a consumer checking account is opened. The WBA 393 sets forth the consumer's rights as to substitute checks. If answered No, the WBA 393 should be provided to the customer only when a substitute check is received. In other words, if the customer receives original checks with statements, the WBA 393 Important Information About Your Checking Account should be provided. If the customer does not receive original checks with statements, the WBA 393 only needs to be provided when they receive a substitute check.

Q: Should the Truth-in-Savings Disclosure reference that the checking, savings or MMDA account is an HSA?

A: The TISA requires in the account disclosure only that of the rate info, compounding/crediting, balance info, fees, transactions limitations, and features of time deposits if time deposit. All of which our current TISA encompasses. The mention of HSA or even IRA is not required on the TISA . The TISA is meant to identify for the consumer those account limitations or features relative to general savings, checking, or money market structures. The separate HSA agreement or IRA agreement is what identifies the particulars of HSA or IRA contributions or distributions requirements. TISA does not require that HSA be listed on the TISA disclosure.

Q: Why doesn't the Owner's Name Appear in the Account Title When Processing Sole Proprietor Accounts?

A: When processing Sole Proprietor transactions, enter the business name and information under Customer 1 information screen, then under Secondary Names add the Owner as the Account Owner this will ensure proper account titling. Any authorized signers should also be entered under the secondary names with Authorized Signer selected from the list.

Q: Why do I have to re-enter the Address for Depositor 2 When Processing Joint Accounts?

A: When customer 1 & 2 reside at the same address, enter the address information for Customer 1, then select the Customer 2 info tab and check the Spouse box. This will default the address information and last name from customer 1. If they are not married, remove the Spouse box.

Q: Where did the POA & POD Options go when processing account?

A: The checkboxes have been removed from the customer 1 information screen. To add a POA or POD to an account, select the product, under Secondary Names you have a drop down list to select from allowing for both on an account.

Q. Why does the WBA140 Customer Identification & Verification Record not appear as required for Authorized Signers of business transactions?

A. The WBA 140 CIP form is not required for authorized signers of a business for the reason that the CIP rules and guidelines do not require collection of information on authorized signers in most cases. They require collection of information about the entity, not its authorized signers. The CIP rules explain however that in certain cases collection of information about authorized signers may be necessary. Also, individual financial institutions may have a more conservative CIP policy than absolutely required by the CIP rules and guidelines. Therefore, individual institutions' CIP policy may require collection of CIP information about authorized signers. In those cases and in cases where CIP information about authorized signers is required by the CIP rules and guidelines, the WBA140 CIP may be obtained independently form from the Forms button and completed as appropriate by the financial institution.

Q. Why does the WBA393 Important Information About Your Checking Account not appear as required for business transactions if providing paper checks?

A. The WBA393 Check 21 disclosure binds the financial institution to certain time frames for responding to claims and requires the financial institution to provide provisional credit to its customer under certain circumstances. Financial institutions may not want to bind themselves to such restrictions if not required to do so. Financial institutions may voluntarily agree to be bound by the restrictions contained in the disclosure but FIPCO does not imply or indicate that such a disclosure is required by law to be provided to business accounts. In the case where the financial institution chooses to provide the disclosure to business customers, the WBA393 disclosure may be obtained independently from the Forms button and completed as appropriate by the financial institution.

Q. Should the WBA 393 Important Information About Your Checking Account be provided for all Checking or Money Market Deposit Products?

A. Consumers who regularly receive original checks in their statements must receive the Disclosure at time of opening the account. In addition, consumers who do not normally receive original checks in their statements but are about to in response to a request of the financial institution for an original check must also receive the Disclosure. So, when a financial institution is opening an account for a consumer, the financial institution must only provide the Disclosure at that time if the consumer will be receiving original checks in his or her monthly statement. The financial institution is required to give the Disclosure at other times as set forth above.

Q: Why doesn't the Information I typed into a Field in Print Preview Stay?

A: When changing or adding text into a field in print preview on the Run Side (GPDeposit), double click in the field you are editing and click "Yes" to the question 'Are you sure you want to freeze the field' this box with turn golden yellow when you click off the field. Users may also unfreeze fields in the same manner.

Here are some rules for form editing:

If a user views a form and does not make a change, the form does not need to be saved.
If a user views a form and makes a change to a field that does not have information coming from a screen, then the user only needs to save the form.
If a user views a form and makes changes to a field that does have information coming from a screen, the user will need to freeze the field and save the form.

Q: Why doesn't the Information I typed in Print Preview Using the Forms Button Stay When I Go Back To Print The Correct Number Of Copies?

A: The correct information printing is based off the following below:

Retrieval Feature

File Cabinet (Account Search): is located on the main Deposits screen and when selected, searches the database for existing accounts.
Customer Info Retrieve: is a menu option on the Customer Information screen and when selected, searches the database for existing customers .

Forms Selection Feature

Blank Form will print the form without data. Any data entered in print preview will not save.
Current Info will print the form with customer information and/or account information, depending on which retrieval process was completed.
Default (Form) Info will print the form with form defaults set in admin.
Always Update Data . This feature acts as a link when checked. When an account is retrieved from the File Cabinet and Always Update Data is checked, the selected form will save and link to the account. On the other hand, if an account is not retrieved, the Always Update Data box must not be checked in order to save the data entered on the form as well as print the appropriate number of copies.