Membership Designation Configuration (2)

Screen ID: 

Screen Title: 

Panel Number:

UMDESG-02

Configure Membership Designations

3942

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Field Name

Description

Membership designation

Enter the membership designation or category here, such as “Corporation” or “Trust Account.”

Label for primary name

Enter the label that should be displayed next to the primary member's name on various CU*BASE inquiry screens. For example, on a trust account, the label for the primary member might be “Trust Name.”

Label for joint owner name

Enter the label that should be displayed next to any joint owner name(s) on various CU*BASE inquiry screens. For example, on a trust account, the label for a joint owner might be “Trustee.”

·     Remember that the joint owner record itself will be coded with a “J” to differentiate it from “B” Beneficiary record in the file. This means that all joint owners are stored in the file the same way, regardless of the label that is displayed on CU*BASE screens.

Used for membership type(s)

Check one or both of the following to control which types of membership records can be flagged with this membership designation code:

Individual (MI) - Check this to allow individual membership records to be labeled with this designation. Remember that individual (MI) records use a First, Middle, Last, format for the name, and have a birth date field.

Organization (MO) - Check this to allow organization membership records to be labeled with this designation. Remember that organizational (MO) records use a single name field, and have a charter date field.

Keep in mind that MI and MO type records are still separated on various membership analysis reports.

Print DBA name on correspondence

If this box is checked, the entry in the “Label entered for DBA Name” (which appears in the DBA column on the main screen) will be used on printed materials including printed statements, envelopes, certificate laser forms, miscellaneous member account forms, notices, denial notice forms and member replacement checks similar to how joint owner labels have been used in some cases. This label will print instead of the member’s or organization’s name since, in most instances there is only room for one line of text. The DBA label will also print on member statements.

Exempt from Reg E. opt in/out requirements

Credit unions can now choose to deactivate Reg E Opt In/Opt Out functionality for memberships with specific Membership Designation codes, such as businesses. If the new Exempt from Reg E. Opt In/Out Requirements box is checked all new memberships with this Designation (and accounts for that membership) will automatically be set to “Opt In.”  Employees will not even see the Opt In/Opt Out checkboxes at the bottom of the screen.  (Existing memberships will need to be manually maintained first before changing an existing designation.)  

Employees will also not be able to change any affected memberships or accounts to “Opt Out” since access points to change the status (via Phone Operator, Membership Update, Inquiry and Phone Operator) will be either removed or blocked. On affected accounts, messaging reading, “This membership is exempt from Reg E Requirements.” will appear on the screen to alert your employees of this status.

The exemption also blocks members’ ability to change their “Opt In/Opt Out” status online. Members with an exempted membership will not see the “My Overdraft Services” tab in the “Preferences” section of It’s Me 247.

Refer to the booklet Opt In/Opt Out (Reg E) – Managing Your Offering for more details.

Hide 00 base share account on all channels

If checked, members of this designation are not required to use the 000 account for par value and it will not be checked in any channel for employees or members, unless the balance is other than zero. This feature must first be activated for the credit union in the Credit Union Master Parameters.