Uncollected Funds Types and Options |
  
|
Navigation: Deposit Screens > Account Information Screen Group > Additional Fields Screen > Additional Fields tab > Uncollected Funds Options field group >
Uncollected Funds Types and Options |
|
Uncollected funds (UCF) is the term used to describe money received by your institution and held until deposited checks are cleared. Regulation CC specifies the amounts and lengths of time deposits can be put on hold. UCF are designated into three categories in GOLDPoint Systems: Unspecified, Local, and Non-Local holds. All three of these fields are present on check deposit transactions and must be filled at the time the transaction is processed:
•Unspecified funds include travelers checks, government checks, and the like. Refer to current regulations for maximum holds allowed on unspecified funds.
•Local funds are checks drawn on banks in the same Federal Reserve area as the bank receiving the deposit. Refer to current regulations for maximum holds allowed on local funds.
•Non-Local funds are checks drawn on banks outside the Federal Reserve area of the bank receiving the deposit. Refer to current regulations for maximum holds allowed on total funds.
In addition to these three main categories of UCF, there are three option types used to determine UCF calculation: Institution, Account, and Teller.
•Institution UCF options apply to a customer account when calculating a UCF hold. This calculation is based on the institution's defaults. Listed below are current standard defaults (Reg CC). The selections made with these options dictate hold calculations on unspecified, local, and non-local funds.
Hold |
Defaults To: |
GPS Institution Option |
|---|---|---|
Next Day Hold Amount |
$200.00 minimum |
|
Next Day Hold Days |
2 days maximum |
|
Next Day Extended Days |
7 days maximum |
|
Second Day Hold Days |
5 days maximum |
|
Second Day Extended Days |
11 days maximum |
|
Aggregate Large Excess (Y/N)* |
Y |
|
New Account Hold Days |
30 days |
Uncollected Funds |
Large Excess Amount |
$5,000.00 minimum |
•Account UCF options apply directly to the customer account and can be found in the Uncollected Funds Options field group on the Additional Fields screen. These options can be set for each individual account on the Additional Fields or Deposit > Account Information > Interest Fields screens.
•Teller: When the Check In field has an amount entered for a deposit transaction in GOLDTeller, holds can be put on UCF for the total or a portion of the check-in amount. There are fields on the screen for each category of UCF (defined above). The teller will enter the desired amount in the appropriate fields. For example, if the check being deposited is a non-local check, the teller would enter the amount of the check in the Non-Local field on the transaction screen. When the transaction is processed, the system will use the options on both institution and account levels to calculate the uncollected funds schedule.
The result of this calculation on the customer account (as well as other information about funds holds) can be found on the Deposits > Account Information > Funds Holds screen.