Deposit Charge Off Automation

The focus of this engagement will be to conduct an in-depth review and training to implement Deposit Charge Off processes.  The Deposit Charge off engagement focuses on three areas: Review of current processes, Testing and Training on new functionality, and Deposit Charge Off Implementation.

Deposit Consulting Services

Our Peak Deposit Consulting team will help you increase efficiency while at the same time maximize the investment you have already made with your core provider. Our Deposit team is backed with almost two decades experience working for Fiserv. We deliver everything from a full blown Deposit Efficiency Engagement, to Conversion Consulting, to simple best practice advice on Retirement Reporting. Look below to find a detailed list of our services…

Deposit Core Optimization

We find that most Deposit Operations teams are spending a lot of time fixing non-posts and doing manual processes each day.  PEAK works with you to review your specifications and deposit processes to explore process improvements and efficiency gains. We provide insight from years of working with financial institutions. Let PEAK consultants unlock those enhancements you’ve been dreaming of and evaluate your system configuration for maximum productivity. We can also provide a detailed summary of findings with a roadmap of where we think you should focus your energy.

IRA Processing Review

Are you manually creating letters for your IRA customers?  Are you doing extra work in January to make sure all necessary customers receive their RMD notices with the correct amount?  Do you have a large number of Customer Exceptions?  Are you finding that adjustments are necessary every year at tax time?  We can review your IRA processes and procedures with you to make sure you are utilizing all of the features available.  We can also help you build new procedures to use going forward.  Let us help you automate some of those manual processes and update your procedures to make your IRA processing more efficient.

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Trancode Analysis Project

PEAK will work with you to develop a complete Deposit Transaction Code Analysis to create a strategic plan for implementation. This strategic plan includes three phases. In the first phase, PEAK will work with you to evaluate your overall trancodes.

  • Duplicate or repeated use
  • Identify Missing Transaction Codes
  • Transaction Management Template
  • Transaction Code Review:
    • REG E and/or REG D
    • Inactive/Dormant
    • Physical Item Counts
    • Item Type Count
    • Transaction Restriction Codes
    • Transaction Type
    • NSF Processing
    • Aggregate Options
    • Stop Payment Processing
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During the second phase, Peak will provide recommendations and training on fields that control specific features for the transaction codes. Peak will also assist with defining a strategy for new transaction codes and changes to existing transaction codes.  Peak will work with you to develop a project plan to list out all items necessary to implement the changes.  Peak will assist with testing new and modified trancodes throughout Phase 2. 

The third phase is implementation.  Peak will assist with creating a comprehensive listing of all trancodes in use.

EIM Review

We can provide a review of your Exception Item Processing specifications and procedures. We can also assist you with automating the daily decision making process on your Exception Items by helping you implement or update your Decision Plans.  Are you looking to offer an Overdraft Privilege Program?  We can help you with the implementation process and offer best practice advice.

DDA Analysis Training

DDA Analysis is used for business checking accounts to analyze their profitability for your financial institution. We can help you understand how DDA Analysis works and assist you in setting up Analysis on accounts.  We will review the Analysis Codes with you to find the best option for your Financial Institution and provide training on the options available to create analysis addenda for the charges that should be included in analysis.

Name and Address Merge Project Assistance

Do you have multiple name and address records for each individual making it difficult to find the correct account?  Peak can help you evaluate your current data and strategize the best way to move forward with a name and address cleanup project.   We can provide training on name and address merging along with assistance to complete the project. The Name and Address Merge Consulting Project will consist of two phases. The first phase is Discovery and Standardization, which is the phase where we will perform a comprehensive review of your current Name and Address structure. Next, Peak will define Name and Address standardization guidelines and create a procedure for new accounts going forward. The second phase is Name and Address Cleanup/Training, which will consist of Peak outlining a strategy to cleanup existing records and assist with a process to identity names and address that are set up incorrectly going forward.

Transaction Management Training and Review (TMS)

If you are still posting entries every day in a block, stop the madness! TMS allows the bank to automate the block process and put in place additional security controls. Best of all, TMS is part of the core contract. Now, that also means that if you are not using TMS you are not taking advantage of your investment. PEAK takes you beyond the typical “Loan/Deposits Blank Templates” to give you a system even your auditors will approve of. TMS offers many unused features like separated security groups, associated templates, and a review functionality that allows the bank to identify and approve transactions before they post. Let PEAK design and build better TMS templates to remove many of the day to day inefficiencies associated with transaction processing

Project Management Services

Do you have a large list of projects that keeps getting longer and longer?  This is common in a lot of banks that we work with.  Peak can provide subject matter expertise through implementation of designated projects.  We can provide training and consultative services for each core related project. We can assist with formalized project plans, resource requirements and time estimates.

Deposit Best Practice Engagement

We look into your specifications and deposit processes to explore process improvements and efficiency gains. We provide insight from years of working with financial institutions. Let PEAK consultants unlock those enhancements you’ve been dreaming of and evaluate your system configuration for maximum productivity. We have found that most of our clients are not using the system to the full potential and have manual processes in place causing non-posts and manual work each day.  We can also provide a detailed summary of findings with a roadmap of where we think you should focus your energy (optional).

Deposit Specification Review

When was the last time you went through your specifications? Maybe the last time you converted? At most financial institutions, this is the case. We provide a comfortable environment to review your specific specification settings and review the options that you have available.  Whether you need training for newer staff or just want to review your settings and options, we can help you.

SDB Training

Are Safe Deposit Boxes taking too much time out of your already busy schedule?  We can assist you with Safe Deposit Box payment processing procedures and specification setup.  Some of the features that are available in SDB that we can help you implement include late charges, key deposits, discount codes and rent refund options.

Deposit Charge Off Automation

The focus of this engagement will be to conduct an in-depth review and training to implement Deposit Charge Off processes.  The Deposit Charge off engagement focuses on three areas: Review of current processes, Testing and Training on new functionality, and Deposit Charge Off Implementation.

Deposit Charge Off Implementation:

  • Analysis of Current Procedures
  • Create Deposit Charge Off Implementation Plan
  • Create New Trancodes and GL Accounts (if applicable)
  • Testing Plan
  • Update Procedure Guides with New Process
  • Training for Current Staff on New Deposit Charge off Automation

Connect with Us:

Contact:

BRENT REYNOLDS
402-440-4649
Email Brent

COLE ANDERSON
402-266-1440
Email Cole

CHRISTINE MOLLHOFF
Email Christine