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ChexSystems/Red Flag
OakStar Training
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Transcript
Chexsystems / qualifile redflag / idv
For help, please reach out to deposittraining@oakstarbank.com
DO NOT under any circumstances run a fake or test report!
START
INDEX
What/why
new customer (no cif)
Existing customer
chexsystems declined
Chexsystems review
Red flag verifications
ID MATch failed
ID MATch partial fail
identification guidelines
Error Emails
Flow Chart
what & why
DO NOT under any circumstances run a fake or test report!
chexsystems / qualifile
red flag / id verification
Two names for the same thing.
Two names for the same thing.
Why: This program will tell us if the information they've provided has all been associated together before / is accurate. This can help catch identity theft. Note: if some of the information entered comes back needing verification, that doesn't mean the information isn't correct, just that we need proof it's correct.
Why: This program will tell us if they are approved for an account with us or not - if they owe a different financial institution money (or various other reasons), we probably don't want to bank them here. The response from this system is absolute - if the response is Decline, we must decline the customer.
-The U.S. Patriot Act was implemented October 1, 2003. One of the primary goals of this legislation is to combat the funding of terrorism and money laundering activities. This law requires all financial institutions to obtain, verify and record information that identifies each customer. OakStar Bank requires all new customer relationships to provide the required CIP information and to form a “reasonable belief” that the true identify of a customer is obtained.
Both Chexsystems and Red flag must be ran prior to CIF / Account Creation
new customer (no cif)
STOP! READ THIS FIRST!
- It's VERY important to initiate this process correctly. If your customer does exist in the system with a CIF & you initiate your Red Flag report here, you will receive errors. This step is only for new customers who do not have a CIF.
- Do not create your new customer's CIF before completing ChexSystems/RF. This will also result in errors.
- If a lending team member has created a CIF on the same day that you need to process ChexSystems/RF for that customer, please proceed by following the steps as though this is a new customer.
1. Click the Xperience tab in the top left corner.2. Click Links 3. Select the Red Flag link. This will open Process Maker.
click here log in screen
new customer (no cif)
1. Complete all required fields. 2. Check the box at the bottom of the screen, confirming that this is a NEW CIF, not an existing customer. 3. Click Submit Chex Validation. This will run ChexSystems & Red Flag, as well as create a Prospect in Synapsys for this new customer. After this step is completed, you will receive an email with a link to the Synapsys event (see next slide). *Physical address MUST be entered here, NEVER PO Box.
new customer (no cif)
You will receive an email similar to the below email. Click the link in the email to open the Synapsys event in Desktop. If your email does not have a link, that's okay! Click here to learn how to find the event in Desktop.
new customer (no cif)
1. Check your Qualifile Response. If Review, see ChexSystems Review section of this training. If Declined, see ChexSystems Decline section of this training. 2. Check your Red Flag Reponse. If Accept, nothing needs to be verified on their Red Flag. If Review, we must review the report to find what information needs further verification. To learn how to view the report, click here. 3. Enter verifying comments in the Comments section to satisfy any FAILED information on the Red Flag report. See Red Flag Verifications. 4. Change Review Status - click to determine the correct Review Status. 5. Click on the Complete Verafin Due Diligence link to complete Verafin & enter that it's been completed. 6. Change the Status of the event - click to determine the correct Status. 7. Click Save & Submit.
417-877-2020
S123456789
MO
01/01/1995
Needs Review
sclause@oakstarbank.com
1020 E BATTLEFIELD ST
222-22-2222
SPRINGFIELD
MO
OSB TEAM MEMBER
65807
VERIFIED ADDRESS WITH DRIVER'S LICENSE ON FILE, VERIFIED SSN WITH SOCIAL SECURITY CARD ON FILE <DATE> <INITIALS>
new customer (no cif)
done!
You can move on to create the customer's CIF!
Make sure you triple check the social security number while entering it into the system! It must match your Synapsys event.
existing customer
1. Go to the customer's CIF in Customer & Account Inquiry. 2. Click on Related Functions 3. Select Red Flag. This will open Process Maker.
click here log in screen
existing customer
1. Click Pre-Populate CIF Info 2. All CIP information except Address & ID information will populate from the CIF. Enter physical Address & ID. 3. Click Submit Chex Validation. This will run only Red Flag. If it's necessary to also run ChexSystems, click the toggle for Run Qualifile on Existing. After this step is completed, you will receive an email with a link to the Synapsys event (see next slide). *Physical address MUST be entered here, NEVER PO Box.
existing customer
You will receive an email similar to the below email. Click the link in the email to open the Synapsys event in Desktop. If your email does not have a link, that's okay! Click here to learn how to find the event in the CIF.
Existing customer
1. Check your Red Flag Reponse. If Accept, nothing needs to be verified on their Red Flag. If Review, we must review the report to find what information needs further verification. To learn how to view the report, click here. 2. Enter verifying comments in the Comments section to satisfy any FAILED information on the Red Flag report. 3. Change Review Status - click to determine the correct Review Status. 4. Click on the Complete Verafin Due Diligence link to complete Verafin & enter that it's been completed. 5. Change the Status of the event - click to determine the correct Status. 6. Click Save & Submit.
EXISTING - DO N
417-877-2020
S123456789
NA
MO
01/01/1995
Needs Review
sclause@oakstarbank.com
1020 E BATTLEFIELD ST
222-22-2222
SPRINGFIELD
MO
OSB TEAM MEMBER
65807
VERIFIED ADDRESS WITH DRIVER'S LICENSE ON FILE, VERIFIED SSN WITH SOCIAL SECURITY CARD ON FILE <DATE> <INITIALS>
existing customer
done!
You can move on to open/revise accounts for the customer!
ChexSystems declined
1. Complete the Review Status: change this to Deny. Click the to see the drop-down. 2. Change the status of the event to Completed. Click the to see the drop-down. 3. Click Save & Submit. 4. We must give the customer a copy of the Notice of Action Take (NOAT) form. To obtain this form, go back into the event. Click on the link in the Synapsys email, or search for your Prospect in Desktop - click here for instructions. 5. Scroll to the bottom of the event to Attachments & open the NOAT form - click here for instructions. 6. Print the form for the customer. 7. Click Back
DENY
417-877-2020
S123456789
MO
DECLINE
01/01/1995
Completed
sclause@oakstarbank.com
1020 E BATTLEFIELD ST
222-22-2222
SPRINGFIELD
MO
OSB TEAM MEMBER
65807
chexsystems review
If you receive a ChexSystems Review response, use this table to determine how to move forward with the customer relationship.
Red flag verifications
Red Flag Verifications-How to Proceed (obtain proof prior to creating account, best practice is to not make exceptions):
- Name: Should be verified by Government Issued Identification
- Elderly or Disabled: approved form of identification
- Minor: SSN Card, Birth Certificate, Student ID Card, Dependents Tax Return filing, medical or school documents.
- Address Verification Documents: Government Issued ID, Property Tax Receipt, Lease Agreement, or Utility Bill
- Minor: can be verified with the parent/guardian/custodian's red flag-if address passes. If not, verification may be required.
- Branch 311 - refer to your manager for acceptable address verification information.
- SSN Verification Documents: SSN card or filed Tax Return
- DOB Verification Documents: Government Issued Identification
- Elderly or Disabled: approved form of identification
- Minor: Birth Certificate, Dependents Tax return filing, medical or school documents
- Phone Number: Can be verbally verified by the customer.
What to do if the ID Match Failed
ID match failed
ID Match Failed- Missing Items indicates that the overall Red Flag failed and every point on the report needs to be verified (Name, SSN, Address, DOB, ID, Phone). If the SSN Match Passes, you still have to verify the SSN. The report showing 'Passed' strictly means that the SSN is a valid number and was issued in the expected timeframe (lining up with the DOB input) but does not 'pass' that the SSN is associated with the rest of the information on the report. Example: "Verified Name, DOB, Address & ID Number with Driver's License on file. Verified Social Security Number with social security card on file."
ID match partial fail
ID Match Failed- Items listed will show specific items that need verification (ie name, DOB, license, etc.). In this example, only the items that failed need to be verified (Address and License). If the SSN Match Passes and you don't see the name, DOB and address on the RF as passed or failed, then you still have to verify the SSN. The report showing 'Passed' strictly means that the SSN is a valid number and was issued in the expected timeframe (lining up with the DOB input) but does not 'pass' that the SSN is associated with the rest of the information on the report. Note the example provided does show the name, DOB and Address so this action won't be necessary. Example: "Verified Name, DOB, Address & ID Number with Driver's License on file. Verified Social Security Number with social security card on file."
Error - dELETING A pROSPECT
There may be a few reasons why you would need to 'Delete a Prospect'. (delete their Chexsystems/Qualifile report):
- You made an error when typing in the information when you ran the Chexsystems/Qualifile and need to rerun it.
- A new prospect (customer) came in and was previously "declined" when the Chexystems/Qualifile was ran. They want to try to apply for a account again.
To rerun the prospect Chexsystems/Qualifile again, you must first delete the existing prospect. If the first Prospect is not deleted prior to re-running the report, you will receive an error email (see next slide). Only the person that did the intial ChexSystems can delete the existing prospect! Once that is deleted a new report can be run. (Email automationintegration@oakstarbank.com if need assistance in deleting a prospect.)
Deletion Process:1. Find your Prospect in Synapsys Desktop by using the Search bar. 2. Locate your customer in the Prospects section & double-click into the Prospect. 3. Click Delete Prospect (lower left) 4. Email synergydeposits@oakstarbank.com and let them know you deleted a prospect so they can delete it off their credit. Very Important!!
Email- 'Prospect already exists'
Email Example:
What It Means:
The prospect (customer) has had a previous Chexsystems/Qualifile ran and is showing up as an existing prospect another one cannot be ran.
What to Do:
Delete the existing prospect profile and run the Chexsystems/Qualifile again.
Refer to the Deleting a Prospect slide.
Email - 'Prospect Has not Merged'
Email Example:
What It Means:
The prospects Chexsystems/Qualifile report cannot merge with a CIF. This could be due to:
- The information you typed in the Chexsystems/Qualifile report is different than the information entered when creating the CIF. Because of this, they can't merge. One of the following doesn't match: SSN number or D.O.B
What to Do:
1. Investigate BOTH the CIF and Chexsystems report to see which one has incorrect information:
- Either update the CIF via a synapsys event
- Delete the incorrect prospect and rerun Chexsystems report.
- Email synergydeposits@oakstarbank.com that you deleted a prospect.
2. Create CIF so the prospect can merge.
Email-'Process has been Terminated'
Email Example:
What It Means:
When the prospect tried to merge with the CIF, it could not merge, due to the CIF being created asa "non-individual" CIF. The Chexsystems/Qualifile process is for individual persons only. Not for business CIF's.
What to Do:
1. Investigate the CIF and make any corrections necessary via a Synapsys event. 2. Rerun Chexsystems/Qualifile if necessary.
Email-'Error retrieving Qualifile'
Email Example:
What It Means:
This email means that the Chexsystems/Redflag process is experiencing difficulty and is down.
What to Do:
Email automationintegration@oakstarbank.com
flow chart
Process Maker-Log in with SAML
New Customer- Start Red Flag in Enterprise Links
Existing Customer-Start Red Flag on CIF
ChexSystems/ QualiFile is automatically ran on New Customers & Prospect is created in Synapsys automaticallyClick here to view the Synapsys event. RedFlag / IDV is automatically ran on New and Existing Customers Synapsys event is created automatically
Account should not be opened. Requester will receive an email with the results and a link to the event. The Notice of Action Taken form will automatically be completed and attached to the Synapsys event- provide a copy to the customer either in person or via mail. Do not attempt to explain the reasons to the client, they must contact ChexSystems if they have questions. NOAT will automatically be added to Synergy. Deny relationship and 'complete' the event
Requester will receive an email with the result Red Flag will automatically be added to SynergyProceed with CIF/ Account creationAccept customer relationship and 'complete' event
ChexSystems Decline
ReviewChexSystem Status and/or Red Flag Failure(s)
ChexSystem Approved with No Red Flag Failure(s)
IDV / Red Flag Failure: Waiting on RF Verification
QualiFile / ChexSystems Review: Accept or Decline
Synapsys event will be assigned to the requester with details necessary to decide if QualiFile is acceptable or not Change status to "Completed" when Accept or Decline is selected
Record how the failed items were verified in the comments on the Synapsys event- include specific document type. Example: Address Verified with Utility Bill Upload copies of the verifications to Synergy If the customer does not have verification on them, Change status to "Waiting On Red Flag Verification". When the customer comes back with their verification, you can reopen the existing Synapsys event to finish the process. Change status to "Completed" when Accept or Decline is selected
thank you
You will never have a Username or Password for this site. Always log in with SAML.
1. In Xperience, click on Synapsys CRM, then click on Desktop. 2. In Desktop, search your customer's name in the search bar. 3. Locate your customer under Prospects & double click to open. 4. Click on Events/Activities & double click into the event to open it.
Select "Accept" under Customer Relationship in Synapsys.
Go to the customer's CIF in Customer & Account Inquiry. Click on Related Functions & select Red Flag. This will open Process Maker.
Select "Accept" under Customer Relationship in Synapsys.
Go to the customer's CIF in Customer & Account Inquiry. Click on Related Functions & select Red Flag. This will open Process Maker.
Accept - Select this option if the customer has provided any necessary verifying documents for their Red Flag. Waiting on Red Flag Verification - Select this option if we're waiting to obtain verifying documents for the customer's Red Flag (ex: Address Verification). This allows us to "pause" the process here & pick it back up later when the customer comes back in with their verifying documents. The customer has 14 days to return necessary documents. After 14 days, the prospect will be automatically deleted and the team member will receive an email. The process must start over after this.
Example of Red Flag Synergy Documentation:
Select the new Status of the event: Completed: Select this status if everything has been completed in the event & you're not waiting on additional info from the customer. NOTE: DO NOT complete the event until everything has been completed. You cannot come back to make changes to this event after it's been completed. Needs Review: If you're waiting on additional info from your customer (address verification, copy of social security card, etc.) you MUST leave your event in this status. If you change your status to Completed, you will not be able to reopen the event & you will have to start over with a new event.
The Notice of Action Taken form will be on the existing event for the client under attachments (towards the bottom of the screen). Note: You must click "open" on the far right to review the document. Also, the date added is not accurate and will always show 9/29- please disregard- the form is still correct. Don't forget to "Print all pages" from Synergy.
After providing the customer the form, select "Deny" under Customer Relationship in Synapsys.
You will never have a Username or Password for this site. Always log in with SAML.
Check the Qualifile Response & Red Flag Response. Scroll to the bottom of the event to Attachments & click Open to view the results. If verifications are needed, make notes in the Comments section of the Synapsys event. *If you fail to make Comments on a report that has a Review status, you will get emails every hour until you add your verification comments to this event. *Be VERY specific in your verification comments! Acceptable example: "Verified ID with Driver's License on file." Unacceptable example: "See ID." Enter the Review Status according to the Qualifile/IDV responses. See next steps
Example of Red Flag Synergy Documentation:
Complete all required fields. Click Submit at the bottom of the screen. If this is for an existing customer, you can click Pre-Populate CIF info at the top of the screen. After this step is completed, you will receive an email with a link to the Synapsys event. *Physical address MUST be entered here, NEVER PO Box.
Accept - Select this option if the customer passes ChexSystems & has provided any necessary verifying documents for their Red Flag. Deny - Select this option if the customer has been Declined in ChexSystems. Waiting on Red Flag Verification - Select this option if we're waiting to obtain verifying documents for the customer's Red Flag (ex: Address Verification). This allows us to "pause" the process here & pick it back up later when the customer comes back in with their verifying documents. The customer has 14 days to return necessary documents. After 14 days, the prospect will be automatically deleted and the team member will receive an email. The process must start over after this.
Complete all required fields. Click Submit at the bottom of the screen. If this is for an existing customer, you can click Pre-Populate CIF info at the top of the screen. After this step is completed, you will receive an email with a link to the Synapsys event. *Physical address MUST be entered here, NEVER PO Box.
The Notice of Action Taken form will be on the existing event for the client under attachments (towards the bottom of the screen). Note: You must click "open" on the far right to review the document. Also, the date added is not accurate and will always show 9/29- please disregard- the form is still correct. Don't forget to "Print all pages" from Synergy.
After providing the customer the form, select "Deny" under Customer Relationship in Synapsys.
The Notice of Action Taken form will be on the existing event for the client under attachments (towards the bottom of the screen). Note: You must click "open" on the far right to review the document. Also, the date added is not accurate and will always show 9/29- please disregard- the form is still correct. Don't forget to "Print all pages" from Synergy.
1. In Xperience, click on Synapsys CRM, then click on Desktop. 2. In Desktop, search your customer's name in the search bar. 3. Locate your customer under Prospects & double click to open. 4. Click on Events/Activities & double click into the event to open it.
Change the status of the event to Completed.
Check the Qualifile Response & Red Flag Response. Scroll to the bottom of the event to Attachments & click Open to view the results. If verifications are needed, make notes in the Comments section of the Synapsys event. *If you fail to make Comments on a report that has a Review status, you will get emails every hour until you add your verification comments to this event. *Be VERY specific in your verification comments! Acceptable example: "Verified ID with Driver's License on file." Unacceptable example: "See ID." Enter the Review Status according to the Qualifile/IDV responses. See next steps
1. In Xperience, search your customer's CIF & click CRM in the toolbar.2. Click on Events/Activities. 3. Locate the correct event & double click it to open it.
Click the Xperience tab in the top left corner & click Links. Select the Red Flag link. This will open Process Maker.
It's VERY important to verify that your new customer does NOT have a CIF in our system before you proceed as a new customer.
After completing Verafin by clicking on the link & visiting the website, select that you've completed Verafin here. Recommended to complete Verafin even on existing customers.
After completing Verafin by clicking on the link & visiting the website, select that you've completed Verafin here.
Because this customer's ChexSystems was declined, we will select Deny for the Review Status. It is never acceptable to override the Decline from ChexSystems & accept the relationship.
Select the new Status of the event: Completed: Select this status if everything has been completed in the event & you're not waiting on additional info from the customer. NOTE: DO NOT complete the event until everything has been completed. You cannot come back to make changes to this event after it's been completed. Needs Review: If you're waiting on additional info from your customer (address verification, copy of social security card, etc.) you MUST leave your event in this status. If you change your status to Completed, you will not be able to reopen the event & you will have to start over with a new event.
Click the Xperience tab in the top left corner & click Links. Select the Red Flag link. This will open Process Maker.
It's VERY important to verify that your new customer does NOT have a CIF in our system before you proceed as a new customer.
Scroll to the bottom of the event & click on the Attachments section. This is the ChexSystems & Red Flag report. Click Open to view it in Synergy.
SANTA S CLAUSE
222-22-2222
01/01/1995
1020 E BATTLEFIELD ST SPRINGFIELD MO 65807
S123456789
If any information on the report says FAILED instead of PASSED, we must obtain documentation to verify that piece of the customer's information. If the customer has FAILED information, and you've obtained documentation to verify that information, you must make your verifying comments in the Comments Section of the event. (Example: Verified address with Driver's License on file <Date> <Initials>)
What to do if the ID Match Failed
Scroll to the bottom of the event & click on the Attachments section. This is the Red Flag report. Click Open to view it in Synergy.
SANTA S CLAUSE
222-22-2222
01/01/1995
1020 E BATTLEFIELD ST SPRINGFIELD MO 65807
S123456789
If any information on the report says FAILED instead of PASSED, we must obtain documentation to verify that piece of the customer's information. If the customer has FAILED information, and you've obtained documentation to verify that information, you must make your verifying comments in the Comments section of the event. (Example: Verified address with Driver's License on file <Date> <Initials>)