Fraud Alert Reporting Form

CO-OP Shared Branching has implemented a Fraud Suspect and Fraud Profile form to be used by all credit unions that wish to have fraudulent activity posted on the fraud alert website.

This form should be used for any fraud perpetrated in a Shared Branch, ATM, New Account, or Internal environment. Make sure the information completed on this form is clear, and give as much information as possible, or allowed, since CO-OP will not alter the content.

Upcoming Network Enhancements

Since April 2014, CO-OP Shared Branching has been working with your respective data processor to perform coding enhancements to the ISO-8583 shared branch specifications. As a result, CO-OP Shared Branching has mandated all data processors code to the Extended ISO-8583 specifications by September 8th. Please note the new enhancements scheduled for September 8th, will be a seamless update from a credit union perspective. As such, credit union front and back office operations will not be impacted.

The purpose of these enhancements is to standardize the message format shared between all network switches NGN Direct Connect, FIS & Fiserv Third Party - so all the same information is passed in the same spots (bits). With that being said, please check with your data processor to ensure they are scheduling the update with your credit union. In addition, CO-OP will be rolling-out a second round of enhancements scheduled for June 2015.

This notification outlines the coding enhancements for September 2014 and June 2015. Plus we have a FAQ document that may assist with any questions.

As always, feel free to contact Sandy Shenk if you have questions regarding these changes.

Adjustment Procedure

When your credit union is completing an adjustment for a returned item or to correct an error, the CO-OP Shared Branching Policies and Procedures require the acquirer completing the adjustment to notify the issuer credit union.

The CO-OP Shared Branching Policies and Procedures states the following for returned items; however it applies to any adjustment being completed for over $500:

The acquirer must notify the issuer credit union by telephone, fax or email of any item $500 or more being returned to the acquirer before end of day the same day they receive notice, if the acquirer is notified of return prior to 2pm local time. If received after 2pm local time, the acquirer is encouraged to notify the issuer the same day but notice must be given no later than 2pm local time the next business day.

Please note that the acquirer’s time frame for notifying the issuer begins to run when the acquirer receives the return notice, through whatever means allowed by the FRB regulations or Uniform Commercial Code and not necessarily when it receives the actual item (returned check).

The acquirer must retain documentation and/or confirmation indicating the issuer was notified. If the issuer is not notified within the stated timeframe, and losses could have been prevented, the liability of the returned item generally rests with the acquirer. Please make sure staff that handles adjustments is aware of this requirement; and is following it by notifying the issuer credit union and documenting the notification date, time, contact person, and conversation notes. This is imperative since failure to comply could result in a loss to the acquirer credit union if this is not followed, and the issuer credit union suffers a financial loss.

If your credit union has questions or needs a refresher on training on adjustments, we encourage your staff to complete the Adjustment Computer Based Training (CBT) module. You will notice two versions for this course, if your credit union processes adjustments using the NGN Online, then you will take the Online version. However, if your credit union is a FiServ client and you process your adjustments through FiServ, or fax your adjustments in, then you will take the Fax version.

Please remember that the CBT modules are provided free of charge to all credit unions to ensure staff is aware of all procedures related to shared branching. If you need access information, please contact Sandy Shenk.

Nationwide Convenience Just Got Easier

The nationwide convenience of CO-OP became even more visible with their launch of an enhanced ATM and Shared Branching locator interface. This new interface will provide a single reliable resource for members seeking to easily access their accounts; and provides a clear picture of the magnitude of CO-OP’s ATM and Shared Branch network when consumers visit CO-OPCreditUnions.org.

The ability to quickly find nearby CO-OP ATM and Shared Branch locations is a powerful demonstration of the convenience CO-OP’s credit union partners can offer. Now that ability is becoming even more intuitive by streamlining the user interface and providing an enhanced search results display.

Effective August 6, the co-opatm.org, co-opsharedbranch.org, and allco-op.org URLs were redirected to CO-OPCreditUnions.org/locator.  Keep in mind that your credit union and members should only search for shared branch locations unless you also participate in the CO-OP ATM network.  The CO-OP ATM network requires a separate agreement.

At this time, we do encourage your credit union to leave the www.co-opsharedbranch.org link on your website as it will be redirected to the new site and ensure members are only searching for shared branch locations.

Branching Out is a monthly publication of Pennsylvania Credit Union Service Centers, Inc.

For questions about this newsletter or about shared branching, please contact Sandy Shenk, PaCUSC State Coordinator, 800-932-0661, Ext. 5267.