Escheat Processing. Custom Escheatment Processing Application PS_ESCHEAT Application 3434

Transcription

1 Escheat Processing Custom Escheatment Processing Application PS_ESCHEAT Application 3434 Time Deposit Escheatment Application PS_TDESCHEAT Application 3435

2 Fiserv, Inc. or its affiliates. All rights reserved. This work is confidential and its use is strictly limited. Use is permitted only in accordance with the terms of the agreement under which it was furnished. Any other use, duplication, or dissemination without the prior written consent of Fiserv, Inc. or its affiliates is strictly prohibited. The information contained herein is subject to change without notice. Except as specified by the agreement under which the materials are furnished, Fiserv, Inc. and its affiliates do not accept any liabilities with respect to the information contained herein and is not responsible for any direct, indirect, special, consequential or exemplary damages resulting from the use of this information. No warranties, either express or implied, are granted or extended by this document. Fiserv is a registered trademark of Fiserv, Inc. Other brands and their products are trademarks or registered trademarks of their respective holders and should be noted as such. Page 2 of 17

3 Escheat Processing Overview: The Escheat Processing application package combines two applications which update the Date of Last Contact on all Deposit Accounts including Time Deposits. The two applications are the Custom Escheatment Processing Application (PS_ESCHEAT) and the Time Deposit Escheatment Application (PS_TDESCHEAT). Key Benefits: This application helps financial institutions to reduce the number of escheatable accounts, by updating the date of last contact on all of a customer s or member s accounts to the most recent contact date on any of that person s accounts. Page 3 of 17

4 Custom Escheatment Processing Application Overview: The PS_ESCHEAT application updates the Date of Last Contact on all Deposit Accounts (Accounts with a Major Account Type Code of CK, SAV, RTMT or TD ) based on most current Date of Last Contact for related accounts. The application also updates the person/organization user field Entity Date of Last Contact (8EDC) with the most current Date of Last Contact for any account owned by the person/organization. Processing: To determine the most recent Date of Last Contact, the application checks all accounts owned by the same tax owner to see if the Date of Last Contact has been updated on any accounts in the specified time period (based on the Start Date (SD) Parameter described below) where the account s status code is within one of the codes provided in the application parameter, Account Statuses To Include (DRST). If an account or accounts are found with Date of Last Contact in the current time period with a qualifying status code, all related Deposit Accounts owned by the same tax owner that have a status code provided in the application parameter, Current Acct Status Code (CASC) are updated to the most current Date of Last Contact found. The Entity Date of Last Contact (8EDC) user field is also updated. All changes are written to the DNA activity tables. If a deposit account s Date of Last Contact is updated by this application and has a current account status of Inactive (IACT) or Dormant (DORM), the status is updated to Active (ACT). Loan accounts and external accounts can be evaluated by this application (if they are specified in the Major Account Type Code (MJCD) parameter) when selecting the most current Date of Last Contact for a tax owner, but they are not updated by this application. If an account s Date of Last Contact, or an entity s Entity Date of Last Contact User Field, is equal to the most current date of last contact, no updates are performed. In addition to updating the Date of Last Contact and user fields, the application can also set Warning Flags on all Dormant Accounts, based on runtime parameter options. Each time the application is run, the Dormant Deposit Accounts (8DSA) warning flag is set on all Accounts with a Current Account Status of Dormant (DORM) and no active 8DSA warning flag. The application also inactivates the 8DSA warning flag on all Accounts where the Current Account Status is no longer Dormant. The Warning Flag functionality is activated via the Set Warning Flags (8SWF) Parameter. The products to evaluate for the warning flag are set via the Warning Flag Mj Acct Type Code Page 4 of 17

5 (8WMJ) Parameter defined below. All modifications (both new flags and inactivating existing flags) to 8DSA warning flags are written to the DNA activity tables. Specific Minors may be excluded from this application using the standard DNA Exclude Application functionality on the product set-up. Excluded minors are excluded both from evaluation and updation. Parameters: Parameter Code Description (how used) Required Default Start Date SD Beginning date to check for Date of Last No Contact. as Queue Effective Date. RptOnly_YN RPT Y = Produce a report of the projected changes No but do not update the DNA database. N = Process the prescribed changes and produce a report. as Y. Current Acct Status Code CASC Comma-separated list of status codes for which to update accounts. No If left blank, accounts with any current account status code may have the Date of Last Contact updated. Account Statuses To Include DRST See example Comma-separated list of status codes for which to evaluate accounts Date of Last Contact. If left blank, the CASC value is used for this parameter. No Set Warning Flags 8SWF See example Y = Set/inactivate 8DSA warning flags as applicable. N = Do not set/inactive 8DSA warning flags. as N. No Page 5 of 17

6 Parameter Code Description (how used) Required Default Warning Flag Mj Acct Type Code 8WMJ Comma-separated list of Major Account Type Codes. Indicates the accounts to be evaluated for the 8DSA warning flag. N Print Tran Type YN 8SPT Used only when 8SWF parameter = Y. as SAV. Y = Identify and print the Transaction Type Code of the transaction that last updated the Date of Last Contact. N N = Do not identify and print the Transaction Type Code. as N. Major Account Type Code MJCD Note: Selecting Y may add significant run time Comma-separated list of major account types to evaluate for the most recent date of last contact. When the most recent date of last contact is found, only accounts within these majors are updated with the most recent date of last contact. as SAV, CK, TD. N SAV, CK, TD Roles To Include ROLI Note: Although EXT is a valid value for this parameter, it should be noted that externally serviced accounts Date of Last Contact may not be a true reflection of customer contact. Comma-separated list of account role codes. When this parameter is populated, the application includes additional accounts that have the tax owner in the role(s) specified here. These additional accounts are handled by the application the same as if they had the same tax owner. N If left blank, then all the account roles will be considered. Page 6 of 17

7 Parameter Code Description (how used) Required Default User Field Code 8UFC The single user field code that identifies the person/organization level user field to check for a non null value. Any non-null value will cause the accounts owned by the tax owner person/organizations to have their date of last contact updated to the effective date of the N Use Calculation Variables 8UCV queue. Y = Check the 8POE account level variable. If Y and current account status = ACT, update the person/organization s Date of Last Contact to the System Post Date. N = Do not use the 8POE variable. N Escheatment Eligibility Age 8EEA as N. Minimum age for escheatment eligibility. If the person being evaluated is younger than the number of years specified in this parameter, the persons Date of Last Contact is updated to the system post date. N Require Account Ownership 8RAO as 0. Yes = A member must be the tax owner of an account to allow updates to the Date of Last Contact, based on the roles they hold on other accounts when the Roles to Include parameter is populated. No Y No = A member is not required to be a tax owner of an account to allow updates to the Date of Last Contact, based on the roles they hold on other accounts when the Roles to Include parameter is populated. as Y. See example Page 7 of 17

8 Current Account Status Code vs. Account Statuses To Include The purpose of these 2 parameters is to allow the application to use one status when looking at accounts to determine the most recent Date of Last Contact and another status when considering which accounts to update. For example, if the Closeout Withdrawal transaction is configured to update an account s Date of Last Contact, the financial institution may wish to include accounts with a Closed status when evaluating the most recent Date of Last Contact for the tax owner. Since it would not be desirable to have the application update Closed accounts to an Active status, however, separate parameters are used to differentiate the two functions. Require Account Ownership example Assuming PS_ESCHEAT is run with the Roles to Include parameter set to OWN,SIGN and the following accounts are evaluated: Dormant Savings Active Loan Joe Tax Owner N/A Jane OWN SIGN Jill N/A Tax Owner When Require Account Ownership = Y, Joe s account will remain dormant (and the date of last contact will not be updated). When Require Account Ownership = N, Joe s account is made active (and the date of last contact is updated) because Jane has a role on Jill s active account even if Jane herself is not currently a tax owner on an account with the Financial Institution. Variables: The following variable is located under the Escheatment Processing calculation type at the major/minor level. Variable Code Description (how used) Data Type Default Prevents Owner Escheatment 8POE Y = Set Date of Last Contact to System Post Date for any person/organization having an active account in this minor product. YN User Fields: Code Description DataTyp PersYN OrgYN AcctYN PropYN Cd 8EDC Entity Date of Last Contact DATE Y Y N N Page 8 of 17

9 Scheduling (for batch applications): This application may not be run back in time, and should be run after all batch applications and procedures that may modify Date Last Contact have completed. Also prior to the MS_DIUPD application found in the standard Post Cycle queue. Report (s): This application produces a report containing two sections. The Date Last Contact Update section is always printed. The Warning Flag section is only printed when the Set Warning Flags (8SWF) Parameter is set to Yes. Field Listing: Field Name Most Current Date Last Contact Acct Nbr of Most Curr Dt Lst Contact Role Description Date Last Contact/Status Account Updates The name of Tax Owner. The most current date of last contact. The account number of account with most current date of last contact. The account role of the Person/Organization in the updated account. Page 9 of 17

10 Field Tran Type Account Number Major Minor Orig Stat Upd Stat Original Date Last Contact Total Number of People Affected Total Number Accounts Owned by People Updated Total Number of Organizations Affected Total Number Accounts Owned by Organizations Updated Account Number Major Minor Status Modification Type Warn Flag Effect Date Warn Flag Inactive Date Total Number of Warning Flags Set Description Transaction Type Code of the Transaction causing the Date Last Contact update. This field is blank when the Date Last Contact is manually updated, rather than transaction-triggered, and when the Print Tran Type YN (8SPT) Parameter is not set to Yes. The account number which will be updated with most current date of last contact. Major Account Type Code of the updated account. Minor Account Type Code of the updated account. Original Current Account Status Code of the updated account. Updated Current Account Status Code (blank if not updated) of the updated account. Previous Date of Last Contact of the updated account. Summary Total Number of People Affected by this application. Total Number of Accounts Owned by People Updated by this application. Total Number of Organizations Affected by this application. Total Number of Accounts Owned by Organizations Updated by this application. Warning Flags on Dormant Accounts The Dormant account on which Warning Flag will be set. Major Account Type Code of the Dormant account. Minor Account Type Code of the Dormant account. The current Account Status Code of the dormant account. This will show whether warning flag is added or inactivated. The Effective Date of the warning flag. The Inactive Date of the warning flag. Summary Total Number of accounts on which Warning Flag is added. Page 10 of 17

11 Field Total Number of Warning Flags Inactivated Description Total Number of Accounts on which Warning Flag is inactivated. Page 11 of 17

12 Time Deposit Escheatment Application Overview: This application updates the Date of Last Contact on all Time Deposit accounts (accounts with a Major Account Type Code of TD ) based on most current Date of Last Contact for all related deposit and loan accounts (regardless of Major). All accounts are linked based on tax owner. Processing: This application selects all Time Deposit accounts having a Date of Last Contact less than X months in the past, where X represents the value of the Number of Months (MTHS) parameter. For each account selected, the application searches all deposit and loan accounts having the same tax owner. If an account is found having a Date of Last Contact greater than that of the Time Deposit account, the Time Deposit s Date of Last Contact is updated to the most current one found. If a related account with a greater Date of Last Contact cannot be located, the Time Deposit account is listed in the exceptions section at the end of the report. The following example assumes an application run date of 6/1/2004. Based on a Number of Months parameter = 36, all Time Deposit accounts with a Date of Last Contact less than or equal to 6/1/2001 are selected for evaluation. If the Time Deposit Account in question has a Date of Last Contact of 1/18/2001, and one of the following three scenarios occurs: Another account with the same tax owner is found with a Date of Last Contact of 4/7/2003. The Date of Last Contact on the Time Deposit Account is updated to reflect the 4/7/2003 date. Another account with the same tax owner is found with a Date of Last Contact of 3/28/2001. The Date of Last Contact on the Time Deposit Account is updated to reflect the 3/28/2001 date. However, since this is also outside of the 36-month window the account still appears on the exception section of the report. No other account is found with a more current Date of Last Contact. No updates are performed, and the account is listed in the exception section of the report. This application does not update account statuses or the Entity Date of Last Contact User Field. Page 12 of 17

13 Parameters: Parameter Code Description (how used) Required Default Number of MTHS The number of months in the past Yes Months a Time Deposit s Date of Last Contact must be for this application to evaluate it. RptOnly_YN RPT Y = Produce a report of the projected changes but do not update the DNA database. N = Update the applicable accounts and produce a report. No Current Acct Status Code CASC If left blank, then default value will be considered as Y. Comma-separated list of Account Status Codes. Only accounts with a Current Account Status Code equal to a code listed in this parameter are evaluated and updated by this application. Status applies to both deposit/loan accounts evaluated and time deposit accounts updated. No If left blank, then all accounts will be considered for evaluation/updation. Scheduling (for batch applications): This application may not be run back in time, and should be run after all batch applications and procedures that may modify Date Last Contact have completed. Also prior to the MS_DIUPD application found in the standard Post Cycle queue. Page 13 of 17

14 Report (s): Field Listing: Field Name Account Number Major Minor Description Time Deposit Accounts Modified The name of Tax Owner. The TD account number which will be updated with most current date of last contact. Major Account Type Code of the updated TD account. Minor Account Type Code of the updated TD account. Page 14 of 17

15 Field Status Original Date Last Contact Updated Date Last Contact Acct Nbr of Most Curr Dt Lst Contact Most Current Date Last Contact TD Maturity Date Total Number of Accounts Updated Name Account Number Major Minor Status Original Date Last Contact Updated Date Last Contact Acct Nbr of Most Curr Dt Lst Contact Most Current Date Last Contact TD Maturity Date Total Number of Exception Accounts Updated Total Number of Exception Accounts Not Updated Description Original Current Account Status Code of the updated TD account. Original Date of Last Contact of the updated TD account. Blank for exceptions. Updated Date of Last Contact of the updated TD account. The Account Number of Related Account with Most Current Date of Last Contact. Blank for exceptions. Date of Last Contact of Related Account. Blank for exceptions. The maturity date of TD account. Summary Total Number of TD accounts updated. Time Deposit Exception Accounts The name of Tax Owner. The TD account number which will be updated with most current date of last contact. Major Account Type Code of the updated TD account. Minor Account Type Code of the updated TD account. Original Current Account Status Code of the updated TD account. Original Date of Last Contact of the updated TD account. Blank for exceptions. Updated Date of Last Contact of the updated TD account. The Account Number of Related Account with Most Current Date of Last Contact. Blank for exceptions. Date of Last Contact of Related Account. Blank for exceptions. The maturity date of TD account. Summary Total Number of TD accounts where Date of Last Contact updated but the updated Date of Last Contact is less than Application Run Date Number of Months parameter value. Total Number of TD accounts where Date of Last Contact not updated and the Date of Last Contact is less than Application Run Date Number of Months parameter value. Page 15 of 17

16 Additional Requirements: Fiserv DNA 3.0 or higher. There are several steps a financial institution should take prior to using this functionality to ensure a successful implementation. They are: o Review and understand how the current system settings for dormancy, inactivity, fee processing, letters and abandoned reporting. This will help in deciding whether or not to use the new Set Warning Flags option in PS_ESCHEAT. Some beta clients felt that this flag would be more confusing to the Tellers since the current processing/procedures are sufficient. o Review the transaction codes under System Operations Transaction Category Update Last Contact to ensure that the correct values are on each transaction. o Determine where in the nightly production batch queues to add these new applications. It is important to run it after any application that could update the Date Last Contact field and prior to the MS_DIUPD application found in the standard Post Cycle queue. o First time execution considerations: The first time that PS_ESCHEAT is run; there will be some system catch up that needs to be done that will require the start date to be back one or more months. This will add run time to the program and it is recommended that it be done on the weekend or another time with an extended processing window. The first time that PS_TDESCHEAT is run will need to be run back in time for several months. After that, the program frequency may only be quarterly. Installation: Note: If you obtained this application from the DNAappstore, please disregard the installation instructions below. If you did not obtain this application from the DNAappstore, please complete the installation instructions below. Run the PS_ESCHEAT.WTS and PS_TDESCHEAT.WTS scripts to register the application. If not defined already, edit the institution option BATP (PS Batch Report Directory) with the designation of a custom program directory (ex: G:\OSI\BANK\BAT_EXE\PS\). Copy the PS_ESCHEAT.SQT and PS_TDESCHEAT.SQT to the Professional Services (PS) directory. Once PS_ESCHEAT.WTS and PS_TDESCHEAT.WTS script has been successfully run, PS_ESCHEAT.SQT and PS_TDESCHEAT.SQT can be executed in Batch. In the System Module of DNA, go to Institution > Applications and enter the supplied Authorization Key for this application. Page 16 of 17

17 Configuration Checklist: Item Parameters Variables User Field Test Environment Production Environment Revisions: Date App Change Version # 08/ Resultant User field Update/Insert message moved to the correct place for each entity 05/ Added EXT major to Process-Accounts so that DateLastContact will not be updated as per documentation. 08/ Re-Packaged and Re-documented for DNA AppStore. 07/ Modified data type of User Field (8EDC) from STR to DATE. 08/ Case corrections made to prevent a blank Date of Last Contact. 05/ New logo 05/ Documentation change only. Updated formatting and clarified content. Applied AppStore installation verbiage. 01/ Removed Update Status Codes parameter originally added in error. 01/ Added new parameter Update Status Codes. Added the ability to exclude specific products from processing using the DNA Exclude Application Assignment screen. 09/ Added new parameter Require Account Ownership. Fixed bug where the date of last contact on non-deposit accounts would be updated. 08/ Added new parameters Use Calculation Variables, Escheatment Eligibility Age, and User Field Code. Added new calculation variable Prevents Owner Escheatment. Page 17 of 17