Purging share accounts

Related Topics

For more information regarding purging, see Purging Account and Member Records.

The following checkboxes in the Transaction Activity section on the Credit Union Profile – Purge tab specify the purge options for member share accounts. To access the Credit Union Profile – Purge tab, select Profiles under Administration on the Portico Explorer Bar. On the Profiles menu bar, select System, then select Credit Union. On the Credit Union Profile window, select the Purge tab.

Checkbox Description

Member Close Date Required

If selected and the last transaction date is zero, Portico purges the account when the purge date is 365 days or greater than the Member Close Date on the Contact Information tab.

Portico Host: 906 Transaction - MBR CLOSE DAY REQ field)

Zero Transaction Date

If selected and the last transaction date is zero, Portico purges the account when the purge date is 365 days or greater than the Share Open Date field on the Contact Information tab.

If not selected, the system does not purge share accounts with a last transaction date of zero. This is the system default.

(Portico Host: 906 Transaction - ZERO TXN DT field)

Primary Share

If selected, share type 01 accounts purge on the next purge date, when it is 365 days or greater than the last transaction date.

(Portico Host: 906 Transaction - PRIMARY SHR field)

Retain Share/Certificates

If selected, Portico retains share and certificate accounts that have current YTD dividend/interest greater than zero even if you satisfy all other purge criteria. This option allows you to retain, until April 15, all share and certificate accounts that had YTD dividend/interest greater than zero in the previous year. The system does not purge an account if these requirements are met regardless of any other purge options.

If not selected, Portico does not retain share and certificate accounts with current YTD dividend/interest greater than zero. If the account meets all other purge criteria, Portico purges the account and adds the dividend/interest amounts to the lowest share type on the member record. System default.

(Portico Host: 906 Transaction - RETAIN SHR/CD field)

The following criteria define when Portico purges share accounts:

  • You select the Primary Share checkbox for share type 01. If the member does not have an 01 share account, Portico does not purge the lowest share type found if you select this checkbox.
  • The share balance is $0.00.
  • You meet the transaction date criteria required by the Zero Transaction Date option.
  • You meet the current YTD dividend/interest criteria required by the Retain Share/Certificates option.
  • The Allow Account to Purge checkbox is selected on the Stmts/Reporting/Notices tab.
  • The share account is not a payroll share type.
  • The share account does not have a payroll distribution directed to it.
  • The share account is not in Collections.
  • The share account is not associated with a loan pledge.
  • For share type 01, there is no withholding on the 01 share account.
  • You do not include the share account in the member's Account Analysis.
  • The dividend amount is less than $10.00.

If the member does not have an 01 share type, Portico does not purge share accounts with year-to-date interest.

If the share type is an escrow share account, the escrow share account must meet the required purge criteria for share accounts and the loan must meet the required purge criteria for loans. Then, both the escrow share account and loan purge at the same time.

If you select the Create Member Purge Closed Account Cross-Reference checkbox on the Credit Union Profile - Purge tab, Portico adds records to the Closed Account File dialog box when an account is purged during the back-office nightly cycle.

Refer to Purging IRAs and Purging HSAs for information about purging IRA share accounts and HSA share accounts.

The following exceptions appear on the 935 Report if the share account does not meet the purge criteria:

  • S01 - The member has an escheat balance and cannot be purged until advertising regulations have been met.
  • S02 - The member has a share account with a last statement balance not equal to $0.00.
  • S03 - The member has a share account with a last transaction date after XX/XX/XX.
  • S04 - The member has a share account with a last transaction date of zero, and the Zero Transaction Date checkbox is not selected on the Credit Union Profile - Purge tab.
  • S05 - The member has year-to-date interest greater than $10.00.
  • S06 - The member has a withholding amount not equal to $0.00.
  • S07 - The member has an IRA share. IRA shares are purged in June and September purges.
  • S08 - The member has an IRA share account with a last transaction date this year.
  • S09 - The member has a share pledged to a loan belonging to another member.
  • S10 - The member has a share pledged to a loan, which is not being deleted.
  • S11 - The member has a dividend/interest.
  • S12 - The member has a share in Collections.
  • S13 - The member has a share in Account Analysis.
  • S14 - The member has an HSA share. HSA shares are purged in June and September purges.

Related Reports:

  • Purged Collection Accounts Report 735
  • Purge Exception Report 935