Purging certificates

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

The following checkbox in the Transaction Activity section on the Credit Union Profile – Purge tab specifies the purge option for member certificate 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

Retain Share/Certificates

If selected, Porticoretains share and certificate accounts that have current YTD dividend/interest greater than zero even if all other purge criteria is satisfied. 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. An account will not purge 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)

Portico purges non-IRA and non-HSA certificates if:

• The purge date is 365 days or greater than the last transaction date for the account. If the last transaction date is zero, Portico purges the account when the purge date is 365 days or greater than the Date Joined field on the Contact Information tab.
• The certificate balance is $0.00.
• The penalty amount is $0.00.
• The last dividend date is prior to or equal to the last quarter-end date.
• The last statement balance is $0.00.
• The maturity date is prior to or equal to the last quarter-end date.
• The Allow Account to Purge checkbox is selected on the Stmts/Reporting/Notices tab.
• The current YTD dividend/interest criteria required by the Retain Share/Certificates option is met.

Refer to Purging IRAs and Purging HSAs for information on purging IRA certificate accounts and HSA certificate accounts.

The following exceptions will appear on the 935 Report if the certificate does not meet the purge criteria:

• C01 - The member has a certificate with a maturity date after XX/XX/XX.
• C02 - The member has a certificate with a penalty amount.
• C03 - The member has a certificate with an interest-calculated-to-date after XX/XX/XX. (Calculated To Date field on the Certificates - Interest tab)
• C04 - The member had a certificate balance not equal to zero on the last statement.
• C06 - The member has an OID certificate with year-to-date interest not equal to $0.00.
• C07 - The member has a non-IRA certificate with year-to-date interest and does not have a non-IRA share type.
• C08 - The member has a non-IRA certificate with a withholding amount and does not have a non-IRA share type.
• C09 - The member has an IRA certificate. IRA certificates are purged in June and September purges.
• C10 - The member has an IRA certificate with a last interest-paid-to-date during the current year.
• C11 - The member has an IRA certificate with year-to-date interest and does not have an IRA share account.
• C12 - The member has a certificate pledged to a loan belonging to a loan belonging to another member.
• C13 - The member has a certificate pledged to a loan which is not being deleted.
• C14 - The member has CD interest.
• C15 - The member has a certificate with a last transaction date after XX/XX/XX.
• C16 - The member has an HSA certificate. HSA certificates are purged in the June and September purges.