dormancy frequently asked questions

Question: A member has not had any financial transactions in more than the number of months specified on the report rules for the 255 Report. Why is this member not on the Dormant Member Report 255?

Answer: The Dormant Date field on the Contact Information tab has a date which is less than the number of months specified on 255 Report Rules, or the Dormant Account checkbox is not selected on the Contact Information tab after the report ran.

 

Question: A member has a date in the Dormant Date field on the Contact Information tab and no one has manually entered it. Where did it come from?

Answer: (a) The member had an account that was purged from the system. The system enters the last transaction date of the last purged account in this field.

(b) The member was on the credit card file received that day and the Update Dormant Date checkbox is selected on the Credit Union Profile – Loans tab.

 

Question: A member’s account has been inactive for a long time and appears on the Dormant Member Report 255, but the Dormant Account checkbox is not selected on the Contact Information tab. Why?

Answer: Either the Dormant Account checkbox is not selected after the report ran, or the Prevent Dormant Shares Process field is N on the 250 Report Rules.

 

Question: The report rules for the 250 Report are set up to produce the 255 Report, but the credit union is not receiving the 255 Report. What happened?

Answer: Although the 250 Report Rules are set up correctly to generate the 255 Report, the 255 Report Rules must still indicate if the credit union wants this report in Nautilus Essentials.

 

Question: The Prevent Dormant Shares Process field is Y, but Portico does not select the Dormant Account checkbox on the Contact Information tab for the qualifying members. Why?

Answer: The credit union is set up to produce the 250 Report, not the 255 Report. If the 250 Report is set up, the Dormant Account checkbox is not selected.

 

Question: A member met the dormancy criteria and was on the 255 Report one month, did not have any financial activity, but did not appear on the report the following month. Why?

Answer: Due to a dormant account Flexible Fee or some other reason, the account balance was brought to zero or negative when the 255 Report ran. The system resets by not selecting the Dormant Account checkbox if the balance is zero or negative.

 

Question: Why did a member not appear on the 250 Report as inactive on the 01 share account?

Answer: For the Dormant Share Report 250, if the share type has not had any activity, but the loan is active, then the share type does not appear on the 250 Report. If the loan did not have activity either, then the inactive share type will appear on the 250 Report. The same rule applies to certificates.

Dormant shares for a member will only appear on the 250 Report if all loans and certificates for that member are also dormant.

 

Question: A member’s account is dormant. They have notified the credit union in writing that they want to keep their account active, but they do not want to complete financial transactions. How can I prevent the account from being considered dormant without completing financial transactions?

Answer: The account is considered dormant if the last financial transaction date and the dormant date on the member’s account is a number of months in the past equal to or greater than the value in the Months Before Account Inactive/Dormant field on the 250 Report Rules. To prevent the account from becoming dormant, enter the current date or a date in the future, but not beyond 12/31 of the current year, in the Dormant Date field on the Contact Information tab.

 

Question: Are credit cards used to determine if a member is dormant?

Answer: Portico evaluates credit cards to determine if a member is dormant and should appear on the Dormant Members Report 255. If a member has a credit card, Portico verifies the credit card balance is zero. If the balance is zero, then Portico compares the expiration date to the dormant date. If the expiration date is greater than the dormant date, the member is considered active. If the expiration date is less than or equal to the dormant date, the member must meet all other dormancy criteria to be determined dormant. A member remains under the dormant status even if the credit card processor transmits an update on the credit card. Credit cards are not evaluated in determining if a member’s share account is inactive or dormant and should appear on the Dormant Share Accounts Report 250. As with certificates, Portico does not evaluate credit cards in reporting a member’s share account as inactive or dormant.