Attention Xtend Clients,
At Xtend’s Board of Directors meeting in March, the 2024 XSB Guidelines were presented and approved based on recommendations from the Xtend Shared Branch Advisory Committee. The updated guidelines have been posted to the alerts page found in CU*BASE.
The changes include:
- Removing large check notifications.
- Extending hold requirements from 2 to 5 days on certain checks.
- Requiring credit unions to track uncollected funds for shared branch deposits.
The type of checks the hold is applicable to has not changed, and still includes items such as personal checks, new accounts, and checks over $1,500. Additionally, uncollected funds can be monitored utilizing Tool #878 and Tool #919 in CU*BASE. The credit union is no longer required to send out paperwork regarding these items, nor should you expect to receive them. Please be sure to remove this task from your daily processes effective 04/01/2024.
The decision to eliminate large check notifications and extend the required hold days was not made lightly but was necessary to protect member information. If you have any questions, comments, or concerns please reach out to us at info@xtendcu.com.
Thank you for your continued partnership with Xtend!