The Certificate/IRA Processing Module provides your credit union with an efficient means to offer savings and retirement products with longer duration's.

Details

• A fully integrated module, Certificate/IRA provides all the tools, controls and reports to manage this generally higher yielding member investment.
  
  
• Certificates and IRAs support 99 different types, permitting multiple savings opportunities to be offered to your membership.
  
  
• Essential information is entered once, through teller posting, into the certificate master file.
  
  
• This file consolidates all data including date opened, account type, interest rate, maturity date, and interest amount fields.
  
  
• Special support for IRA's includes the ability to distinguish between prior and current year contributions.
  
  
• Transaction codes for SEP and DEC contributions and excess withdrawals perfect the audit trail.
  
  
• The Certificate/IRA Module can automatically disburse funds once retirement age has been reached.

Certificate Benefits

• Seamless integration with Share/Loan Module
• Fixed length durations
• Automatic Rollover Posting
• Fixed and Variable Interest Rates
• Regular Share Type Certificates
• New Certificate Receipts (T-I-S)
• Accrual reporting on-screen
• Automatic interest calculation
• Context sensitive help
• Unlimited interest rates
• Unlimited time durations
• Transaction receipts
• Certificate Form Printing
• Maturity Notices
• Daily dividend compounding

IRA Benefits

• Full support for following IRA's:
  • IRA
  • SEP
  • Simple
  • Roth
  • Roth Conversion
  • Education
• Automatic Tax Withholding
• Withdrawal Reason Codes
• Beneficiary Input
• Full support for 5498 and 1099R Reporting
• Unlimited interest rates
• Unlimited time durations
• Automatic Disbursements at ages 55 and 70
• Fixed and Variable Interest Rates
• Tracks current and prior year contributions and distributions
• Daily dividend compounding