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Our Deposit Operations Team at WTB spend an average of 3 hours per day in performing FDIC maintenance on new accounts opened from the previous day to ensure correct coding for FDIC coverage and call reporting. We work the information from the Synergy RF4059 report.
Do all banks perform this same maintenance?
Has anyone found a more efficient way to complete this maintenance?Thank You!
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We do not perform daily maintenance as we found that the system doesn’t calculate the uninsured deposits amount exactly like the FDIC. We followed JHA’s suggestion of applying the Joint code to all accounts. Then we use Cognos to validate the amount per how the system calculates it. It is very confusing and we are still working through our process. Feel free to reach out to discuss further.
-Heather Luna
lunah@missionbank.bank
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