What You’ll Learn
- How business members can help ensure account security by updating their treasury documentation.
Salal Credit Union offers its business members a wide variety of Treasury Management services, including Mobile and Online Banking, ACH and wire services, Remote Deposit services, and the Positive Pay fraud prevention service. To set up each service, Salal must obtain a signed agreement authorizing the service and any related charges, and to satisfy our auditors, we must keep all of our members’ files up to date. To accomplish this latter requirement, in June we launched a treasury documentation cleanup project, and we appreciate how many of you have already completed the DocuSigns we’ve sent out.
Some of our members have been with Salal for as long as a decade, but this cleanup project is happening now because we have recently revised our Treasury Management agreements and enrollment forms. “We reviewed our entire business member base that utilizes our Treasury Management products to ensure we have all necessary updated forms completed and filed,” said Angie Raham, Senior Business Banking Operations Manager. “We wanted to make sure that we had complete document packages with the appropriate corresponding addendums for file documentation integrity.”
Hillary Carlson, Business Banking Program Analyst, added that, “some members may have enrolled in a service that is complementary to business digital banking, such as ACH or Positive Pay, using the new enrollment forms. We may need to have those same members sign an updated business digital banking enrollment form to ensure that the agreements and addendums match.”
We’ll be taking a comprehensive look at every member’s Treasury Management services. “This includes a review of enrolled treasury management services for each member to ensure we have signed agreements on file that reflect current limits, primary administrators, and enrolled accounts,” Hillary said. “The most common forms we may request are enrollment forms for business digital banking, ACH, online wire transfers, and remote deposit services.”
These reviews are important not only for your account security, but also for the protection of Salal’s Cannabis Program as a whole. “Reviewing the enrolled services, accounts, and limits helps maintain security of all business accounts,” Hillary said.
You might receive a DocuSign anytime between now and the end of the year. “We would appreciate it if our members would complete these forms as soon as they can to ensure they do not lose access to services they rely on to operate their businesses,” Hillary said. “We want to ensure members have the access they need to run their businesses and service limits that make sense for their day-to-day operational needs.”
We’re doing our best to reduce the work we’re asking of you. “With this project, we are completing a holistic review of our files, including all related and required forms together in one DocuSign packet, to help minimize the impact on our business members,” Angie said. “There is also a change to our Treasury Management forms, where we are including a table to review beneficial ownership to confirm that the information we have on file is current and correct, and if not, we’ll be able to get an updated form out quickly.”
Helping us now will also help you in the future. “We have multiple teams within the Business Services Department at Salal, so the more often we have complete and up-to-date information for our business members, the quicker we’ll be able to provide service for any requests our business members have,” Angie said. “This also assists with ongoing audits the credit union undergoes, as the banking industry is a heavily regulated industry.”
And you can help in ways beyond signing your DocuSigns promptly. “This is also a great time for members to review their users and make any updates needed,” Hillary added. “Taking a moment to disable access for employees who are no longer with your company or adjust limits for employees who have changed roles can help keep your accounts protected from unauthorized use.”
Please reach out to your Account Officer if you have any questions about our treasury documentation cleanup project or wish to explore new Treasury Services for your business. We’re happy to help!
