Automated Withholding Report

The Automated Withholding Report application is an updating application that allows a Financial Institution to evaluate and apply Federal Withholding to select eligible transactions processed via a previous batch posting application.

This allows "bulk" withholding transactions to be applied in an automated manner instead of having to process withholding transactions manually for each eligible account affected. This is especially useful when transactions are posted via a SWIM file load/posting or in a similar special dividend/bonus payment/deposit run, so a Financial Institution can run special files/postings and then immediately run the Automated Withholding Report to evaluate and apply Federal Withholding where needed.

Key Benefits

The Automated Withholding Report application provides the Financial Institution with several operational efficiencies, which include:

• Flexible options to work with different Federal Withholding scenarios, including withholding set at the account level and incomplete tax setup/status of the account holder.
• Multiple deposit transaction types are eligible (Deposit, Descriptive Deposit, and Bonus Payment) for evaluation.
• Updates the Federal Withholding YTD bucket when run in an updating mode.
• Allows a description to be added to the withholding transaction for both accountholder and GL offset view, making it easy to see what application or process "triggered" the withholding transaction.