Penalty Waiver Reason Tracker

​Financial Institution will use this application to capture penalty waiver reasons when the teller waives penalty for Share Certificate and IRA Certificate accounts through Transaction express screen by performing Withdrawal or Close Out Withdrawal transaction. A list of approved penalty waiver reasons are identified for Share Certificate & IRA Certificate accounts by audit and regulatory compliance team of institution. That list of approved penalty reasons will be displayed as a drop down list in the new app. Post implementation of these approved reasons, institution can identify the records why or on what reasons the penalties were waived on a Share Certificate/IRA Certificate accounts. The application will be easily accessible as a slide out at the Usability Transaction Express screen. Currently DNA does not have any approved list of penalty waiver reasons that are available while waiving penalty for Share Certificate and IRA Certificate accounts through Transaction express. This limitation restricts the institution to map back what reasons were chosen by teller while waiving the fees for the accounts.

Benefits

• Institution can track the penalty reasons used by teller for waiving the fees
• Institution can generate daily reports and present them to concerned stakeholders for the accounts for which fees were waived along with the reason for waiving
• Improves operational efficiencies in teller work