Share Account Sweep

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This DNAapp runs nightly to identify member accounts that have fallen below their par value balance requirement and automatically transfers funds from the member's other accounts to bring it back to the par value balance minimum. If there are not enough funds available, the app will places a warning flag on the account. Once the account balance meets or exceeds the par value balance requirement, the warning will automatically be removed. 

Accounts can still go negative for fees, ACH, Debit Transactions, and ATM withdrawals (if opted in to REG E). Accounts can also be enrolled in Overdraft Privilege, allowing funds to be withdrawn that would cause the account to go negative.

The account balance must satisfy the par value on top of any holds (ex: par value balance minimum = $5.00, membership share balance = $500.00, monetary hold on membership share balance =$500.00, the account would be considered as meeting the criteria of falling below par value and attempt to transfer funds from the member's other acceptable accounts to bring the account back up to $505.00).

Note: This is an updating application that cannot be run back in time.

Key Benefits:

This DNAapp allows Credit Unions to automate the sweep process for member share accounts irrespective of standard DNA® Sweep Processing. This application helps ensure that the share account's balance should always be equal to or greater than the minimum par balance by withdrawing the funds from available, permitted accounts and placing a warning flag if the member share account is not brought back to the minimum par balance.

This DNAapp enables users to include the minimum balance requirement in members' available balances or set a minimum balance requirement.