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Safe Deposit Box Module
Safe Deposit Box Accounting is a comprehensive system for managing safe deposit box inventory and associated customer accounts. In addition to being a complete system for billing and collecting rent, this transaction-based module supports rent accrual and refunds, late charges, rent discounts and sales tax, miscellaneous fees and key deposits.
Safe Deposit Box Accounting integrates with other applications, including general ledger accounting, within the Premier bank platform from Fiserv. This module enables financial institutions to account for rent on a cash or accrual basis. It is run daily to post payments, generate billing, and produce transaction and exception reports, safe deposit box inventory and account reports, and up-to-date past due payment information.
Safe Deposit Box Inventory
- Box numbers can be numeric, alphabetic or a combination (for example, “B2345”)
- You can search box inventory online and inquire about single or multiple boxes
- To identify an ideal box for a new customer, the online search feature makes it possible to locate boxes according to branch, size, status (rented, vacant, unusable) and rent
- Inventory reporting includes a complete reference journal, reports of vacant boxes, unusable boxes, and client-defined reporting
Customer Information
- When boxes are rented, accounts are established for billing and record keeping
- Default information is automatically assigned by Class Code for simple and reliable new account maintenance
- Billing schedules are flexible (monthly, quarterly, and so on), and can be based on client-defined dates and amounts
- Online account inquiries and transcript statements make account review fast and easy
- Account reporting includes a complete reference journal, new, closed, past due, controlled accounts, four types of customer notification and client-defined reporting
Transaction, Accrual and Accounting Functions
- Rent accrual and refunds are calculated and accounted for automatically
- Discounts provide automatic rent reduction on a customer-by-customer basis
- Late payment charges are calculated and applied based on specifications
- Miscellaneous fees can be assessed with specific transaction codes
- Key deposits are tracked, refunded and reported
- Transactions can be restricted at the account level
- Integration with Premier eliminates the manual process of creating general ledger transactions to summarize safe deposit box activity
- Application balancing automates reconciliation with the general ledger
Integration with the Paperless Item Module means payments can be deducted from accounts outside the institution
For more on Safe Deposit Box Accounting, contact Fiserv, Inc.
at 402-421-4207 or partner@fiserv.com.
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