Similar to identity theft, this type of fraud happens when an unauthorized individual gain access through online banking applications, capturing the account information to create and write bad checks.
An adverse action notice is a document sent to a loan applicant stating a bank’s rationale for denying a loan. It may also contain a counteroffer, such as a lesser amount or a request for an approved co-borrower.
The term “aging exceptions” refers to a group of critical exceptions that have not been resolved within a reasonable amount of time.
Altered check fraud occurs when a fraudster changes the amounts and Payee from a stolen check.
Audit and exam prep is a process that financial institutions go through in order to adequately prepare for upcoming audits and exams.
An authorized signer form is a document that allows an account holder to grant a range of clearance levels to individuals to perform certain functions within a bank account.

Cold Storage in Banking

Cold storage in banking provides a snapshot of each day’s activity at a financial institution. Cold storage houses a variety of reports, statements, notices, and images generated by a core banking system as part of its nightly processing. Documents and information that are commonly held in cold storage include:

  • Trial balances
  • Daily non-posts
  • Return check items
  • New loan reports
  • New account reports
  • Closed reports
  • Pay-off reports
  • Non-accrual reports
  • Images of cashed checks
  • Images of deposits
  • Teller transactions
  • Checking statements
  • Loan statements
  • Employee logins to dormant accounts

Uses for Cold Storage in Banking

Typically, cold storage is tightly integrated with a financial institution’s core banking system. Platforms like FASTdocs offers an archival, searchable system of record and is used by bankers in numerous ways, such as:

  • Image retrieval for frontline operations: Tellers and other deposit staff members can find and view processed check images to answer customer and member inquiries.
  • Text matching and search: Bankers can use cold storage systems to find text within reports based on specific search criteria.
  • Offline server mode: If a financial institution’s system goes down and tellers cannot access the core, “cold storage” provides a trial balance (usually as of the previous night) to approximate a customer or member’s account balance.

Document Management Resources

For more information about banking and document management, be sure to check out our extensive Innovation Hub with free spreadsheets, whitepapers, and eBooks.

Browse our banking definitions page for more terminology.
 

Explore more resources

eBook: NXT Business Digital Banking

Small business (SMB) account holders are turning to desktop banking and mobile applications to manage day-to-day transactions and simple payments. However, many find their digital banking needs unmet. Larger financial institutions often offer products and...
Read More »

Remote Deposit Capture (RDC) eBook

Remote deposit capture (RDC) ranks as a significant feature of modern banking. In fact, a San Global Research industry report projects the RDC market to grow at a compounded rate of 5.8% through 2032. As the banking industry continues its digital...
Read More »

Related articles

Monday 17 June 2024

Enhancing a Financial Institution's Information Lifecycle Management Strategy with Process Automation Solutions

In the dynamic landscape of Information Lifecycle Management, process automation solutions play a pivotal role. These solutions streamline workflows, from data creation to disposal, ensuring…

Read the Blog

Wednesday 12 June 2024

4 Tips for Faster, Easier Loan Management Audits

Audits and exams are stressful—and time-consuming. Preparing for an audit or exam involves a lot of document-related activities, which is why a system like AccuAccount…

Read the Blog

Wednesday 29 May 2024

The Importance of Account Holder Education: Best Practices that will Keep Digital Banking Users and Your Institution Safe from Fraudsters

Financial institutions often hesitate to enforce complex password requirements and regular password changes in their security policies due to concerns about inconvenience, which could lead…

Read the Blog

Tuesday 21 May 2024

Is Inefficient Loan File Management Costing You $100K+ Per Year?

Change often comes with a cost. For financial institutions looking to improve their existing loan file management workflows, this cost may involve acquiring software, implementing…

Read the Blog

Monday 13 May 2024

Unraveling the Complexity: How ECM/EIM Solutions Tackle Information Chaos

In today's digital age, data is often hailed as the new currency. However, this surge in data production has given rise to a new challenge…

Read the Blog

Thursday 9 May 2024

Beyond the Screen: The Value of In-Branch Banking for Young Consumers

Is in-branch banking regaining popularity? Bank and credit union leaders should not count the branch out just yet. In fact, some of the largest institutions…

Read the Blog

Tuesday 30 April 2024

Loan Management & Exception Tracking: Quickly Summarize Exceptions by Officer, Branch, or Category

Banks and credit unions need accurate, reliable, and easy-to-understand exception reports. However, pulling exception data together can involve considerable administrative work for back-office staff. Financial…

Read the Blog

Wednesday 17 April 2024

Why Should Credit Analysts Use AccuAccount?

Credit analysts need reliable access to credit documentation in order to do their jobs well, including account holder financial health data. Although it is frequently…

Read the Blog