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.
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 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

Exception Tracking Cost Calculator

Exception tracking has many moving parts—from notice generation to recordkeeping and reporting. How much does it cost your financial institution each year? Find out with Alogent’s free calculator.
Read More »

Related articles

Tuesday 19 September 2023

From Data to Results: The Role of Personalization in Your Digital Banking Platform

One powerful strategy to enhance the user experience and drive engagement on digital platforms is through built-in contextual marketing. In the world of digital banking…

Learn More »

Wednesday 6 September 2023

[Playbook] Efficiently Managing To-Dos with Task Exceptions

Your financial institution is growing—more branches, more team members, more loan and account holders, and more follow-up. To keep pace with this complexity, you need…

Learn More »

Monday 28 August 2023

Exception Tracking: Is Now the Right Time to Upgrade Your Workflow?

Documentation and follow-up tasks for financial institutions to manage is commonplace—especially for banks and credit unions involved in commercial lending. Proactively tracking missing and expired…

Learn More »

Thursday 17 August 2023

[Playbook] Tracking and Resolving Recurring Document Exceptions

Proactively dealing with missing and expiring documents is a key component of an effective exception management strategy. However, that’s easier said than done when your…

Learn More »

Wednesday 9 August 2023

Six Steps to Maximize Your Financial Institution’s Digital Transformation Journey within the Digital Banking Channel

In today's rapidly evolving digital banking market, digital transformation and the adoption of cutting-edge, scalable solutions has become a necessity for banks and credit unions…

Learn More »

Tuesday 1 August 2023

Check Volumes are Declining, But Check Fraud is Rising: What’s it Costing your Financial Institution?

No financial institution – large or small – is protected from transaction or check fraud. And, the difficult reality for institutions is that fraud can…

Learn More »

Wednesday 26 July 2023

Boost Productivity at your Financial Institution with Enhanced Cold Storage

Cold storage systems can support numerous use cases at banks and credit unions. The phrase “cold storage” can be used to describe technology that manages…

Learn More »

Tuesday 18 July 2023

[Playbook] Interfacing Your Imaging System with eSign, LOS, & Other Systems

Your financial institution relies on a variety of technology to ensure efficient commercial lending operations—everything from loan origination systems (LOS) to eSign products. Wouldn’t it…

Learn More »