TOPIC: Agreement

General Ledger Reconciliation: Member Over Payments

Employee at a credit_union ($598MUSA)
Asking as a non-accountant so any help would be greatly appreciated.

How do other FI's handle small member over payments related to loan payoffs or other loan-related transactions? Specifically, when there is a small over payment of say $0.01 or $2 do you send that to the member or is there an accounting rule or industry regulation allowing a de minimis exception to allow the FI to put that small dollar amount into the GL? 

The issue is when this is a recurring event, and there are many members in the situation, the research and mailing costs add up. Obviously, if the dollar amount is significant the amount must be returned. But what about these tiny over payments? Whether it is one penny or $100 the money belongs to the member but is there something in the accounting rules or regs that allow for a de minimis over payment to go into a GL. 

The goal is to find a workable solution with limited staff and hours available for the research and processing of these small over payments. 

Thanks in advance and please let me know if I may clarify. 

    SBA PPP - Agent Agreement

    AVP at a bank ($247MUSA)
    Hello Everyone, 

    Is there anyone out there that has drafted an agent agreement for the PPP loans? Clearly, there is very little formal guidance other than the max fees and who can act as an agent. We are looking to have something requiring the agent to attest to the accuracy of information provided in the forgiveness application, and lists the expected duties of the agent. If you have one would you mind sharing (or DM'ing me)? Thank you!