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VERIFICATIONS
Biennial Verifications
An independent confirmation process in which positive and negative confirmations are sent to all members verifying their share and loan balances. All replies are forwarded to the Supervisory/Audit Committee. This program satisfies state and federal requirements.
Closed Account Verifications
An independent confirmation of all closed accounts. This audit procedure provides internal controls for closed accounts and the credit union receives valuable information regarding reasons for closing accounts. The verification process can be expanded to include a small percentage of new loans and new members.
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