Collection of Payments in Local Currencies

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Step 1: Set up a Concentration Banking Custody Account

What are Concentration Banking Custody Accounts?
Custody Accounts are holding accounts under the IEEE Concentration Banking Program, available to those Geographic Units (GU) in Regions 8, 9, and 10 which have difficulty exchanging currency to pay for membership and other services at IEEE. These accounts are administered by the MGA Finance and Administration department.

What are the Benefits of having a Custody Account?

In US currency, interest-bearing, and no maintenance service fees
Your funds in the Custody Account are kept in US$ and are interest-bearing. There is no service charge or a requirement to maintain a minimum account balance in the Custody Account.
Your IEEE Concentration Banking Account will pay interest equal to the six-month Certificate of Deposit rate as reported by the US Federal Reserve Bank.
View your account at your convenience
You can conveniently view your statement in either PDF or Excel format through a secure web site 24/7 for the most up-to-date information. Your report summarizes deposits made directly to the account, checks that have cleared, and the interest paid on your account’s daily net balance.
Enjoy the convenience of a Debit Card
The Concentration Banking (CB) Card is a MasterCard credit card with debit features. It is available to IEEE GUs with an IEEE Concentration Banking Custody Account and can be used internationally wherever MasterCard is accepted for IEEE related business activities.
Streamline payments and transfers
The IEEE Concentration Banking Custody Program allows IEEE to streamline rebates and assessments through direct crediting to your account. In addition to membership payments for your GU, any US$ payments you need to make can be processed using this account. You’ll also cut down on paperwork because you won’t need to send copies of your statement with your annual L50 report. We’ll already have that information.

How and what can Custody Accounts be used for?

Custody funds collected in local currencies / bank checks can be kept in local GU bank account.
Yearly GU rebates are automatically deposited into GU (i.e., Section) Custody Account.
GU Treasurer can also request for payments of other IEEE services (e.g., travel reimbursements, hotel invoices). These payments can be made via wire transfer or checks to an individual or a company. Note, however, that outgoing wire transfer fees will apply.
Funds can be easily wire transferred between Custody Accounts and local GU bank account and vice versa. If at any time, funds in the account will not be sufficient to cover payments you wish to make, you can arrange to wire transfer to replenish your Custody Account.
Incoming wire transfers are free. There are no fees charged by the IEEE Concentration Banking Custody Account Program. Any fees deducted from the wire will have been charged by either the initiating or intermediary banks.
GU can request a CB Card for the Treasurer. The CB Card is accepted anywhere that MasterCard is accepted.
GU can also withdraw cash from ATMs using the CB Card.
GU can request more than one CB Card and can assign it to anyone besides the GU Treasurer.
The CB Card can also be used to make payment online for IEEE membership applications and renewals.
GU can help Student Branches with their membership recruitment drive by accepting payments in local currencies.
GU can help members with their applications and renewals by accepting payments in local currencies.
Statements are available online at the IEEE Concentration Banking Reporting System (CBRS) web page for GU Chair and Treasurer to monitor activities. At the login screen, enter your IEEE Account user name and password. Select your account, then the statement you wish to view.

Please e-mail the Custody Account Program if your Geographical Unit is interested in setting up a Custody Account.

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Step 2: Set up a Procedure for Collection in Local Currencies using the Geographic Unit Custody Account

Assign responsibility to a Geographic Unit (GU) executive member volunteer (e.g., the Membership Development Coordinator) and the GU Treasurer for the task.
Set a prevailing exchange rate that the GU is comfortable with that takes into account the volatility of rates during the period (recommended not more than four weeks) that GU is accepting the applications and renewals.
Publicize the collection service provided by GU. Provide contact details of the GU volunteer coordinating the collection service of payments in local currency.
Advise new member applicants to apply online.
Print out the invoice from the member online application and submit to GU with payment in local currency/bank check.
Advise renewing members to submit print out of renewal invoices with payment in local currency/bank check to GU.
Periodically bank in the local currencies/bank checks collected into the GU local bank account.
Acknowledge the new member applications and renewals, giving them a reasonable timeframe (3-4 weeks) for processing.
Inform applicants and members that in 3-4 weeks upon completion of processing of application and renewals, they can retrieve their membership payment receipts online from MyAccount. Go to My Account. After gaining access with their user name and password, under “What do you want to do,” click on “Print Receipts.”
Compile new member applications and renewal invoices for GU records.
Complete the Custody Account Transaction Form (XLS, 37 KB), scan, and e-mail to the Custody Account Program. Keep a copy for GU record.
It is recommended that GU submit the Custody Transaction form on a weekly basis to avoid delays in reconciling payments, renewals, and in providing services to new members. If funds in the Custody Accounts are insufficient to complete transactions, GU will be notified to wire transfer funds from their local bank account into the Custody Account.
Note: Select one category per sheet when completing the Custody Transaction form.
Note: You can skip Step 8 by using the CB Card to pay for membership application and renewals online.
Members should receive acknowledgement directly from Member Services within 3-4 weeks from your forwarding of the Custody Transaction form to the Custody Account Program.
If new member applicants and members inquire, they should first check with assigned GU executive member volunteer to track status of processing.

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Frequently Asked Questions (FAQs)

How do I open a new IEEE Concentration Banking Custody Account?
Simply e-mail the Custody Account Program. Be sure to include in the e-mail that you wish to receive a CB Card for your new account. Any forms or information you need will be forwarded to you via e-mail.

How do I make a deposit or a payment?
Section rebates and assessments will be deposited directly into your IEEE Concentration Banking Custody account per your instruction. If at any time, funds in the account will not be sufficient to cover payments you wish to make, funds can be sent via wire transfer to replenish your account. E-mail Geraldine Benedicto for assistance with any banking transaction processed through your IEEE Concentration Banking Custody Account.

I’m the new Treasurer (or Chair, etc.) and I need to receive a CB Card. Where do I start?
The next step is to be sure your new officer status has been reported to the IEEE. All officers will also be provided with view only access to the online statements on the IEEE Concentration Banking Reporting System (CBRS) web page. Once your officer status has been updated, please submit your CB Card request to our Procurement Department.

Can I access the statements online?
Statements are available online at the CBRS web page for GU Chair and Treasurer to monitor activities. At the login screen, enter your IEEE Account user name and password. Select your account, then the statement you wish to view.

What about wire transfers?
Incoming wire transfers are free. There are no fees charged by the IEEE Concentration Banking Custody Account Program. Any fees deducted from the wire will have been charged by either the initiating or intermediary banks. E-mail IEEE Staff for incoming and outgoing wire transfer instructions.

Other questions?
Please e-mail the Concentration Banking Program or call +1 732 562 5363.

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