This is a blog from my fourteen week internship at Muncy Bank during my spring semester of junior year. This was the best experience I could have during my professional life at college. I learned so much and the people I worked with were the nicest people I have ever met.
January 9 & 10, 2012
January 9 & 10, 2012
· Security checks, computer based applications- windows updates on all Muncy bank computers, anti-virus, helping with computer problems; e-banking- applications for ATM and debit cards; answering emails and question; fraud checks; balancing ATM cash and business that owns ATM records.
On Monday and Tuesday I started my internship at Muncy Bank and Trust in Muncy. After a confidentiality agreement and a tour of the bank, I got started by watching two members of the security/electronic banking/IT department. The security is responsible for the physical security of all five Muncy Bank and Trust branches, checking for fraud, providing security updates from law enforcement agencies and employee education via online training programs. I was shown the bank robbery program and the precautions needed to take if it were to happen while I was at the bank. The IT support assists employees with network/internet issues. The two ladies I worked with could get on the screen of another computer (at any bank location) and fix whatever problems he/she was having without having to move from their computer. They also monitor and update various electronic systems and anti-viruses for each computer at each bank. The electronic banking included processing internet banking for online applications, answering customer service questions on their website and their email, reconciling daily ATM activity and card transactions, and processing or performing maintenance on ATM or debit card applications.
January 16-20, 2012
· Bank teller- checks- cash, savings, checking; deposits for loans; vault; balancing ATM and drawers; keep record of what goes in and what comes out; checking on coin machine and emptying bags when necessary; issuing; checking bank balances; sending photocopy of checks and receipts via internet to keep photocopy on records; learned what a cashier’s check was- bank’s form of guaranteed money and money orders; showed me the most used applications on the bank computer for transactions; learned about foreign checks and “on us” checks
During my second week at Muncy Bank, I observed the head bank teller and the Trust Department. The head bank teller cashes or puts checks in savings or checking accounts, handles deposits for loans, balances/records the ATM and drawers amounts, checks on the coin machine, checks people’s balances, photocopies all checks and receipts to keep on file, puts money in vault, and so on. I learned the applications and shortcuts on the bank computer for the different types of transactions used. I also learned what cashier’s checks and money orders are and the difference between a foreign check and an “on us” check. While I was with the Trust Department, I scanned trust committee documents such as administrative reviews, IRA reviews, statements of assets, compliance forms, investment reviews, and status reports from all 2011 meetings. I scanned these documents onto the computer to save them on file. I also observed an employee posting stocks and bonds and calling clients about trust payments from wills.
January 23-27, 2012
During my third week at Muncy Bank and Trust, I observed the Assistant Office Manager, the Customer Service Representative, and the Loan Review Department. The Assistant Office Manager works with IRA's, which are individual retirement accounts or tax-deferred savings plans that allow individuals to accumulate funds for retirement up to annual contribution limits. Next, the Customer Service Representative works as a back-up teller, opens and processes new accounts (including checking, savings, time deposits, business, and safety deposit box), orders checks and ATM cards, and resolves any account issues customers may be having. I also got to go to the Muncy Valley Hospital to collect money from the ATM and to the bank's drive-thru to retrieve those teller's money/deposits. Lastly, while working with the Loan Review Department, I filled in satisfaction pieces from real estate loan payoffs. After paying off a mortgage, a satisfaction piece shows that the lender (the bank) acknowledges that the debt has been satisfied. It records and acknowledges final payment of a mortgage loan to the county court house. The Loan Review Department also tracks insurance on all loans.
January 30- February 3, 2012
During my fourth week at Muncy Bank, I was back with the Trust department to scan more trust committee documents such as administrative reviews, IRA reviews, statements of assets, compliance forms, investment reviews, and status reports from all 2011 meetings. I also checked the statement of transactions to the 1099 B tax forms for all the Trust clients to make sure all the information on the sales matched. The rest of the week I was with the Assistant Office Manager. There was a lot more in terms of customers, so I observed opening new checking accounts, ordering checks, and IRA transfers. I also was shown CTR’s (currency transaction reports) and mortgage payment plans. The CTR’s are security reports that show if businesses or customers put in or take out over $10,000 from their accounts. I only saw one mortgage plan, but I thought it was really interesting and I would like to learn more.
February 6-10, 2012
During my fifth week at Muncy Bank, I worked with the Human Resource Department. The Human Resource Department does payroll, hires workforce, plans employee development and training, communicates change and special interests, and stays in compliance with laws. For the short time I was there, I put the 2011 annual report in envelopes to send out to all employees, customers, and board members. I also started with Deposit Operations this week. We went over Automating Clearing Houses which clear direct deposits or other debits someone sends to another person’s account, international ACH entries such as PayPal, verifying transaction details, risk assessments, reviewing reports and exceptions, overdraft reports, spreadsheets for returned checks, and how to return checks from the ACH to the Fed. So far I find what we’ve done boring, but I hope that changes by the end of the three weeks I’m in the Deposit Operations department.
February 13-17, 2012
Week six with Muncy Bank I continued working with Deposit Operations. On Friday we went over Reg. CC Holds, ACH assessment forms, charge offs, online banking and ACH transactions (payroll for businesses), rate adjustments for time deposits, overdraft protection, and a lot of verifying documents to make sure things were done correctly. I also learned exactly what PayPal is. PayPal pays for your purchase and you pay them back through your credit card or they can directly take it out of your bank account, that way you’re not giving your credit card information to a bunch of places. On Monday we went over adjustments on checks and reconciling checks. Then I switched to a woman who pays the bills, checks securities, and does manual reports on savings bonds. On Tuesday I worked with another lady who processes unposted items (corrects errors in transactions/checks), checks returns reports, reviews checks over $10,000 to make sure they’re endorsed correctly, reviews money orders and cashier’s checks, returns deposited items, reconciles statements with the Fed, reviews check wires and posts them to people’s accounts, orders money through the Fed, and reviews other reports including balance reports, stop payments, ACH reports, large transactions, suspect, etc. to make sure no errors occurred upon posting. All in all, the Deposit Operations does a lot of reviewing.
February 20-24, 2012
During my seventh week at Muncy Bank and Trust, I continued with Deposit Operations. I learned a lot including how to file 1042-S which is foreign person’s US income, NOW accounts- money market or demand deposit account, tax corrections, overdraft protection/cash management, and unauthorized ACH debits. On Tuesday I sat with an employee who sends out interest checks, verifies suspense postings and account adjustments, and images ID’s, signature cards, and background checks. On Thursday I sat with the compliance manager who went over consumer protections and regulations that are chartered by the FDIC and state. She went over a few new regulations that were enacted because of the subprime mortgage crisis including the Secure and Fair Enforcement for Mortgage Licensing Act of 2008. Compliance also works with auditing and finding fraud in deposits. I was shown several accounts that were suspicious of money laundering, tax evasion, and structuring/layering. Compliance does a lot of research and verifying customer service follow-ups. The compliance was the most interesting part of the Deposit Operations.
February 27- March 2, 2012
Week 8 at Muncy Bank and Trust involved my last day with deposit operations and the beginning of two weeks with Loan Collections. On my last day with deposit operations I learned about the banks reconcile account with the Federal Reserve, kiting, overdrafts, turning dormant accounts into active accounts, auditing images, account management through the Fed, and wire. Onto my first two days with Loan Collections, I learned they manage past dues and help people budget their money. People who are past due on their loans are given many notices through phone calls, emails, and letters. If they don’t respond, they are taken to the magistrate and can be assigned a writ of execution where the bank repos their things in the amount of what they owe or forecloses their estate. I got to attend a past due meeting with the board, which was short but interesting. I learned about the kinds of loans you can get, how to apply for loans, how you can pay for those loans, and credit scores. This department is far more interesting to me then previous departments.
March 5-9, 2012
During week 9 at Muncy Bank and Trust I continued with the collections manager and vice president of lending. We worked more with mortgage loan applications and past dues. On Friday, I actually got to work on an Excel spreadsheet of past dues- adding people and taking people off who paid their late months worth of dues. I had to verify that the spreadsheet was the same as on the bank’s system. The collections manager also took me to an RV company to verify vehicle and RV VIN numbers. The bank insures their vehicles until they are sold. The vice president of lending showed me a sheriff’s sale- when someone doesn’t pay their taxes and their house/property is foreclosed and put up for sale. I also had a chance to look at the Muncy Bank Financial Statement from 2011. The bank’s equity, loans, assets, deposits, and net income all increased from 2010.
March 12-16, 2012
During week 10 at Muncy Bank I continued with the Loan Department. We did an interview for a car loan which included a credit check, worked on loan worksheets or consumer loan applications, appraisal order forms, good faith estimates, disclosures, and went over vocabulary. When I was with the underwriter, we went over debt to income ratios, when to contact the attorney, good faith estimates, balloon mortgages, property and flood searches, fixed and adjustable rates, stipulation of liens, three day rescissions, credit scores and the effects they have on loans, lines of credit, installment loans, escrow accounts, determinants of receiving a loan, and so on. The job of the underwriter is to make their loan officer’s life easier. They finish loan applications and bring together all the appraisals and final disclosures. Overall, I liked the underwriter department.
March 19-23, 2012
During week 11 at Muncy Bank I finished with the underwriting department and moved to loan administration. Underwriting works closely with loan officers, processes worksheets for customer loan information allowing the loan administration department to prepare loans, and schedules closings for mortgages. We went over appraisals on courthouse online including comparables, reports, income analysis, market conditions, and environmental constraints. We also went over property searches, insurance coverage, and liens. I went with collections manager and a loan officer to Shaheen Auto to check VIN numbers on cars and motorcycles because Muncy insures their cars and holds them as collateral before they sell them. With loan administration we worked on mortgage insurance (accident/health, life, and CEMOB), nonaccruals, loan loss, variable and fixed interest rates, MV 38’s, secondary loan markets, in-house loans, tracking titles and liens, escrow accounts, and participation loans. We also worked on the floor plan for Shaheen Auto by adding vehicles they recently bought and paying off vehicles they sold. We continued to work on loan worksheets by processing business and personal loans through the bank’s computer system. They also showed me how to correct unposted loan payments or errors that were made on loan worksheets.
March 26-30, 2012
During week 12 at Muncy Bank I spent my last day with Loan Administration and started with Loan Review. When I was with Loan Administration, I worked with mortgages and learned about insurance, property reports, notaries, and participation loans. I also sat with the employee who does credit analysis including tax returns- business and personal, EBITDA, total debt service coverage, credit write-ups, reviewing appraisals, and global cash flows. It was really nice to know the specific terms he was using when he was going over tax returns and other statements I’ve seen in my accounting and finance classes. I enjoyed sitting with him. With the Loan Review, they preview all real estate loans to ensure all documents are present and correct prior to closing for compliance. They also track insurance for all loans. The woman I worked with takes every loan folder from the Loan Administration and checks every document off a checklist. She quickly went over each document including: commitment letter, notice of intent, liabilities addendum, application for joint credit, loan worksheet, automatic transfer, errors and omissions, federal credit application insurance, escrow account disclosures, higher-priced mortgage loan information, MV38, motor lien check, tax notice, property report, deed, truth in lending disclosure, good faith estimate, security agreement, settlement statement, affiliated business arrangement disclosure, insurance documents, appraisal, HMDA information, sales agreement, and so on (depending on type of loan). The entire time I was with her, she checked business or commercial mortgages and made sure every document was in the folder and information was correct. This job requires a lot of attention to detail and organization. Personally, I think I’d be good at this job, but it seems a little boring when you’re just watching.
April 2-6, 2012
During my last week at Muncy Bank & Trust, I went to a book review with my advisor, interned with investment services at the Montoursville office, and on Friday I’ll be going to lunch with my advisor and my supervisor/Vice President of Muncy Bank. On Monday, my advisor, who works in the Human Resources department, lead a book review meeting with a few employees on “How to Win Friends and Influence People.” The employees were asked to read three chapters per meeting and they meet to discuss personal situations, stories, relations, or any personal thoughts. The first chapter discussed how employees should be gentle, friendly, and always begin conversations in a nice way. The second chapter suggested getting the other person to say “yes, yes” immediately and begin conversations by emphasizing the things on which you agree. The last chapter talked about letting the other person do a great deal of the talking and don’t boast about your successes, let your friends excel you. On Tuesday with investment services, we discussed stocks, bonds, mutual funds, insurance, tax-free investments, retirement, financial profiles, and the 529 College Plan. Retirement ideas include life insurance, IRA’s, tax deferred annuities, and joint accounts with stocks and bonds. He gave me a lot of advice such as: take investments that provide products that you’ve heard and know of such as Apple, PPL, and Proctor and Gamble and learn time management and how to take rejection. He suggested that if I wanted to go into financial planning, I should get my Masters, CFP, learn how to do taxes or understand tax returns, and move to a bigger city with a younger generation and more opportunities in order to earn a higher income. On Friday I’ll be going to lunch with my supervisors and that ends my journey at Muncy Bank. It was an amazing experience.
