The IEEE Concentration Banking Program works just like a normal checking account. You make deposits, write checks and earn interest on the daily ending balance for the benefit of your IEEE Unit or Group.
How do I enroll in the Concentration Banking program?
To establish a Concentration Banking Program account, simply fill out the signature card provided by Lyn Hunt, and return original to her at the IEEE. Within 12 - 16 business days, you will receive your checks, deposit tickets and deposit endorsement stamp. You must then mail your initial deposit to Wachovia Bank, after which you will be ready to write checks on your account.
How do I make deposits into my IEEE Concentration Banking Account?
Checks should be endorsed with the endorsement stamp and listed on the deposit ticket. The checks and deposit ticket should be mailed to your local Wachovia Bank or the Wachovia in Richmond, VA using the pre-addressed, postage paid envelopes, which are provided upon enrollment. It is a good idea to keep a copy of the deposit ticket and each check for your files.
Since deposits are mailed how should I handle cash deposits?
Cash should not be mailed to Wachovia Bank. A money order should be purchased and mailed with a deposit ticket to Wachovia Bank, using the pre-addressed, postage paid envelope which is provided upon enrollment. However, if there is a Wachovia Branch near you, cash can be deposited directly at that Wachovia Branch using your deposit tickets.
Are there any fees or service charges?
Concentration Banking Account participants have no service charges or bank fees. All your Unit/Group pays for are: 1) any returned deposited checks and 2) wire transfer fees.
My group has a IEEE Concentration Banking Account and IEEE Investment Account - does my unit need to submit year end statements?
No - While it is helpful when a group provides this information with the financial report, it is not required.
When will my IEEE Unit/Group receive its statements?
Statements are mailed within the first 10 business days of the month. However, with the new CBRS System, IEEE Treasurers and Chairs can access their Concentration Banking Statement over the World Wide Web. This system is password protected for the security of your account. If you are currently enrolled in the program, you may view your statement by clicking on the link below.
How do I gain access to online reports?
After you have enrolled, you must register for an IEEE Web Account. Use your member id number and your pin number to register for an account. Follow the instructions to register a secure account number, and then you can access CBRS, using the ID and password you set up in the web account registration.
This is a one-time process and will not have to be repeated. If you have already registered for a web account, you can use your current ID and password to access CBRS. If you forgot your password, you can obtain it by going to: http://services1.ieee.org/membersvc/loseup/intro.htm.
The web site for CBRS is http://webapps1.ieee.org/CBRS/CBRS. You can choose the time period and report. You will only have access to your individual statements. The reports will be updated on a daily basis.
