Disbursing Loan Funds (2)

Screen ID: 

Screen Title: 

Panel Number:

TDBTB-02

Loan Disbursement

1486

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Check out the video related to this topic: Creating a Loan Account and Disbursing Funds (More videos below!)

Field Name

Description

Disbursement limit

The total amount for which the loan was approved.

Total disbursed

The total amount that was already disbursed to the member, if any.

Tran F/C

(Appears only for online credit card loan accounts.) A total of any transaction charges assessed to the credit card loan during this session (such as cash advance fees).

SEE ALSO: Online Credit Card Processing User Guide (NOTE: A PDF version of this booklet will open.)

Charge type

(Appears only for online credit card loan accounts.) Use these fields to define the type of withdrawal being made. Enter both a charge type (CA=Cash Advance, PU=Purchase, BT=Balance Transfer) and the program number (usually 999). Click the lookup button to choose from a list of your credit union's configured charge types.

SEE ALSO: Online Credit Card Processing User Guide(NOTE: A PDF version of this booklet will open.)

Trx Chg

(Appears only for online credit card loan accounts.) Check this flag if the configured transaction charge should apply in this transaction, such as cash advance fees.

If a transaction charge is configured in the loan category configuration, it will be assessed on the loan in addition to the disbursement amount. (Watch the Tran F/C total on the right side of the screen, which will accumulate as charges are assessed; this amount will be subtracted from the net available so the account won't be overdrawn.)

SEE ALSO: Online Credit Card Processing User Guide(NOTE: A PDF version of this booklet will open.)

Disburse By
Amount
Account/Check #
I/H

Use these columns to enter the amount and method to be used for disbursing funds. Only one method can be used at a time, but several methods can be used within the same session. Therefore, enter the amount for one method, use Enter to record it, then enter the amount for the next method, and so on.

• For example, if a member wishes cash for a portion of the disbursement limit, and a check for the rest, first enter the cash amount and use Enter to update the Session totals fields. Then enter the amount and Pay to information for the C/U check and use Enter. When all funds have been disbursed, the Net available field should be at zero.

The methods available for disbursing funds are as follows:

Cash - Funds disbursed in cash.

• NOTE: You must be activated as a teller in order to use this method. The transaction is recorded against your teller drawer.

C/U check  - Funds disbursed via a credit union check.

Draft payable  - Funds transferred to the G/L account specified in the Master Configuration. (used to generate a draft payable at the credit union to use as a sort of “pre-approval” documentation at a car dealership.)

Member transfer - Funds transferred directly to a member account.

• NOTE: If using this method, be sure to enter the member account number. (If transferring to an IRA account type, enter an IRA code. If transferring to an HSA account, enter an HSA code.

G/L transfer - Funds transferred to a credit union G/L account, such as an account for loan processing fees.

• NOTE: If using this method, you may use the 3-digit field to enter a G/L account Code. If no code has been configured, enter “999” and use the 5-digit G/L Account field to enter an actual general ledger account number.

Session totals

These fields will update each time Enter is used, to show the total amount already disbursed during this session.

• NOTE: For online credit card accounts, the amount shown in the Tran F/C field will also be subtracted to affect Net available amount.

Net available

This field shows the difference between Disbursement lmt and Total disbursed plus all the Session totals. When all funds have been disbursed, this field will be at zero.

Pay to the order of

If disbursing funds via check, enter a name and address to appear on the printed check.

Remitter

If disbursing funds via check, enter the name (if any) to be printed as the remitter name on the printed check.

Button

Description

New Account (F5)

Use this to return to the previous screen and select a different loan.

Misc Accounting Checks (F12)

Use this to create a check drawn against a credit union G/L account, rather than against the member's loan. This is handy for situations where a portion of the loan disbursement is paid by the credit union, such as an appraisal fee.

Pay to Dealer (F16)

If this check needs to be made out to one of your indirect lending partners (i.e., a car dealer), use the Pay to Dealer button (or F16) to search your Indirect/Dealer Lending list and automatically fill in the Pay to fields with the name and address from that database.

SEE ALSO: Configuring Dealer Information

Check out these additional video resources!