Member Account Transfer

Screen ID: 

Screen Title: 

Panel Number:

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TPHJT-01

Phone Transfers

5129


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This screen is displayed when you choose the “Transfer” action on the Phone Operator Account Processing screen, use Tool #516: Member Transfers (Shortcut: transfers), or use Tool #354: Effective-Dated Transfers.

Check out the video related to this topic: Transferring Funds (More videos below!)

Helpful Resources

Learn how to transfer funds via Phone Operator and complete other tasks using Phone Operator action codes.

Learn about Reg D counts when transferring funds from Phone Operator.

For information about Account-to-Account transfers, refer to the booklet Account-to-Account (A2A) Transfers.

Screen Overview

This screen is used to transfer funds from one member account to another. Start by entering the transfer amount.  Next enter a "from" account or use the images\magnifyingglasslookup_shg.gif to view the ten most recent accounts that you accessed.  Then enter a “to” account. If either of the accounts is an IRA or an HSA, you must enter a valid IRA or HSA codes for the withdrawal or deposit.

Use Enter to display the remaining sections on the screen that show member account information. These areas include the amount of the transfer and how it affects the balance of each account.

Does Your Member Want to Transfer to Another of His or Her Accounts?

If the member wants to transfer funds to another of his or her accounts, simply enter the amount of the transfer.  Instead of needing to manually enter the second account, click the images\secondarynames_shg.gif button on this screen and select this account from following screen.  You will then return to this transfer screen with all the details for this second account are automatically filled in for you! 

Bottom of the Screen

The bottom half of the transfer screen will display after pressing Enter (or if you use the My Other Accounts button). This section of the screen displays information about both accounts involved in the transfer. This information includes the amount of the transfer, and how it affects the balance of each account. The summary gives you a chance to review the data entries before posting the transfer. If you need to make corrections to this transfer, do so at the top of the screen and use Enter to refresh the data at the bottom.

Need to verify a spouse or Secondary Name on the Account? To verify secondary names, such as a Joint Owner or Beneficiary, click on the images\secondarynames_shg.gif button to view the Secondary Names screen. This screen contains all of the secondary account holders on the membership and from this screen you may view scanned photo IDs (if available). You can also record here whether an ID was collected for the person by checking the ID on File checkbox.

After viewing the summary, make any needed corrections and use Enter to refresh the screen again.

When ready to perform the transfer, use Post (F5). The system posts the transaction and clears the screen, enabling you to make another transfer. To leave the screen without posting anything, use Skip (F8).

If Posting an Effective-Dated Transfer

Although the process is very similar to a regular transfer, on an effective-dated transfer (where you used Unlock Date (F10)), you’ll see that the secondary transaction description includes a notation about the effective date. You’ll also see a Transfer adjustment at the bottom of the screen for both the “from” and “to” account, showing the amount of dividend or interest adjustment the system calculated. (Those adjustments will be posted via separate transactions, all with the effective date notation in the secondary transaction description.)

Just like a regular transfer, you can change any of the settings, such as the amount or even the account numbers, and press Enter to refresh. If necessary, the system may display the second screen again showing the transaction history (such as if you change the effective date or enter a different account number).

Refer to the Effective Dating for Member Transactions booklet for complete details on using this tool.

Account-to-Account (A2A) Transfers

Your credit union can choose to offer A2A transfers and allow your tellers to make transfers of member funds to outside financial institutions in Phone Operator only. To make this transfer use the A2A In (F11) or A2A Out (F12) buttons to activate the A2A transfer control list. Select an outside account which has previously been configured in Member Personal banker. Then enter the amount of the transfer. Fees can be overridden if configured. Simply press F5-Post to transfer the funds.

For more information about Account-to-Account transfers refer to the booklet Account-to-Account (A2A) Transfers.

Field Descriptions

Field Name

Description

Transfer amount

The total amount of the transfer.

From Account

The account base and suffix from which the funds should be withdrawn.

IRA/HSA code

If transferring from an IRA or HSA account type, use the lookup to find the appropriate IRA or HSA withdrawal code.

To account

The account base and suffix to which the funds should be deposited.

IRA /HSA code

If transferring to an IRA or HSA account type, use the lookup to find the appropriate IRA or HSA deposit code. NOTE: Funds from an HSA cannot be transferred to a non-HSA account.

Description

A description of the transaction. The system provides a default description, but this may be changed as desired.

Print receipt

Place a checkmark here if you wish to print a receipt of the transaction.

Charge fee

(Appears only if making the transfer via Phone Transfer, if your credit union is configured to charge phone transfer fees.) If allowed by the configuration, you may be able to remove the checkmark from this field before posting the transaction, to waive the default phone transfer fee. (Any fees that are manually waived will be included on the Fee Waiver Information Report (Tool #371: Fee Waiver Information Report).

SEE ALSO: Configuring Phone Transfer Fees

  •  If this fee is charged for an Account-to-Account (A2A) transfer, the A2A fee amount will be taken from the account to which the A2A deposit is being made or from which the A2A withdrawal is being made. The fee cannot be charged to a sub-share account. If the A2A transfer is an incoming loan payment on a loan account, a fee will not be assessed.

From Account

These fields show the result of the transfer on the account from which funds will be withdrawn.

Name

The member's full name.

Mbrship designation

The member’s Membership Designation

# of Reg D withdrawals

This is present only when the transfer is made through Phone Operator and the members dividend application must apply to Reg D rules and is incrementally increased each time an appropriate transfer is made until ultimately a warning message is displayed. SEE ALSO: Reg D Counter Warning for Phone Operator Transfers.

Secondary Names

This button is present if there are secondary names on the membership (such as Joint Owners or Beneficiaries). Clicking this button will allow access to the Secondary Name screen where the names and photo IDs (if scanned) can be viewed. You can also record here whether an ID was collected for the person by checking the ID on File checkbox.

Beginning available balance

The available balance on this account before the transfer.

  •  Available balance is calculated as Current Balance minus par value (if any), secured funds (including misc. secured funds and pledged shares) and uncollected funds (check holds).

Transfer amount

The amount of the transfer as specified at the top of the screen.

Transfer adjustment

If you are posting an effective-dated transfer (meaning you’ve unlocked the Transfer date and entered a date prior to today), this will show the amount of dividends (or interest) being added (or subtracted) on this particular account, according to the number of days between today and the effective date you entered.

Fee amount

The transfer fee amount, if any, to be charged to the from account.

  • If this fee is charged for an Account-to-Account (A2A) transfer, the A2A fee amount will be taken from the account to which the A2A deposit is being made or from which the A2A withdrawal is being made. The fee cannot be charged to a sub-share account. If the A2A transfer is an incoming loan payment on a loan account, a fee will not be assessed.

Ending balance

The available balance in the account as it will be after the transfer and fee are posted.

To Account

These fields show the result of the transfer on the account that will receive the funds.

Name

The member's full name.

Mbrship designation

The member’s Membership Designation

Secondary Names

This button is present there are secondary names on the membership (such as Joint Owners or Beneficiaries). Clicking this button will allow access to the Secondary Name screen where the names and photo IDs (if scanned) can be viewed. You can also record here whether an ID was collected for the person by checking the ID on File checkbox.

Beginning balance

The current balance of the account (before the transfer).

Transfer amount

The transfer amount. For transfers to share accounts, this will be positive number. For transfers to loans, this will show as a negative number (because the transfer will act like a payment and reduce the balance owed on the loan).

Principal Only

To activate this feature, use Tool #458 Loan Category Configuration, select a loan category, then use the Audio/Online Banking button and select Allow principal only payments if loan account is current.  

To apply the transfer amount directly to the loan's principal balance, select this flag before posting. Note that when selecting to apply the entire amount as principal, you cannot choose to further override the payment matrix.

  • When the member makes a transfer in online banking, assuming their loan is not delinquent, they will see a checkbox allowing them to apply the entire transfer amount directly to the loan’s principal balance.  Instructions also remind them that the loan’s next due date will not change. 

Transfer adjustment

If you are posting an effective-dated transfer (meaning you’ve unlocked the Transfer date and entered a date prior to today), this will show the amount of dividends (or interest) being added (or subtracted) on this particular account, according to the number of days between today and the effective date you entered.

Fee amount

The transfer fee amount, if any, to be charged to the from account.

  • If this fee is charged for an Account-to-Account (A2A) transfer, the A2A fee amount will be taken from the account to which the A2A deposit is being made or from which the A2A withdrawal is being made. The fee cannot be charged to a sub-share account. If the A2A transfer is an incoming loan payment on a loan account, a fee will not be assessed.

Ending balance

The current balance on the account as it will be after the transfer is posted.

Buttons

Button

Description

Enter-Refresh/Calc.

Use Enter at any time to recalculate all of the data on the screen without posting anything.

Verify Member (F1)

Use this option to view a version of the Verify Member screen which contains personal information on the member, such as a code word. This function key will only appear once Enter is used.

Post (F5)

Use this now to post the transaction.

  • Remember always to use Enter to display the summary confirmation before using Post (F5).

Post/Return (F6)

Use this to post a transaction and return to the transfer screen to post an additional transaction.

Skip (F8)

Use this to cancel the transfer and return to the Home Page.

Pmt Matrix Override (F14)

Use this function to override the configured payment matrix when the TO account is a loan account. The system displays how the payment is going to be credited (principal, interest due, sales tax, fines, etc.), and adjustments can be made to all of the “bucket” totals. Sales tax payment can be waived, Misc. G/L allowances can be adjusted for penalties, and fines can even be waived or modified according to credit union policy.

On the resulting screen, use the Amount field to enter the appropriate amounts to be distributed (the items listed will vary depending on the loan category). The total funds distributed must equal the amount of the payment being made.

Unlock Date (F10)

If your credit union allows staff to post effective-dated transfers, this function will unlock the Transfer date field at the top of the screen and proceed with an effective dated member transfer, including an automated adjustment to dividends or interest. After you choose a date and press Enter, a second screen showing transactions since the effective date will appear.

Refer to the Effective Dating for Member Transactions booklet for complete details.

  • NOTE: Once you use this function to unlock the date, you must enter a date in the past. If you want to return to posting a regular transfer as of today’s date, you will need to back up and start over, without using the Unlock Date feature.

A2A In (F11)

(Phone Operator only) Use this option to make incoming Account-to-Account Transfers.

A2A Out (F12)

(Phone Operator only) Use this option to make outgoing Account-to-Account Transfers.

Additional Video Resources

View more Phone Operator videos.

Get the member's perspective with this online banking video: Transferring Money (member video)

Visit the Show Me the Steps video library to view all CU*BASE and online banking videos!

 

 

Link to ID: https://help.cubase.org/cubase/cubase.htm#TPHJT-01.htm