CFT Maintenance/Inquiry – Detail

Description

Enter the account base and suffix from which funds should be withdrawn and transferred to another location. If an account base was entered in the Transfer From Account Base field on the previous screen, it will be filled in here; simply specify the account suffix.

If funds are being transferred from an IRA or HSA, this code is required to flag the transfer with the appropriate IRA/HSA withdrawal code for IRS reporting purposes. Use the lookup to search for the appropriate code.

These fields are used to record the name and address to which the check should be made payable. Once the Transfer From Account base and suffix have been entered, use Enter and the system will automatically fill in the member's name and address from CU*BASE master or alternate address files.

• NOTE: The address is pulled from the Master or Alternate Address record when the check is generated, not when it prints. If you change the member's address between the time the check is generated and when it is printed, the check will still have the old address on it. To help keep this from happening, make sure that you designate someone to print checks first thing in the morning on a daily basis!

If you wish to use a different address or name than the one shown, check the Override Payable to field and complete the name and address fields as desired. Changes made here will not affect other CU*BASE master records. This feature is helpful should the member request a check made payable to another person or be mailed to a different address.

• Important!  If you override the address, be sure to enter a nine digit ZIP Code in the field provided.  If you are entering a five digit ZIP Code, enter four leading zeros.  For example, if you enter ZIP Code 49007 without the leading zeros, the ZIP Code on the envelope will be printed 4-9007, and the envelope will be returned by the post office.

Check if you wish to fill in a different name or address in the Payable to fields. (Press Enter to refresh the screen. The fields will become input capable.)

If this is unchecked, the system will always use the current master or alternate address (if applicable) for this member when printing these checks.

• BE CAREFUL: If this is set to Yes, changes made to the member's master or alternate name and address in CU*BASE WILL NOT affect the address used when the check is created. This flag should only be used in situations where the member requests the check be made out to a different person or mailed to a specific address other than the member's usual one.

If a member has set up more than one CFT transfer record, this field can be used to specify the order in which the transfers should take place. In the event there are non-sufficient available funds to perform all member CFTs, the Priority will determine the order of completion.

• If no priority is entered, transfers will be made in order by account suffix.

Enter the desired amount of the withdrawal.

• NOTE: For withdrawals from an IRA account, if Federal or State withholding has been designated, remember that the Check amount field represents the total amount to be withdrawn from the member's account.

Enter your credit union's configured frequency code to indicate the how often the transfer should occur. Click the lookup button to see a list of your credit union's configured codes.

• These are set up using the System Frequency Control/Config feature and will vary by credit union. If you allow CFT maintenance through online banking, you can choose which of the codes can be selected by members (so you can hide any specialty codes used only by your staff).

When setting up a CFT for the first time, enter the desired date for the transfers to begin. On existing records, this field is automatically advanced each time a transfer cycle is completed, according to the frequency setting.

For a transfer frequency of monthly, bi-monthly, quarterly, annually, or semi-annually, enter the day of the month on which payments will be due.

For transfer frequency codes other than those mentioned above, this field should be set to “00.”

The purpose of this field is to allow you to specify which day of the month transfers are made, should the member wish a specific day. In addition, you may specify that payments come due on the last day of the month, and the system will compensate for months which end on the 28th, 29th, 30th, or 31st.

• For example, enter “31” and the system will calculate a due date on the 31st day of the month. For months with only 30 days, the payment will be due on the 30th, and so on.

If your credit union has configured fees for printing checks via the CFT system, you may choose to waive the fee for this member. If this checkbox is checked, no fee will be charged when this check is generated. Leave the flag unchecked to charge the normal fee as configured.

Remember that fees are taken in addition to the Check Amount. Also, depending on your credit union's fee configuration, if a CFT is being set up as an IRA Payout Distribution, the fee may be taken either from the IRA account (with an IRA code of “O” for Other), or from a different share account type.

SEE ALSO:Configuring Check Printing Fees

If funds are being transferred from an IRA account for the purpose of IRA Payout Distribution, place a checkmark here. Leave the flag unchecked for all other types of transfers.

• NOTE: This only controls whether backup withholding will be monitored or not; it does not control how distributions are made from the member's IRA accounts.

If this transfer is an IRA Payout Distribution, the member may choose to set up Federal income tax withholding. The amount can be a fixed amount or a percentage of the Check amount.

The amount actually disbursed to the member will be the difference between the amount in the Check amount field and the total withholding amount (including State withholding, if any).

The system will post two separate transactions: one for the Federal withholding amount, and the remaining funds as a separate check withdrawal. For example, if the Check amount on this CFT record is $1,500 and the Federal withholding is set up to be $300, the member would receive a check for $1,200 and a separate $300 transaction would be posted for the withholding amount.

• NOTE: Withholding percentages allow whole numbers only (such as 5% or 31%. If your state requires an odd percentage (such as 4.25% or 10.93%), then calculate withholding based on the payout distribution amount and enter that into the amount field instead.

Configuration of the General Ledger account to which these funds are posted is done via Chart of Accounts Maintenance. See the booklet Automated Funds Transfer (AFT) / Check Funds Transfer (CFT) for more details.

If this transfer is an IRA Payout Distribution, the member may choose to set up State income tax withholding. The amount can be a fixed amount or a percentage of the Check amount.

The amount actually disbursed to the member will be the difference between the amount in the Check amount field and the total withholding amount (including Federal withholding, if any).

The system will post two separate transactions: one for the State withholding amount, and the remaining funds as a separate check withdrawal. For example, if the Check amount on this CFT record is $1,500 and the State withholding is set up to be $300, the member would receive a check for $1,200 and a separate $300 transaction would be posted for the withholding amount.

• NOTE: Withholding percentages allow whole numbers only (such as 5% or 31%. If your state requires an odd percentage (such as 4.25% or 10.93%), then calculate withholding based on the payout distribution amount and enter that into the amount field instead.

Configuration of the General Ledger account to which these funds are posted is done via Chart of Accounts Maintenance. See the booklet Automated Funds Transfer (AFT) / Check Funds Transfer (CFT) for more details.

This field counts the number of transfer cycles that have been processed. Additional attempts that are made to satisfy a past-due amount for one transfer cycle (in the case of insufficient funds) are not counted.

• For example, if the member's June transfer had insufficient funds, and the system tried again the next day to satisfy the past due amount, only one transfer cycle is counted.

Enter the total number of transfer cycles that should be completed. If you wish the transfers to continue indefinitely, enter 999 and the transfer will continue until the CFT record is manually deleted.

Note: If you enter something other than 999, remember that the # of cycles counter only increments when a check transfer can actually be completed.  If there are insufficient funds to complete the check transfer, the counter won’t be updated. Therefore the date for when the member would reach the maximum number of checks might be pushed further out than originally expected.

This indicates the number of transfers remaining to be completed. It is automatically calculated by subtracting No. of Checks Transferred from Maximum No. of Transfers. Once this reaches zero, the CFT record is automatically deleted.

• NOTE: If Maximum No. of Transfers has been set to 999, this field will not increment down, but will always read 999 so that the transfer continues indefinitely.

This flag tells the system what to do should there be insufficient funds to transfer and create the check. If the flag is checked, the system will take the maximum amount available, as long as it is greater than the Minimum Check Amount, and generate a check. Otherwise, the transfer to check will only be completed if the full amount is available.

In either case, the Next transfer date will be moved ahead to the next period and no further attempts will be made to make up the amount not transferred.

If the Allow partial check flag is checked, this field is required to indicate the minimum amount that must be available in order for a check to be generated.

• For example, if your credit union policy is not to mail a check for less than $10.00, enter 1000 here.

For share-to-loan (non-mortgage) transfers:
This field accumulates amounts of transfers that were scheduled, but could not be performed due to insufficient funds in the Transfer from account. As additional attempts are made and funds are transferred, this amount will decrease.

Depending on the settings of the Payment date control and Delinquency control flags and the status of the loan account itself, the AFT system may or may not try to satisfy past due transfer amounts as listed in this field.

• WARNING: For transfers to loan accounts, if a loan payment is made through other means (such as through teller posting), this field will not be affected, so this amount may not match what is actually past due (if anything) on the loan.

For share-to-share transfers:

This field records the amount that was not transferred as of the last time a transfer was attempted. For these transfer types, the field does NOT accumulate an amount each time a transfer is attempted. Instead, the entire amount is replaced with a new amount each time. The amount might be $0, if the full transfer was completed, or it could reflect the amount that the last attempted transfer was short.

For example, a member has a normal $100 transfer from checking to savings each month. In February only $45 was available to be transferred; the Past due transfer amt field will be changed to read $55. In March, when a full transfer is made, the Past due transfer amt field would be changed to read $0.

These fields show the date and Employee ID that last made changes to this CFT record. (Changes are also written to the CUFMNT maintenance file.)

• If the Employee ID is 96, the change was made by the member via online banking