Automatic Funds Transfer Maintenance

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UATTR2-03

Automatic Funds Transfer Maintenance

3885

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Access this screen by selecting an AFT Transfer type on the previous screen and pressing Enter.

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

Helpful Resources

Visit Show Me the Steps for easy instructions on how to use CU*BASE to complete tasks related to AFTs.

Screen Overview

This screen will show only fields used for this type of transfer. Enter your selections. If an IRA or HSA account is used, you will move to the screen where you can enter the information for this account. If you have entered a Loan or LOC account for the To: account, you will move to this screen.  

Also refer to the booklet, Automated Funds Transfers (AFT) / Check Funds Transfers (CFT).

Special Note regarding Online Credit Card Loans: As also described in the separate Online Credit Card Processing User Guide, when setting up transfers to credit card accounts, you will need to follow the following guidelines:

Special Instructions for Transfers from Certificates

A member can use an AFT to automatically transfer dividend payments from a certificate account to another savings account (or via check using a CFT). The system is set up so that for non-IRA certificates, the AFT/CFT system will not dip into the principal balance on the CD - only available funds (dividends paid) will be allowed to be transferred.

For IRA certificates (IRAFLG=I) where a member is taking a payout distribution, CU*BASE will allow funds to be pulled from the certificate's principal balance until the account is depleted. Although this does make it more difficult to evaluate your credit union's certificate portfolio, some credit unions prefer to allow their members to pull their required minimum distribution from a current CD rather than move the funds to a regular savings account.

Special Instructions for AFT Mortgage Payments

As described in the separate Mortgage Products: 360 Interest Mortgage Calculation booklet, when setting up AFT transfers to mortgage loans (360-day interest calc. type only), you will need to follow these guidelines:

Field Descriptions

Field Name

Description

Transfer from account

The Transfer from account for the AFT Transfer entered on a previous screen.

Transfer to account

The Transfer to account for the AFT Transfer entered on a previous screen.

Transfer Type

This Transfer Type is selected on the previous screen

Transfer amount

This amount may be selected based on the Transfer Type entered on the previous screen. If you have selected to enter a set amount, use this field to enter the transfer amount. (See note above on creating an AFT to pay towards a mortgage.)

Frequency

Enter your credit union's configured frequency code to indicate the how often the transfer should occur. Click the lookup button images\magnifyingglasslookup_shg.gif 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 AFT 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).

End transfers

 

Next Transfer date

When setting up an AFT 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.

  • Note for AFT payments to loan accounts only, where the AFT is scheduled to make the payment "only if the payment is not make another way" (the second and third choice on the final Payment and Delinquency Controls screen):  If the Next Transfer date or Transfer day entered on this screen makes the AFT next-payment date precede the loan next-payment date, CU*BASE will change this date to match the next-payment date of the loan once the AFT record is saved.  This is to honor the spirit of this type of AFT and to allow the member time to make a payment prior to the AFT making the payment.

Transfer day

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.

  • Note for AFT payments to loan accounts only, where the AFT is scheduled to make the payment "only if the payment is not make another way" (the second and third choice on the final Payment and Delinquency Controls screen):  If the Next Transfer date or Transfer day entered on this screen makes the AFT next-payment date precede the loan next-payment date, CU*BASE will change this date to match the next-payment date of the loan once the AFT record is saved.  This is to honor the spirit of this type of AFT and to allow the member time to make a payment prior to the AFT making the payment.

After maximum #  of transfers

Enter the total number of transfer cycles that should be completed. If you wish the transfers to continue indefinitely, enter 999. For loan accounts, payments will be made until the loan is paid off or until there is no payment required. For share-to-share transfers, the transfer will continue until the AFT record is manually deleted.

Never end

Select this option to not have an end date for the automated funds transfer.

Optional secondary transaction description

Enter the text for the secondary transaction description here. Check “Show secondary description on the TO account to show this description on the To account.

Lock record to prevent changes in online banking

Checking this box will make it so that this AFT transfer cannot be edited online by the member in online banking. This is helpful if the transfer is for collections purposes.

Priority

This field can be edited if Unlock fields (F13) is used on an existing AFT.

If a member has set up more than one AFT 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 AFTs, the Priority will determine the order of completion. For example, a member may elect to make his mortgage payment first, then his car payment, etc.

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

Sweeping Available Balance Options

These fields only appear if a Transfer Type of Sweep is selected.

Minimum account to transfer each time

The full balance AFT sweep transfer will not be made until the From account has the amount entered in this field. This is helpful if you need to transfer at least a certain amount in the transfer.

Take only increments of

Only transfers of this amount will be made. This is helpful if you want to make transfers of a consistent amount

After sweep, leave behind

Only make the transfer if this much money can be left behind in the From account. This allows you to leave a certain amount in the From account, for example, if you need to maintain a minimum balance in that account.

Status of Transfers

NOTE: All of these items appear only on an existing AFT.

# transfer cycles made

This field can be edited if Unlock fields (F13) is used on an existing AFT.

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.

Maximum number of transfers

This lists the number of transfers that will be made with this AFT configuration.

# transfers remaining

This indicates the number of transfers remaining to be completed. It is automatically calculated by subtracting # transfer cycles made from Maximum # of transfers. Once this reaches zero, the AFT record is automatically deleted.

  • NOTE: If Maximum # of transfers has been set to 999, this field will not increment down, but will always read 999 so that the transfer continues indefinitely.

Past due transfer amount

This field can be edited if F13-Unlock fields is used on an existing AFT.

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.

Last transfer amount

This will indicates the amount of the last transfer that was completed.

Last maintained

These fields show the date and Employee ID that last made changes to this AFT 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

 

Buttons

Button

Description

Unlock Fields (F13)

(Only appears if modifying an existing AFT record.) This will make it possible to modify the figure in the # of transfer cycles remaining and the amount in the Past Due Transfer Amt field.

BE CAREFUL: Changes to this amount may make explanation of past transfer amounts very difficult, so caution should be used with this feature. Contact a client service representative for assistance.

  • For example, if a record is being changed from Delinquency Control checked to Delinquency Control unchecked, and the loan itself has been caught up, this feature might be used to clear out any past due amounts shown and bring the loan and the AFT record back in sync (otherwise, the system will start trying the catch up the past due transfer amount shown on the AFT).

Additional Video Resources

View more member-facing online banking videos.

Visit the Show Me the Steps video library to view more videos!

 

 

 

Link to ID: https://help.cubase.org/cubase/cubase.htm#UATTR2-03.htm