Automatic Funds Transfer Maintenance

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Description

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

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

This Transfer Type is selected on the previous screen

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.)

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 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).

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.

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 toloan 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.

End transfers

Enter the date MMDDYYY when the transfers should end.

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.

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

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.

• NOTE:  This description is run past the restricted nicknames configuration.

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.

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.

• When might this not apply?  If an AFT is to an account at a foreign financial institution, then these AFTs are processed after all AFTs to accounts within your credit union.  Refer to the Automated Funds Transfers (AFT) / Check Funds Transfers (CFT) booklet for more details.

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

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.

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

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.

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

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.

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

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.

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.

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

Appears if an AFT is being made to or from another financial institution as an A2A (account to account) transfer. This lists the limits configured for A2A transfers by your credit union in your A2A configuration.

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

Description

(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).

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