Configuring Phone Transfer Fees

Screen ID:

Screen Title:

Panel Number:

UPTCFG-01

Phone Transfer Fee Configuration

2684

Access this screen by selecting Tool #586: Phone Transfer Fee Configuration.A view-only version of this screen can be accessed from the Fee Income/Waiver Analysis or by selecting Tool #434: Learn-From-Peer: Phone Transfer Fees.

What should I consider when configuring this fee?
How can I see how other credit unions configured this fee?

About this Configuration

This screen is used to specify how members will be charged for funds transfers made via the Transfer feature in the CU*BASE Phone Operator software. You may specify fee amounts, number of free items per day or month, and when fees will be waived. When done filling in parameters, use Enter to save the changes.

Other journal transfer programs, such as those available through the Member Service category or teller posting, will not assess this fee.

CU*TIP: Waivers can also be configured through the Tiered Service Level Rewards system and Marketing Clubs Fee Waivers and Benefits.

PhoneTransfer Fees are interactive fees. The system uses the fees configured on this screen only when transfers are made through the Phone Operator system (F2 from the Home Page) using the Transfer Action Code. Transfer fees are not available for journal transfers made via other areas of the CU*BASE system. Fees are charged interactively at the time of the transaction, and funds will be taken out of the “FROM” account designated when the transfer is made.

Thoughts to Consider When Configuring this Fee

How can I see now other credit unions configured this fee?

When you decide to configure a Phone Transfer fee there are some questions that you will need to answer;

How much do you want to Charge for a Phone Transfer?
Do you want to provide your members with any free transfers with a purge either monthly or daily?
- For example, you could say that all members get two free phone transfers per month and every phone transfer after that is $3.00.
Do you want to waive the fee for any member above or below a certain age?
- For example, you could configure the fee so that any member below 16 and any member above 65 does not have to pay a phone transfer fee.
Would you like to waive the fee for any member with an aggregate savings balance or an aggregate loan balance?
Would you like the fee to be waived for any OTB (off trial balance) relationships?
Would you like to allow your staff to manually waive the fee?

The other aspect is a relationship fee waiver opportunities which can be accomplished through Tiered Service Level Rewards and Marketing Clubs Fee Waivers and Benefits. You may want to waive, for example, the phone transfer fee for platinum members, etc.

Your members can perform transfers through a number of delivery channels where they would not incur a fee:

CU*Talk (Audio Response)
It’s Me 247 (Online Banking)
Teller Line

Once you activate this fee you will want to ensure your staff is on board with the fact that every transfer performed through Phone Operator will be fee opportunity. If a member walks into your office and wants to perform a transfer, you will want to alert your staff to use one of the options below to ensure the member does not incur a phone transfer fee;

Member Service Transfers
Teller Line Posting - Use Transfer, Balance Forward (F13), or ‘T’ Proc Code on the Main Teller Posting screen)

Learn from a Peer (How Do Other Credit Unions Configure this Fee?)

Wondering how other credit unions have this configured? If you access this screen via the Fee/Income Waiver Analysis (Tool #349: Fee Income/Waivers Dashboard), or via and any tools beginning with Learn-From-Peer, select Learn from a Peer (F10) (only available via these access points) to compare your configuration to the configurations of other credit unions. You will view all credit union configurations in on one Learn from a Peer comparison screen.

NOTE: This comparison will only allow you to compare your configuration with other credit unions on your system.

Field Descriptions

Field Name	Description
Activate Phone Transfer Fee	This flag must be checked in order for phone transfer fees to be assessed.
Receipt/Inquiry Description	This description will appear on member inquiry screens and statements for any transactions incurring this fee.
Service Charges These fields govern how and when fees are assessed. All fields are required.
Fee Amount	The total amount of the fee.
Purge (M)onthly (D)aily	This field indicates how often the fee counter is reset back to zero, and works in conjunction with the Number of Free Items field. For example, say you wish to allow members to request 3 phone transfers each month free of any fees. This field would be set to “M” for a Monthly purge. If you wish to allow 3 phone transfers every day, set the field to “D” for Daily. The Number of Free Items field would be set to “3” in either case.
Number of Free Items	This field indicates how many transfers can be requested without incurring any fees, and works in conjunction with the Purge field. For example, say you wish to allow members to request 3 free phone transfers each month free of any fees. This field would be set to “3” and the Purge field would be set to “M” for a Monthly purge. NOTE: To view or adjust the fee “counter” for an individual member, showing how many phone transfers have been requested for the month, use the Misc Member Fee Totals/Update (Tool #901: Update Member Fee Master).
Miscellaneous Receipt Code	The G/L income account where the fee is credited.
Fee Waivers These fields govern if and when fees will be waived. All fields are required. *CUTIP:** Fees that are waived because of these parameters will be recorded in the Fee Waiver Information file (FWHIST) and can be viewed using the Fee Waiver Information Report (Tool #371: Fee Waiver Information Report).
Low Age	Enter an age. Any member at or below this age will not incur fees for phone transfers. If the field is set to 0 (zero), all ages below the High Age will be charged. For example, if you want to waive the fee for children age 18 and under, enter 18 here. Anyone age 19 and older will be charged.
High Age	Enter an age. Any member at or above this age will not incur fees for phone transfers. If the field is set to 999, all ages above the Low Age will be charged. For example, if you want to waive the fee for seniors age 55 and older, enter 55 here. Anyone age 54 and younger will be charged.
Aggregate Savings	Enter the aggregate savings amount (for ALL savings and certificate accounts, including IRAs and tax escrow accounts) needed to waive the fee. Any amount equal to or greater than this amount will not incur fees, so it is not recommended that you enter 0.00 in this field. To charge this fee regardless of aggregate savings, enter all 9’s in this field.
Aggregate Loans	Enter the aggregate loan amount (for all loan and open credit accounts) needed to waive the fee. Any amount equal to or greater than this amount will not incur fees, so it is not recommended that you enter 0.00 in this field. To charge this fee regardless of aggregate loans, enter all 9’s in this field.
Waive if present	If you wish to waive the fee for members who have certain types of accounts or cards, place a check mark in one or more of these fields. ATM card - Waiver for ATM card. For online ATM card, card must be in active status (not, for example hot carded) for fee to be waived. For Off Trial Balance (OTB) ATM card, waives if a card is present, regardless of status. Debit card - Waiver for debit card. For online debit card, card must be in active status (not, for example hot carded) for fee to be waived. For Off Trial Balance (OTB) debit card, waives if a card is present, regardless of status. Credit card - Waiver of fee for credit cards. For online credit card, the loan must have a Process Type of V (credit card) with a status of Active (A) and not be written off (WRTOFF of 0) for fee to be waived. For Off Trial Balance (OTB) credit card, waives if a card is present, regardless of status or balance. OTB savings acct - Waives fee if member has Off Trial Balance (OTB) savings account, regardless of status or balance. OTB loan acct - Waives fee if member has Off Trial Balance (OTB) loan account, regardless of status or balance.
Allow fee to be manually waived	Place a checkmark here if you wish to allow a teller or member service representative to manually modify or waive this fee at the time of the member transaction. Remove the checkmark to block users from being able to change or waive this fee. Remember that fees that are manually modified or waived will appear on the Fee Waiver Information Report (Tool #371), so you may choose to allow manual waivers, and then keep a close eye on them through the report and improve employee education as needed.