Read the following carefully before saving any changes to the Secured Balance field.
Click here for instructions if you are paying off a loan that has been secured by share or certificate funds.
The amount in this field is updated automatically whenever the Pledged Shares feature is used to secure funds against a loan account (in other words, holding funds in the savings account as collateral on a loan), or when the Misc. Secured Funds feature is used to secure funds in an account for any other reason. When those features are used to remove the secured records, the Secured Balance amount on the account record will be updated automatically.
In most cases, then, those separate features should be used either to remove or change the amount that is secured on this account. DO NOT change the amount in this account maintenance screen unless you have already maintained Pledged Shares and/or Misc. Secured Funds records for this account. The amount you enter here must match the total of those records exactly.
If you have already verified that Pledged Shares and Misc. Secured Funds records have been either deleted or updated correctly, and the change being made here is simply to bring those figures in synch, use Enter to record the change.
CU*TIP: The ability to change this field is controlled by the Maintenance Tier 2 flag in Employee Security. To prevent accidental changes to this important field, this flag should be activated only for a select few employees that understand how the field interacts with other systems.
Making loan payments: CU*BASE features used to make loan payments will automatically update the Secured Amount on the member record properly according to the Pledged Shares and Misc. Secured Funds record settings. Special maintenance is not needed; simply make payments as usual.
To pay off a loan, simply make the final payment as usual. The system will automatically delete the appropriate Pledged and/or Misc. Secured records and update the Secured Balance field on the account record, releasing the funds in the savings account. No other action is needed.
If you need to release funds in a share account in order to make the payment (or for another reason), use the Teller Override feature. Use Override secured balance for one transaction, then make the payment as usual and the system will automatically take care of updating the secured amount. No other action is needed.
Remember that most secured funds records on a LOC account will be for credit card authorizations. When the actual purchase transaction comes in, the matching Misc. Secured Funds record will be deleted automatically, or the record will be purged after a certain number of days (usually 2) if the transaction never actually comes in. If you need to release the funds early for any reason, you will need to delete the Misc. Secured Funds record manually use Tool #903: Update Misc. Secured Funds Information (Shortcut: secshr).