Credit unions - internal loan transfers

End users expect to be able to transfer to loans, regardless of whether their payments are past due or not. For Banno’s transfer solution, this requires a specific transfer type and some initial configuration. We’ve got the solution for you laid out below.

Transfer type

Transferring to a loan creates a Loan transfer record in the Episys using the transfer type (9) Off Cycle. This ensures transfers to loans will always go through, regardless of the loan’s current delinquency status.

Configuration for off cycle loan transfers

If your institution is still using the older Share Transfer method for loan transfers, you’ll need to change a few settings in Episys to enable off cycle loan transfers, using the steps below.

1. Navigate to SymXchange Parameters > Account Service > LoanTransfer Record.
2. Find searchLoanTransferPagedSelectFields, createLoanTransfer, and updateLoanTransferByID and set both Home Banking and Admin Password to YES for each service, then save.
3. Refresh SymXchange.
4. Once the services are updated and refreshed, your end users will see their off-cycle transfers.

Daily Post off-cycle loan transfer job prompts

To ensure that Daily Post off-cycle loan transfers are processed as expected, you credit union must set several job prompts. The prompts required to ensure processing include:

• Perform Off cycle Loan Transfers:: Enter Y.
• Automatic Off Cycle Transfer Option Count:: Enter 1. This does not apply if your institution treats transfers differently based on member relationship code.
• Loan types: Enter specific loan types that off-cycle transfers can happen on if they have an off-cycle transfer record under the loan. If all loans can have an off-cycle transfer, enter ALL.
• Grace days after transfer date: How many days after the next transfer date should the transfer happen? If the transfer should occur on the next transfer date, enter 0.
• Cutoff days after transfer date: If funds are not available on the transfer date, how many days should the system keep trying to make the transfer?
• Accept Loan Threshold Payment:
  • Enter No to accept standard payment.
  • Enter Yes to accept the threshold payment defined in the Payment Application Method Parameters.
• Accept Unapplied Partial payments:
  • If your institution is not using this prompt with Auto Transfers, open a case with Symitar Lending Support.
  • Otherwise, set this prompt to match their Auto Transfers prompt if your institution allows unapplied partial payments on interest type 1 loans.
• Ignore Unapplied Partial Pmt field:
  • If your institution is not using this prompt with Auto Transfers, open a case with Symitar Lending Support.
  • If your institution does allow unapplied partial payments, setting this prompt to Yes will include the amount in the Unapplied partial payment field in the loan record to determine how much is due.
• Take Partial payments: Determine whether to accept partial payments if the member does not have the full payment amount available. If entering Y for this prompt,note the differing expected behavior determined by the Amount field in the transfer record:
  • Y behavior 1 of 2: If the Amount field in the transfer record has a dollar amount included, partial payment will be accepted and the next transfer date will advance. After the transfer prompt in daily post, the system will stops and ignores the cutoff days.
  • Y behavior 2 of 2: If the amount field in the transfer record is 0.00, and the member does not have the full payment available, it will take the partial payment. Next transfer date will not advance. Cutoff days are used after the transfer prompt.
  • N behavior: Partial payment is not accepted. The system tries to accept the full payment again based on the number of days entered for the Cutoff days prompt. If set to N, this prompt is not affected by the Amount field in the transfer record.
• Ignore Partial Payment:
  • Enter Y to exclude the amount in the Partial payment field in the loan record when determining how much is due.
  • Enter N to include the Partial payment amount field when determining how much is due.

All other job prompts may remain in their default values.

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