Automatic Transfers

You can provide your credit union members with a variety of options for making transfers and loan payments with Transfer File. Members can transfer funds internally and through disbursement by check. In addition, Transfer File automates processes that currently require manual intervention by credit union staff, such as IRA distributions and negative payroll processing.

Transfer File provides the following transfer options:

• Automatic transfers between an individual member’s accounts or between two member accounts, including automatic IRA distributions and check disbursement.
• Automatic transfers between a member’s account and a general ledger account.
• Multiple address options for check disbursement.
• Combined one check option for multiple transfers processing in the same cycle.
• Associate different payee names and addresses with each check combination.
• Automates processes that currently require manual intervention by credit union staff, such as IRA distributions and negative payroll processing.
• Provides credit union members with a variety of options for making transfers and loan payments.
• Partial or total transfers from multiple accounts.
• Loan payments, including mortgage and term.
• Expire transfers on closed-end loans with zero balances or on closed share types with closed dates.

For check disbursements, the name and address can be completed on the Member Transfer File Information dialog box if it is different from the member’s Contact Information tab. Also, multiple transfers processing in the same cycle can be combined into one check. Different payee names and addresses can be associated with each combination. Transfer File check disbursements are processed using the current automatic withdrawal by check process.

With Transfer File, you can also automate your method for setting up and disbursing member escrow payments to the tax authority or insurance company. On the Loan Escrow Item dialog box, you can enter additional disbursement information and decide if you would like to automate an individual check to an insurance company or create a lump sum check via a general ledger for tax authorities or PMI insurance. Individual checks are generated using Transfer File. Each entity receiving an escrow disbursement can be tied to a vendor ID using Portico’s Accounts Payable system or assigned to a general ledger account. Accounts Payable is available to all credit unions at no additional cost.