Transferring Money To and From Share and Loan Accounts

For more information about related topics, see IRAs | Share and Share Draft Accounts | Loans.

The Transactions - Share and Loan Transfers tab lets you transfer funds from one member account to another member's account or loan. You can transfer a specified amount of money from a member's share account to a different share account on the same member or to a different member's share account. The Share and Loan Transfers tab does not allow transfers to or from certificate accounts. If the transfer amount to a loan is greater than or equal to the loan payoff amount, the system pays off the loan.

The Share and Loan Transfers tab requires an override teller in the following instances:

If the account is overdrawn
If funds are unavailable because of holds or pledges
If the share balance is less than the amount appearing in the Minimum Withdrawal Balance field on the Share Profiles - Account Information tab
If the share account's Period-to-Date Reg D Txns field on the Shares - Activity tab is greater than the limit defined in the Reg D Transactions field on the Share Profiles - Account Information tab
If the member has an IRA freeze flag

You can close non-escrow share accounts using an effective date equal to or greater than the date in the Last Txn column on the account listing. The Pay Dividend on Closed Accounts check box on the Share Profiles - Dividends tab determines if Portico will pay dividends on an account closed using the Transactions - Share and Loan Transfers tab. The account balance must be zero to close. Closing an account using the Transactions - Share and Loan Transfers tab results in different actions depending on the dividend calculation method for the account.

ADB Accounts: The system will credit the dividends to the member's account at the end of the dividend period. If you want to pay dividends at the time the account is closed, you must manually calculate the dividend amount and perform a journal voucher transaction to transfer the dividend amount from the dividend general ledger account to the member's account before performing the transaction to close the account.
DOD/DOW Accounts: After you complete the appropriate fields on the Transactions tab and click Submit, the message MAY HAVE DIVIDENDS DUE, USE THE CLOSE SHARE ACCOUNT OR ENTER TO CONTINUE appears. If you choose to use the Transactions - Close Share Account tab, the system will pay the dividends at that time. If you choose to press ENTER, the system will pay the dividends at the end of the dividend period. Or, you can manually calculate the dividend amount and perform a journal voucher transaction to transfer the dividend amount from the dividend general ledger account to the member's account before performing the transaction.

To access the Transactions - Share and Loan Transfers tab, under Financial Activity on the Portico Explorer Bar, click Financial Transactions. The Transactions tab appears on top. Locate the member using the search tool on the top menu bar. Select the down arrow to select the search method, then enter the search criteria. Select the green arrow or press ENTER to locate the member. On the Transactions tab, click the down arrow next to the first drop-down box and select X-Share and Loan Transfers.

How do I? and Field Help

The Effective Date field will default to today's date. You can change the effective date by clicking the Effective Date down arrow to select a date from the pop-up calendar or entering a date in MM/DD/YYYY format (Keyword: ED). Dividend and interest calculations are based on this effective date. While future effective dating is not allowed on most transactions, you can specify a future effective date on some transactions.

You can use the Default Settings for Share Deposits and Loan Payments group box to specify default settings for share and loan transfers. You can click the ellipsis button on each row to specify the values for a specific transfer.

Select the EFT Indicator check box if this is an EFT transaction (Keyword: ET). The system will automatically select the Force at Month End Because of EFT/Misc Activity check box on the Stmts/Reporting/Notices tab. If the EFT Indicator check box is selected, you must type a statement message in the Statement Messages 1 field.
Select the Update Withdrawal Counter check box to increment the share account's withdrawal counter (Keyword: WD). The number of withdrawals is stored in the Period-to-Date Withdrawals field on the Shares - Activity tab.
Select the Reg D Indicator check box to increment the share account's Regulation D transaction counter (Keyword: RD). The number of transactions is stored in the Period-to-Date Reg D Txns field on the Shares - Activity tab. If the share account's Period-to-Date Reg D Txns field on the Shares - Activity tab is greater than the limit defined in the Reg D Transactions field on the Share Profiles - Account Information tab, you must enter a teller override to complete the transaction.
In the Fee GL field, enter the general ledger account that the system will debit or credit with the amount specified in the Fee/Lt Chg field (Length: 6 numeric/Keyword: FG).
Select the Principal Only check box to make principal-only payments to a loan (Keyword: PA). This option cannot be used when a late charge is assessed. The principal only payment cannot be used with student loans or residual loans (unless allowed on the Loan Profiles window).

If desired, enter a statement message in the Statement Messages fields. If the EFT Indicator check box is selected, you must type a statement message in the Statement Messages 1 field. The first statement message line must be entered before the second line can be used. The Statement Message fields will apply to all withdrawals and deposits listed in the Transaction Area grid. (Statement Message 1 Length: 35 alphanumeric/Keyword: SM | Statement Message 2 Length: 44 alphanumeric/Keyword: M2)

Complete the fields in the Share and Loan Transfers Transaction Area to transfer funds from one member account to another member's account or loan.

Column Heading	Description
From Product	The account the funds will be transferred from.
From Amount	The amount that will be transferred. For a loan payment, this is the total amount to be paid on the loan including late charges. The valid value can range from one cent through $ 999,999,999.99. Length: 12 numeric including decimal Keyword: SA (share amount)
From IRS WD	The IRA withdrawal code if the account selected in the From Product column is an IRA account. Click here to view the valid IRA withdrawal codes. Keyword: IW
Member	The member number of the member that will receive the funds. Click Go to list the member's available accounts in the To Product drop-down list. Type zero in the To Member column to transfer funds to the same member. Keyword: TM
To Product	The account or loan that will receive the funds.
IRA Dep CD/Note	The IRS deposit code if the receiving account is an IRA, ESA, or HSA account. Click here to view the valid IRS deposit codes. Keyword: TC
WH	The amount of State and Federal withholding that will be subtracted from the IRA transaction amount. The Federal withholding amount is automatically calculated if the Calculate Federal check box is selected in the IRA section on the Credit Union Profile - Shares tab. The State withholding amount is automatically calculated if the Calculate State field in the IRA section on the Credit Union Profile - Shares tab is greater than 0.00. Click the WH button to display the Optional Withdrawal Information dialog box and enter the withholding amounts. The Share and Loan Transfers tab updates the Withholding Maintenance dialog box with the withholding amount entered. Length: 8 numeric Keyword: WH
Fee/Lt Chg	Click the button in the Fee/Lt Chg column to display the Optional Withdrawal Information dialog box and specify a fee amount. Length: 10 numeric Keyword: FA
GL Number	The product code if the funds will be transferred to a product code. The general ledger account number if the funds will be transferred to a general ledger account. The Product Code option must be selected on the Teller Information window to display the product code drop-down list in the GL/Prod Code column. The General Ledger option must be selected on the Teller Information window to allow entry of a general ledger account in the GL/Prod Code column. If the Branch Entry Allowed check box is selected on the Teller Information window, the fund transfer JV entry will default to the teller branch. Length: 6 numeric Keyword: GL
To Amount	The amount to be distributed or transferred.
---	Click the ellipsis button to display the Optional Withdrawal Information dialog box and change any of the transfer options.
CAN	The computer-assigned number (CAN) of the transaction. This number helps identify the transaction for auditing purposes. The CAN is assigned sequentially by the system. Length: 7 numeric Keyword: AN

When the total amount of the From Side product codes equals the total amount of the To Side product codes, click Submit to complete the transaction.

The Transaction Summary tab displays a summary of the transfer.

Column Heading	Description
Response	The response received from the Portico Host.
From Account	The member number of the account where the funds originated.
Name	The name of the member who owns the From Account.
Note	The note number of the loan that will receive the funds.
From Share	The share or share draft type of the account providing the funds.
Txn Amount	The total amount of the transaction.
CAN	The computer-assigned number (CAN) of the transaction. This number helps identify the transaction for auditing purposes. The CAN is assigned sequentially by the system. Length: 7 numeric Keyword: AN
Receiving Account	The member number of the account receiving the funds.
To Share	The share type that will receive the funds.

Click New to complete a new cross-account share or loan transfer.

The member account listing appears on the Overview tab, Transactions tab, and Adjustments tab.

Share to Share Transfers

Statement Messages:

The description that appears on the member statement for transfers to/from an IRA share account will reflect the type of IRA deposit or withdrawal based on the IRA contribution or distribution code selected. The word TRANSFER in the description will be replaced with the description for the IRA contribution or distribution code used. Entering a custom message in the Statement Message 1 and 2 fields on the Transactions tab will override the default message.

From/To	Share to Share Transfer - Same Member
From Share	TRANSFER TO SHARE XX
To Share	TRANSFER FROM SHARE XX
From IRA Share	W/D PREMATURE TO SHARE XX
To IRA Share	DEP PRIOR YEAR FROM SHARE XX

The Cross Account Transaction Description field on the Credit Union Profile - History Reversals tab determines if the member short name or a masked variation of the member number appears. The following member number examples assume that option 2- Masked Member Number - Display Last 4 has been selected. For the member short name examples, only the first 10 characters of the short name will appear for cross-account transfers.

From/To	Share to Share Transfer - Cross-Account
From Share	TRANSFER TO ******XXXX SHARE XX or TRANSFER TO SHORT NAME SHARE XX
To Share	TRANSFER FROM ******XXXX SHARE XX or TRANSFER FROM SHORT NAME SHARE XX

From/To

Share to Share Transfer - Cross-Account

From Share

TRANSFER TO ******XXXX SHARE XX

TRANSFER TO SHORT NAME SHARE XX

To Share

TRANSFER FROM ******XXXX SHARE XX

TRANSFER FROM SHORT NAME SHARE XX

General Ledger Effects:

DEBIT 901XXX Share general ledger account specified on the Share Profiles - Account Information tab for the share type from which funds are being transferred
CREDIT 901XXX Share general ledger account specified on the Share Profiles - Account Information tab for the share type to which funds are being transferred
CREDIT XXXXXX Fees general ledger account specified on the Transactions - Share and Loan Transfers tab
CREDIT 844000 Withholding general ledger account for the withholding amount

Related Reports:

Financial Transaction Register Report 420
IRA Transaction Register Report 421

Teller Balancing Effects: The teller balancing effects are as follows:

Adds the transaction amount to the Transfers/JV amount field on the Balancing and Close tab
Adds one to the Transfers/JV count field on the Balancing and Close tab

Correction Procedures:
To reverse the transaction on the same day, perform the Reversals - Same Day Reversals tab or access the Share and Loan Transfers tab and reverse the "from" member information and the "to" member information.

For a prior-day correction, access the Transactions - Share and Loan Transfers tab and reverse the "from" member information and the "to" member information. If required, complete the following transactions:

Use the Shares - Activity tab to maintain the eligible share balances if required by the share type.
Use the IRAs tab to correct the IRA information.
Refund the withholding and fee amounts to the member with the Adjustments - Share Deposit from General Ledger tab.
Maintain the Period-to-Date Withdrawals field on the Shares - Activity tab to decrease the number of share withdrawals for the share account.
If the Reg D Indicator check box was selected on the original transaction, maintain the Period-to-Date Reg D Txns field on the Shares - Activity tab to decrease the number of Reg D transactions for the share account.

Share to Loan Transfers

Statement Messages:

From/To	Share to Loan Transfer - Same Member
From Share	TRANSFER TO LOAN XXXXXX
To Loan	TRANSFER FROM SHARE XX

From/To	Share to Loan Transfer - Cross-Account
From Share	TRANSFER TO ******XXXX LOAN XXXXXX or TRANSFER TO SHORT NAME LOAN XXXXXX
To Open-End Loan	TRANSFER FROM ******XXXX SHARE XX or TRANSFER FROM SHORT NAME SHARE XX
To Closed End Loan	TRANSFER FROM ******XXXX SHARE XX or TRANSFER FROM SHORT NAME SHARE XX
To Open-End Loan with HELOC Statement Format	TRANSFER FROM ******XXXX SHARE XX or TRANSFER FROM SHORT NAME SHARE XX

General Ledger Effects:

DEBIT 901XXX Share general ledger account specified on the Share Profiles - Account Information tab
CREDIT 901XXX Share general ledger account specified on the Share Profiles - Account Information tab for the escrow amount
CREDIT 701XXX Loan principal general ledger account specified on the Loan Profiles - Account Information tab
CREDIT 111XXX Loan interest income general ledger account specified on the Loan Profiles - Account Information tab
CREDIT 131XXX Late fees general ledger account specified on the Loan Profiles - Account Information tab

Related Reports: Financial Transaction Register Report 420

Teller Balancing Effects: The teller balancing effects are as follows:

Adds the transaction amount to the Transfers/JV amount field on the Balancing and Close tab
Adds one to the Transfers/JV count field on the Balancing and Close tab

Correction Procedures:
To reverse the transaction on the same day, perform the Reversals - Same Day Reversals tab. For a prior-day correction, perform both of the following transactions to reverse the transaction:

Adjustments - Share Deposit from General Ledger tab
Adjustments - Loan Advance from General Ledger tab

Or you can perform the following transactions:

Member Journal Voucher tab
Loans - General tab

Portico Host: 231, 232, 234, 236, 237