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Blog > 2009 > April > Financial Center Online Transfer Options
April 29, 2009

Financial Center Online Transfer Options

by admin

The features of the transfer options in Financial Center Online allow even complex transfer instructions to be managed by the member. Offered to all members by Finance Center, an Indianapolis Credit Union.

A unique transfer offered by Financial Center Online is the Automated Distribution. This Account Service Center is a specialized transfer that allows members to distribute Direct Deposit funds among their accounts at the time they are posted to the account. This is a utility that some institutions have available to their teller staff, but is seldom offered as a member self-service tool. This handy feature prevents the member from having to workout these arrangements with their employer’s HR staff, or from having to create the distribution instructions using other available transfer tools.

A specialized feature of this transfer is the transfer amount for a loan can the Payment Due, or Payment Plus an addition amount. These features allow the payment amount to vary with altering conditions in a loan that would alter its payment amount (advances on lines of credit, balloon payments, re-amortization at rate change, etc.).

An example could be: a member is paid bi-weekly and has self-directed that $500 be placed in Savings, $600 be placed in Money Market, $300 is paid on an auto loan, and the remainder is placed in the checking account.

Recurring transfers is a calendar based transfer option. Within this Account Service Center there is a short list of calendar dates for transfers. These Transfers work like the Automated Distribution – multiple distributions can be selected for these Monthly transfers and Payment and Payment Plus can be used. One draw back to this transfer is that only one funding source may be selected for each listed date. Each item in the list of distributions for a date source can have its own Start and End date.

A specialized item on the Recurring Transfer list is Loan Due Date. This transfer executes the configured transfer(s) on any loan’s due date.

Scheduled Transfer allows the selection of a start-date, frequency, and end date for a transfer from one account to another. Accessed from the Personal Finance Center, this transfer function offers the flexibility of selecting any date, a variety of frequencies, and multiple funding sources. A draw back to this transfer option is it does not offer the distribution option. Distributions can be created but they are created as one-to-one transfers. Scheduled transfer does not support the “variable” payment amount, discussed above, for loans but does default to the current payment amount when transferring to a loan. The Frequency selection allows these transfers to be either recurring or one-time future-dated transfers.

One-time Transfer executes one-time transfers between accounts. This is exactly the same functionality as the Scheduled Transfer, except it executes upon submission and does not reoccur.

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