Navigation:  Deposit Screens > Account Information Screen Group > Customer Directed Transfers Screen Group > Customer Directed Transfers Screen > Customer Directed Transfer Procedures > Interest CDTs

Interest Checks

 

Interest checks do not need to be set up on the Customer Directed Transfers screen. The Interest Destination field on the Deposits > Account Information > Account Information and Interest Fields screens indicates whether the customer account will have interest paid or transferred through the CDT system. If the Interest Destination field is set to "01 - Pay Interest By Check," the system will use the account owner’s name and address in the CIF system to set up the CDT record and create a check for the customer. The check will be handled through System Print.

 

If the check should be sent to an address other than the account owner’s primary mailing address in the CIF system, an Alternative Address needs to be designated on the Addresses tab of the Households screen in CIF.

 

Interest Transfers

 

If the Interest Destination field on the Deposits > Account Information > Account Information or Interest screen is set to "02 - Transfer Interest by CDT," a CDT record must be set up using fields on the Customer Directed Transfers screen. The Distribution Type field must be set to "I - Interest" and the Distribution Method must be set to "ACH - Automated Clearing House " or "XFR - In-House Transfer."

 

When transferring interest, the value of "I - Interest" in the Distribution Type field tells the system to check for the customer account's amount of interest and use that amount in the transfer. It is therefore not necessary to enter a transfer amount with an interest transfer.