The Recurring Information (FPRA) tab on the Payment Information screen is only displayed if the FPRA option (Use FPRA for Recurring ACH Payments) is not set. You can use this tab or the Recurring field group on the Loan Information tab to set up recurring payments. We suggest you do not use both on the same account, however.
See Setting Up Recurring Payments for step-by-step instructions on how to set up recurring payments from the Recurring field group.
Once you set up recurring payments, the message "Recurring Payments Scheduled" is displayed in the Payments Due field group on the Loan Information tab. This message quickly notifies employees that one-time automatic payments cannot be set up, as well as important payment information when contacting borrowers.
Additionally, the routing and account number you set up are saved on the ACH Accounts (FPEA) tab.
The following is an example of the Recurring Information tab, followed by descriptions of the fields on this tab.
Loans > Account Information > Payment Information Screen, Recurring Information (FPRA) Tab
Field |
Description |
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Routing Number
Mnemonic: RAABNK |
Enter the routing number of the financial institution for the recurring payment. After you click <Save Changes>, the system will notify you if the routing number entered is not an approved ABA routing number by displaying an error provider icon
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Account Number
Mnemonic: RAACH# |
Enter the account number of the financial institution for the recurring payment. |
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Amount
Mnemonic: RAACH$ |
When you click <Start Recurring> to set up a recurring payment record, the system automatically enters the P/I Constant amount in this field. You cannot make changes to this field. However, if the borrower wants to pay more than the P/I Constant, you can enter the additional amount in the Additional Principal field, or you can enter an amount in the Override Payment Amount field to override this default amount.
Remember: If this loan has a modified payment schedule set up (using the Loans > Transactions > CP2 screen, Payment Schedule tab), the amount defaulted into the Amount field for recurring payments will reflect the amount from the payment schedule. |
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Additional Principal
Mnemonic: RAOPMT |
If the customer wants to set up additional funds to include in recurring payments, enter that amount in this field. This amount will go directly toward paying down the principal, not the interest. |
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Fee Amount
Mnemonic: RAFAMT |
If your institution charges a fee amount each time a recurring payment occurs, enter that amount in this field. This fee is credited to your General Ledger account set up on the GOLD Services > General Ledger > G/L Account By Loan Type screen each time the recurring payment occurs. |
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Add'l Reserve Amount
Mnemonic: RAR1PM |
If the borrower would like to include any additional amount for reserve payments, enter that amount in this field. This will go toward the Reserve Balance reflected on the Loans > Account Information > Reserves > Account Reserve Detail screen. |
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Override Payment Amount
Mnemonic: RAREQA |
If the customer does not want to pay the P/I Constant amount reflected in the Amount field, you can enter a different amount in this field for the recurring payment. Each time the recurring payment is processed, it will use this amount. |
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Frequency
Mnemonic: LNFREQ |
This field displays the loan payment frequency for the loan. This field is not file maintainable from this field. Use the Frequency field above to make changes to this field. |
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Recurring...days prior to Due Date Effective
Mnemonic: RADYSB |
This field is only used with the following loan frequencies:
13 - Floating Payment 26 - Bi-weekly Payment 52 - Weekly Payment
Select from the Recurring field the number of days prior to the Due Date Effective date that you want the recurring payment to occur.
For example, if you select "2" in the Recurring field, and the Due Date Effective date is set for "10/08/2013," than two days before the new effective Due Date, the system will debit the account entered above, and apply that amount to the loan payment. |
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Recurring Effective Date/Cycles on/End of Month
Mnemonic: RAPCYC |
These fields are only displayed on the screen if you select one of the following loan frequencies:
1 - Monthly Payment 2 - Bi-Monthly Payment 3 - Quarterly Payment 4 - Payment every 4 months 6 - Semi-Annual Payment 12 - Bi-Weekly Payment 24 - Semi-Monthly Payment
When one of the above loan frequencies is selected, the Recurring field is disabled and three new fields are displayed, as shown below:
Recurring Effective Date Enter the date you want the recurring payment to occur every month in this field. If it's a monthly payment, is will be that date every month (e.g., 1, 2, 3, 4, etc.). If it's a bi-monthly payment, if will be the
Cycles on This field displays the day on which recurring payments will be cycled.
Note: Action code 72 will stop an ACH payment from processing until after the action date. Once the action date has passed, the next time the auto payment is set to cycle, it will post the payment and then automatically drop the action code and date. Any attempts to post the payment prior to the action date will be rejected, and the message “NO ACH WITHDRAWALS BEFORE ACTION DATE” will appear on the Afterhours Processing Exceptions Listing (FPSRP013).
Example: A loan has a due date of 5/1. It is set up to cycle on the 10th of each month. An action code 72 with an action date of 6/1 is set up. On 5/10, the system would normally have attempted to process the ACH payment; however, because of the 6/1 action date, the system does not attempt to post the payment and displays it on the Afterhours Processing Exceptions Listing (FPSRP013). On the night of 6/10, the system will attempt to post the payment. Because the action date is in the past, it will post the payment and also delete the action code 72 and associated date.
End Of Month If you check this box, the recurring loan payment will always occur on the last day of the month according to the frequency. |
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Auto Pmt is Savings
Mnemonic: RAACCK |
Select this box if the Account Number entered for this recurring payment is a savings account. Once the recurring payment is set up and displayed on the ACH Accounts (FPEA) tab, the Savings box for this account will be checked. |
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Stop Loan Autopay
Mnemonic: RASLAP |
Select this box if you want to stop processing this recurring payment without deleting the record from the system. You might not want to delete the recurring transaction, for example, if you believe the customer may want to resume it at another time. If the customer decides to resume the recurring payment, simply deselect this box. |
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Cycle By Due Date
Mnemonic: RABYDU |
If you check this box, the Due Date will be used for the date the recurring payment is processed. When you check this box, the Recurring Effective Date fields become disabled, and the Recurring field and days prior to Due Date Effective fields become enabled. You should then select how many days before the Due Date this customer wants the automatic recurring payment processed. |
, with a pop-up error that says, "Bank Routing Number not on file." You will need to correct the routing number before you can save the recurring payment.