Stop Loan Autopay

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.

Stop Recurring Maturity

Select this box if you want recurring payments to stop when the loan is past the maturity date. If this box is selected, when the loan is past the maturity date, the message “LOAN PAST MATURITY–PAYMENT NOT REQUESTED” will appear on the Afterhours Processing Exceptions Listing (FPSRP013).

Note: Recurring payment transactions will be stopped only if they are greater than the actual maturity date. Transactions effective on the maturity date will still be posted.

Cycle By Due Date

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.

Auto Pmt is Savings

Select this box if the Account Number entered for this recurring payment is a savings account.

You can enter the following codes in the Cycle Code field to determine the cycle date of the recurring payment:

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 an error message will appear on the Afterhours Processing Exceptions Listing (FPSRP013).

If there is an action code 72 but no action date, the system treats the account as though there is not an action code 72.

Example: 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.

Note: GOLDPhone and Web payments initiated by the borrower are not stopped, regardless of whether or not there is an action code 72.

External or Internal Accounts (1 to 31). For external (outside) or internal checking/savings accounts, GOLDPoint Systems sets up a table (update function 31) to store the day of the month you want payments to cycle. Generally, this would be every day (1-31).

We recommend that payments are not processed the first three days of the month, due to the two-day window required by the Federal Reserve. The table can be set to process "before" or "after" a weekend or holiday. We suggest you use "after" for the 1st, 2nd , and 3rd of the month, and "before" for the rest of the month.

If you request payments a day or two before the effective date so you can offset the loan credit based on your money coming back from the Federal Reserve, still follow the above recommendation.

If, for some reason, you need to cycle auto payments on another day, you must inform GOLDPoint Systems through a work order of the day you want to use. GOLDPoint Systems must change the table.

WARNING: Payments are processed on the specific date regardless of the due date on the loan. This provides the ability for a borrower to be paid ahead. Example: A loan is set up to cycle on the 5th of each month. Each month the payment will be processed on the 5th , so if on June 5 a loan has a due date of 7-5, the payment will be processed and the due date will roll to 8-5. (The borrower continues to be paid ahead by one month.)

Internal Accounts Only (61 to 89). For internal checking/savings accounts only, you can set up the payment to cycle 1 to 29 days after the due date. Plus, the system will retry the transmission every night until a payment is received from the account. Retries will only function with internal accounts. The code you enter is 60 plus 1 to 29 days after the due date. Thus, if you wanted to cycle on the fifth day after the due date, you would enter "65" in the Cycle field. To cycle on the loan due date, use code 90 below.

Internal Accounts Only (90 to 99). For internal checking/savings accounts only, you can set up the payment to cycle on the due date or 1 to 9 days before the due date. Like the previous cycle method, the system will retry the transmission every night until a payment is received from an internal account. The code you enter is 90 plus 0 to 9 days before the due date. Thus, code 90 would cycle on the due date and code 95 would cycle 5 days before the due date. (See Options information here.)

WARNING: If you have a delinquency situation (customer continually doesn’t have enough funds in checking account), you will probably want to delete the autopay function (delete the cycle). Remember, if you don’t do this, the system will continually attempt to pull funds on the cycle date. At that time, the system also posts the payment to the loan. This would then require that you reverse the payment once you are notified that the auto payment rejected.

WARNING: The following hold codes will stop the system from attempting to pull funds: