Navigation:  Loan Screens > Account Information Screen Group > Payment Information Screen > Loan Information tab > Recurring field group > Auto Pmt is Savings

Entry: User, numeric

F/M: Yes

Mnemonic: LNACCK

Screen: Loans > Account Information > Payment Information > Loan Information tab

 

Check this box if the automatic payment is from a savings account. The ACH transfer codes are determined from this field.

 

Note: This field is necessary so that outside institutions who allow the same account numbers to be used for both savings and checking accounts can determine which account is the correct one. On the Loans > History screen, Detailed History tab, "Y" means savings and "N" means checking. Therefore, if file maintenance reads "WAS Y ACH CKING OR SVING," the account was a savings account and the file maintenance changed it to a checking account.