Field

Description

Routing Number

Mnemonic: RAABNK

After clicking <Start Recurring>, 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 , 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.

Account Number

Mnemonic: RAACH#

Enter the account number of the financial institution for the recurring payment.

Amount

Mnemonic: RAACH$

When you click <Start Recurring> to set up a recurring payment record, the system automatically enters the regular payment amount in this field. You cannot make changes to this field. However, if the borrower wants to pay more than the regular payment, you can enter the additional amount in the Additional Principal field below, or you can enter an amount in the Override Payment Amount field below to override this default amount.

	Note: If this loan has a modified payment schedule set up (using the Loans > Transactions > CP2 screen, Payment Schedule tab tab the amount defaulted into the Amount field for recurring payments will reflect the amount from the payment schedule.

	Note: Starting with CIM GOLD version 7.9.3, the <Start Recurring> button will be disabled. The only place users will be able to set up recurring loans is through the Loans > Transactions > EZPay screen. See the Recurring Payments topic in the EZPay help for more information.

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.

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 the EZPay Fee General Ledger account set up on the GOLD Services > General Ledger > G/L Account By Loan Type screen each time the recurring payment occurs. Mark the adjacent Waive checkbox field to waive this fee for the selected account.

	Note: If institution option EGPO is set, the system uses the G/L accounts based on office, as set up on the GOLD Services > Office Information screen > G/L Accounts tab. See the help for that tab for more information.

This field will be automatically entered for you if the fee amount is set up in the EZPay options. Additionally, field-level security may restrict you from making changes to this field, as well as waiving the fee.

Field-level Restrictions

	GOLDPoint Systems Only: To create a default fee amount, use the GOLDPoint Systems > EZPay IMAC Table screen > Setup tab. Enter the default amount for recurring ACH payments in the Recurring ACH Fee field (EZRAHF).

Third Party Fee Amount

Mnemonic: RAFAMT

If an additional third-party fee amount is charged each time a recurring payment occurs, that amount will appear in this field. This amount goes directly to the third-party payment processor. Third-party payments require set up on GOLDPoint Systems part, and set up by your third-party payment processor. Mark the adjacent Waive checkbox field to waive this fee for the selected account.

If your institution does not use a third party for ACH payment processing, this field will not appear in this field group.

	GOLDPoint Systems Only: Third-party fees are enabled on the GOLDPoint Systems > EZPay IMAC Table screen > Third Party tab. Additionally, programmers will need to configure the Payment Portal to securely transmit fees and payments.

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 (Reserve 1 only).

Override Payment Amount

Mnemonic: RAREQA

If the customer cannot pay the regular payment amount reflected in the Amount field above, 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, even if the amount is lower than the regular payment amount (in which case, the Due Date will not roll properly). Reserve and fee amounts are still added to the total.

Frequency

Mnemonic: RAFREQ

The Frequency field in this field group defaults to the value of the established loan Frequency.

You cannot make changes to this field in this field group. See the Changing the Loan Frequency topic for more information.

Recurring days prior to Due Date Effective

Mnemonic: RADYSB

This field is only used with the following loan frequencies:

13 - Floating Payment

24 - Semi-monthly 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 "10/08/2018," then two days before the new effective Due Date (10/6/2018), the system will debit the account entered above, and apply that amount to the loan payment.

This field can be used with any payment if the Cycle By Due Date field below is checked.

Recurring Effective Date/Cycles on

Mnemonic: RAPCYC

See below for more information.

Recurring Effective Date/Cycles on/End Of Month details

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 - Annual 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, it will be that date every month (e.g., 1, 2, 3, 4, etc.). •If it's a bi-monthly payment, if will be that date of the month when the payment is made. For example, if the payment is bi-monthly (every other month), the system debits the amount on that date every other month. •If it's a quarterly payment, it will be that day of the month when the quarterly payment is made, and so forth.   Cycles on   This field displays the day on which recurring payments will be cycled.

End Of Month

Mnemonic: RAPCYC

If you check this box, the recurring loan payment will always occur on the last day of the month according to the frequency. This only works with recurring payment Frequency code 13 (floating payment).

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 and select a new effective date.

Stop Recurring at Maturity

Mnemonic: LNASTP

Check this box if you want recurring payments to stop once the loan has reached maturity. The system will reject all recurring ACH payments after the Maturity Date. The Afterhours Processing Exceptions Listing report (FPSRP013) lists all ACH payments that rejected because the recurring payment was made after the Maturity Date, and this option is set for that account. A user would then need to remove recurring payments from the account on the EZPay screen and follow your institution's best practices, which could include calling the borrower and setting up future one-time payments to pay off the loan.

The system automatically defaults to halting recurring ACH payments at maturity, but this default can be overridden using this field and Institution Option DSAM.

See also:

•Recurring Payments on the EZPay screen

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.

All Frequency codes greater than 12 automatically cycle by due date.

Auto Pmt is Savings

Mnemonic: LNACCK

Check this box if the automatic payment is from a savings account. The ACH transfer codes are determined from this field. This field appears in both possible iterations of the Recurring field group.