Loan Screens > Account Information Screen Group > Payment Information Screen

	Note: Your institution must have Institution Option FPRA enabled in order to set up recurring ACH payments.

You can set up recurring payments using the Recurring field group on the Payment Information screen, or by clicking the EZPay link at the bottom of the screen and setting up recurring payments from there.

	IMPORTANT: These steps are only available with CIM GOLD versions 7.8.18 or older. If you upgrade to version 7.9.3 or higher, you can only set up recurring payments by clicking <Add/Modify> on the ACH Payments tab. See the help for that tab for more information.

In order to do this, you need to be aware of a few options that affect recurring payments.

•If the loan Frequency code is anything greater than 12 (floating (13), semi-monthly (24), bi-weekly (26), weekly (52)), the recurring payment must be done according to the rules set by the Recurring days prior to Due Date Effective field.

•If your institution collects a fee for each recurring payment, you need to set up the General Ledger account for the fee to be credited to on the GOLD Services > General Ledger > G/L Account By Loan Type screen using the EZPay Fee field. However, if institution option EGPO (EZPay G/L Posting By Office) is set, the system uses the G/L account in either the Credit/Debit Card Fee or the ACH Fee (depending on what type of payment is being made; check/ACH or credit/debit card) for the applicable office on the G/L Accounts tab on the GOLD Services > Office Information screen. See the Fees topic in the EZPay help for more information.

•If this loan has a modified payment schedule set up (using the Loans > Transactions > CP2 screen, Payment Schedule tab), the amount defaulted into the Payment Amount field on that screen for recurring payments will reflect the amount from the payment schedule. This is ignored when the Override Payment Amount is used with a recurring payment.

See the instructions for setting up recurring payments with and without Option FPRA below.

	WARNING: If you set up a recurring payment, and then later the loan frequency is changed, you will need to discontinue the recurring payment, and then restart it using the new frequency. See Changing the Loan Frequency for more information.

If Institution Option FPRA is set, the Recurring Information tab and Recurring field group (which both function identically) appear on the Loan Information tab as shown below:

LAPI_recurring

To set up recurring payments with Institution Option FPRA set, complete the following steps in these fields.

Make sure the Due Date is today's date or in the future. If this is not the case, a payment or deferment will need to be made on the account in order to advance the due date properly.

At the bottom of the Recurring field group, click <Start Recurring>. The required fields will display an error provider icon next to them, as shown below. This indicates that these fields are required.

LAPI_recurringerror

Enter the Routing Number and Account 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.

	Note: If you get an error message stating "This routing transit number is restricted," that means the account is an invalid account. See the Invalid Accounts tab for more information.

	Tip: See the ACH Accounts (FPEA) tab for information about ACH routing and account number info already set up for the selected borrower.

The regular payment amount is defaulted into the Amount field and cannot be changed. However, you can enter any additional amount this borrower would like to go toward principal, fees, or reserve amount in the designated fields below the Amount field. Or you can enter an amount in the Override Payment Amount field to override this default amount.

	Note: If this loan has a modified payment schedule set up (using the Payment Schedule tab), the amount defaulted into the Amount field for recurring payments will reflect the amount from the payment schedule. This is ignored when the Override Payment Amount is used with a recurring payment.

The Frequency field in this field group defaults to the value of the established loan Frequency and indicates the frequency of the recurring payment schedule.

Setting up the date when the recurring payment should take place varies depending on the payment Frequency of the account. See the bullet points below for more information.

•Use the Recurring...days prior to Due Date Effective field 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 Due Date Effective date that you want the recurring payment to occur. This field will default to 0 if the established loan Frequency is equal to the recurring payment Frequency.

For example, if you select "2" in the Recurring field, and the Due Date Effective date is set for "10/08/2018," then the Recurring Effective Date will reflect two days before the new effective Due Date, and the system will process the payment on that date.

For semi-monthly payments, the Recurring Effective Date will be based on the cycle set by the Due Date Day.

If you mark the End of Month checkbox, the recurring loan payment will always occur on the last day of the month according to the selected frequency. This only works with recurring payment Frequency code 13 (floating payment).

•Use the Recurring Effective Date and Cycles on fields for 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

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, unless recurring payments are cycled by Due Date.

Select any of the recurring option boxes, as described below:

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 uncheck this box.

	Note: You should verify the correct bank and account number, as well as payment dates, in the Recurring Effective Date if a recurring payment was previously set up, and then stopped (by checking this box), and then set up again (by unchecking this box).

Stop Recurring Maturity

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

	Note: Recurring payment transactions will be stopped only if they are made after 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. This box is automatically checked for all recurring payment Frequency codes greater than 12.

Auto Pmt is Savings

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

Click <Save Changes> to save the recurring payment record. In the Payments Due field group, the message "Recurring Payments Scheduled" will be displayed, as shown below. This message quickly notifies employees that one-time automatic payments cannot be set up (unless EZPay Option EZAOTP has been set for your institution by GOLDPoint Systems), as well as important payment information when contacting borrowers.

paymentsdue

Additionally, the routing and account number you set up are saved on the ACH Accounts (FPEA) tab.

Note: Certain circumstances will cause recurring ACH payments set up in this field group to be rejected by the system. These circumstances are as follows:

•The account's maturity date is in the past.

•Hold codes 2, 4, 5, 6, 7, 8, 9, 27, 48, 86, or 94-99 are applied to the account.

•The loan is locked in for payoff or reversal.

•A balloon payment is due (Action Code 1 with an action date on or after the processing date)

Use this simplified version of the Recurring field group to set up recurring payments without Institution Option FPRA set.

LAPI_recurringwoFPRA

See the following definition of the Cycle Code for more information.

You can enter the following codes in the Cycle Code field to determine the cycle date of the recurring payment. The Cycle Code needs to be 90-99 for loan frequency codes greater than 12.

0	No auto payment.
1 to 31	Cycles on a specified day of the month. Enter 5, 10, 15, 20, 25, or 31, or contact GOLDPoint Systems. (These codes can be used for external or internal accounts.) Requires update functions 1-31.
61 to 89	Cycles 1 to 29 days after the due date. (These codes can be used for internal accounts only.) Requires update function 54.
90 to 99	Cycles 0 to 9 days before the due date. (These codes can be used for internal accounts only.) Requires update function 54.
254	If recurring credit card payments (not ACH payments) are set up on the Recurring Card tab, "254" will appear in this field.
255	This is the recurring ACH payment code, indicating that the system uses Institution Option FPRA.

Note: Action Code 72 will stop an ACH payment from processing until after the Action Date. Important: This code is only for the old loan automatic payment record; it has no affect on the new recurring payments record (FPRA).

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. Important Note: Action Code 72 is ignored if your institution uses the FPRA record.

Action Code 72 is also ignored in the following circumstances:

•Recurring payments made from the web and GOLDPhone and your institution uses the FPRA record.

•One-time borrower-initiated payments from the web or GOLDPhone (regardless of whether FPRA is set or not).

If your institution does not use FPRA, recurring web and GOLDPhone payments will be affected by 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:

Hold Code	Description
4	Bankruptcy - Chapter 7 or 11
5	Bankruptcy - Chapter 13
6	Deed in lieu of foreclosure
7	Legal hold - foreclosure
8	Reinstatement plan in effect
9	Legal hold - foreclosure
27	Loan in default
48	Loan to collect cash payment only

Setting Up Recurring Payments

Setting Up Recurring Payments