Navigation:  Loan Screens > Account Information Screen Group > Account Detail Screen > Account tab > LOC Information field group > Transfer Acct

Entry: System, numeric

F/M: No

Mnemonic: LNXFRO, LNXFRA, LNXFRC

Screen: Loans > Account Information > Account Detail > Account tab

 

This is the account number of the savings account that is used as a transfer account for purposes of overdraft protection or automatic loan repayment. The length of this field will vary from institution to institution depending on the account number lengths selected by each institution.

 

You can draft loan payments from deposit accounts that have overdraft protection. The system will post the payment and pull the funds from the overdraft account if necessary. The "available balance" is used in the calculation to determine if sufficient funds are available. The overdraft can be advanced from either the same loan for which the payment is being posted, or from another account, based on your institution options.

 

Before a closed loan is dropped, the system checks if it is an overdraft account or a security account in the Deposit system. If it is, the loan number is removed from the deposit account, and history is written for the deposit account.