EFT Records Presenter: Laurie Gross

1. EFT Records Presenter: Laurie Gross

2. This presentation is about EFT records. Are you new to Symitar or been on the system for a while? Would you like to know more about EFT records in Symitar? In this session we will talk about how OUR credit unions uses EFT records, focusing primarily on ACH distribution records. How we use match criteria; our preventative measures to be notified in case a company ID changes; our recovery methods if the distributions don’t take. If time permits, discuss other EFT records, ACH origination, Payroll, Bill Posting. Please feel free to ask me any questions during the presentation.

3. Types of EFT records

4. We currently use these 4 types: ACH origination Bill Payment Payroll and ACH distribution which we will focus on in today’s presentation. Let’s look at a couple of examples. First I’ll show you an example of how our EFT type 0 (Payroll) EFT’s are set up.

5. Our EFT type 0 (Payroll)

6. Now let’s look at our EFT ACH Distribution (Type 2) record. Remember, this is how WE use these records.

7. Our EFT type 2 (Distribution) Let’s break this record apart and analyze.

8. First section of the EFT record. EFT type - ACH distribution; Group Number – credit union specific -it keeps things organized; ID Type - Share or Loan ID – Number (use * to get list of ID’s) GL code – is not used

9. Payee, reference and amount code gets filled in after the first transaction distributes through the EFT record. The company ID is the Payee Field and the Company Name is the Reference Field (taken from the ACH transaction on the ACH file. These fields can be quite useful in advance notification reports. (we’ll discuss).

10. Status = F (fixed amount); N (Net pay)* *this is a credit union defined field and we use it for our payroll deduction forms Standard amount – blank Post Amount – gets filled in after the first transaction distributes through the EFT record Effective Date – used on certain record groups (we’ll discuss later in this session) Expiration Date – self explanatory Record Change Date – self explanatory

11. Match Code 1 corresponds with Match ID 1 and so forth. We usually match with at least two match codes but have some records that have four match codes. The above is an example of matching on company name (wildcard) and transaction code.

12. Here are the choices for the Match Codes 1-6

13. The above is an example of matching on Company ID number and transaction code.

14. Distribution transfer records We aren’t going to discuss in detail, just some things to keep in mind. We set up the loan distribution transfer records with a 0.00 in amount field so it looks to the loan to determine the current payment due. Also, if you want it to post an alternate loan payment, update the alternate payment amount field in the loan record, not the transfer amount. Share distribution transfer records can be set up with an amount or a percentage of the EFT funds. We usually use an amount.

15. Questions on set up?

16. How do we manage these records and why?

17. Some of our EFT ACH distribution records have the EFT effective date updated every payday. We use a letterfile and a repgen to keep these in check. This letterfile is used in other programs and also during our loan booking process.

18. Why do we f/m the effective date? Because every time an ACH posts and matches an EFT distribution record, distributions will take place. We only want distributions to occur on paydays and sometimes companies send through expense reimbursements, interim pays, bonuses, etc. bearing the same company name, company id number and match codes.

19. You could also use a match code to handle this using the wildcard for company entry as shown by the example below. This would only match if the company entry indicates PAYR which happens to be this company’s payroll deposits.

20. Be proactive and prevent distribution disruption. How? We have reports in place that give us an alert if the following occurs: Pays come in earlier than the scheduled payday (this is related to the Effective Dates changing). Company ID changes and does not match EFT record. Company name changes and does not match EFT record.

21. Questions on how we manage these records and why we do so?

22. Oh no, the distributions didn’t take – what now? Never fear!

23. We have a multi-step process that: Isolates the ACH transactions from the ACH list report. Copies them into a letterfile. Then we use a repgen that will generate transfers which will post in a jobfile to attempt to reproduce the effect of the EFT distributions had they taken place. This needs to be run multiple times prior to running the post job because of exceptions, e.g. the money has already been transferred. Therefore, some items need to be removed manually from the letterfile.

24. This is what the force distributions would look like on the transaction history.

25. Questions and/or Comments?????