Online CUs must contact a Client Service Representative to make these changes to your configuration. (You can, however, view the configuration using Tool #961 View Reg E Triggers for Statements .) As long as you let us know before the last day of a month, we can make the changes to your configuration before statements are generated on the 1st. (Self Processors can change these settings via OPER Tool #5434 Member Statement Config .) Regulation Z Reg. Z

This is controlled by the Grace period (# of days) setting in the payment change control section of your Loan Category configuration (LOC and open-end loans only). See the online help topic (link below) for more details about how this field works to calculate the next payment due date on zero-balance LOCs.

You'll need to set a policy for your loan officers to make sure that the first due date is no more than 45 days out, and the month you select will depend on the timing of when the new loan is opened. For example, if a member takes out a loan on September 3rd, then the first due date could be set to September 30. But if the loan isn't booked until September 18th, then you would set a first payment due date of October 31 instead. NOTE: This, of course, assumes that the closing document  More...

Remember that while the member's minimum payment amount decreases in accordance with the outstanding principal balance, the amount required to pay off the balance in three years is a set amortized amount, calculated at the time the statement is generated. During project testing, for example, we noticed that for credit unions that had a 5% repayment calculation, the amortization calculation resulted in a smaller monthly payment than the member's actual minimum payment amount.

We take a snapshot of the loan as of the end of the month (current balance, rate, minimum payment) and amortize it to determine how long it will take to pay it off. If it will be more than 2.5 years (30 months), then we round to 3 years and include an additional statement that shows the minimum payment required to pay the loan off in 3 years. (See the link below for more about what determines which lines appear on the statement).

No, there is currently no mechanism to force a credit card statement to a member that would otherwise not receive one.

If you use CU*BASE Online Credit Cards, you'll need to submit a special request form (see the link below) to request CU*Answers to do the necessary configuration and file changes to move your credit card due date from the current (typically the 25th) to your chosen new date (such as the 28th). This must be done before the last day a month to take effect the following month, since the system determines the due date to print on a member's statement during statement processing at end-of-month. (T  More...

Different verbiage is required based on different terms of the loans, so our computations use a flag to identify the specific conditions for the account: G = Greater than 36 month term L = Less than 36 month term N = No amortization (interest only) Z = Zero balance The reg. specifies which sections and which disclosure lingo is required for G, L and N. On zero balance loans the only thing required will be the credit counseling sentence (no Late Payment Warning or Minimum Payment Warning sections  More...

These are taken from your credit union's configuration. Late fees will always be disclosed as a whole dollar amount. For example, a Flat fee of $17.50 will be shown as $18.00 and the Percentage method will be calculated based on the formula and rounded to the nearest whole dollar (for example, if your fine is 1% of current balance, then the late fee on a balance of $12,345.67 would be shown as $123).

If a member is more than one month late: CU config: Minimum Payment is $ 20.00 CU config: Delinquent Fine is $35.00 June Minimum Payment $20.00 June Delinquent Fine would be $20.00 July Minimum Payment $20.00 July Delinquent Fine would be $20.00 June statement Delinquent Payment Warning will say: LATE PAYMENT WARNING: If we do not receive your minimum payment by the date listed above, you may have to pay a late fee of up to $20. July statement Delinquent Payment W  More...

If you have more than 100 accounts that need to be updated (not including CU*BASE Online Credit Cards), you'll need to submit a special request form (see the link below) to request CU*Answers to do the necessary configuration and file changes to adjust due dates on your loan accounts. Be aware that this flood routine will only affect non-delinquent loans, and you'll have to make manual changes to those loans according to their unique situation. Also, you'll need to review and adjust any AFT re  More...

There are currently no mechanisms in place that default or require a particular due date to be set on new loan accounts. We have considered this in the past and may take another look at it in the future in light of these types of regulatory changes, but for now this must be a procedural change for your loan officers. NOTE: This is different for online credit cards, however. Since the due date on credit cards is determined by the loan category configuration, loan officers do not need to specify  More...

It's really just a personal preference and an option we wanted to offer in case you wanted to use it. A little bit depends on how you want to (a) communicate to your members and (b) retain a permanent record for future reference. If members all have different due dates now, the addtional transaction record would provide a specific note of the old and new due date, which might be nice. On the other hand, this will add two more lines of transaction history per loan to everyone's statements! Th  More...

Check out the CU*Answers Kitchen page dedicated specifically to the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act and its affect on credit unions using CU*BASE: http://www.cuanswers.com/kitchen/cardact.php Regulation Z Reg. Z

This is because the regulations under the Credit Card Act say you cannot charge a late payment that is more than the payment due. If the delinquency fine equals the minimum payment amount, the system is working as designed. If you need assistance with reviewing a specific account, please contact the Client Services and Education Team.

The CU*BASE Loan Statement Notices feature was developed to allow you to print a batch of special notices for your HELOCs and other loan products. This is an on-demand feature you can use as you like to communicate with your members about the status of their account. Use the link below to learn more.

Nothing - our routine will NOT touch any AFT records that are set up to transfer to an affected loan. However, AFTs will be listed on the posting report you receive so that you can follow up on all of them and make changes where appropriate. In some cases you may not need to do anything, in others you might have to adjust the AFT settings. A lot will depend on the Payment Date Control setting and the member's preferences (i.e., if they set up a weekly transfer to a loan that has a monthly pay  More...

Balance Transfers set up on our OTB (Off Trial Balance) credit card records sweep twice a day: in the morning and again in the afternoon. Refer to the document below for more details on the timing. So a lot will depend on how your third-party credit card vendor handles these transactions when they receive our file. You will want to contact them and make sure they are applying the payments the same day they receive them from us.