The freeze codes themselves are designed when you want to control the member's access to the funds in his or her account. But if you want to control whether an employee can access or post transactions on a particular membership, you should check into Employee Account Security and/or Employee Type Codes . These can stop a member from making a transaction at the teller line until the appropriate employee could give access to the account, but wouldn’t stop the member from using self  More...

Certain controls that may be used by a lender, or even by It’s Me 247 when a member submits a loan application, are not evaluated by the system-generated Deposit Secured loans. As long as a member has access to online banking, a PIB profile that allows loan applications, and has a certificate of a Certificate Type/Dividend Application that allows Deposit Secured loans, that member has the ability to open a Deposit loan online, up to the available funds on that CD/checking/savings account.  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...

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.

Although FIS can do lock box payments, the process of receiving a file and posting payments will need to be developed. CU*Answers does plan to tackle this as soon as a client requests the option. However, we do believe that it will not be as important as it might be currently, since repayment options will be available in every servicing channel you currently have for other loans. With online credit card loans there are a lot more ways to pay, and a lot more people involved: AFT, ACH, pay  More...