Three screens are involved in the process of adding a book transfer. In the first screen, Add Transfers, you enter the specific transfer information. In the second screen, Transaction Verification, the transfer information is presented and confirmation is required in order to process the transfer. The third screen, Transaction Confirmation, provides a confirmation message if the transfer was successful or an error message if the transfer was not successful.
A Word About Book Transfer and Tiered Commercial Loans
If your financial institution a bank, thrift, or credit union supports Tiered Commercial Loans, you may be able to use the Book Transfer service to transfer funds to and from a Note.
The rules for the Tiered Commercial Loan entities prohibit any use of Book Transfer with Master Account Records (MARs) or Credit Lines.
Select the Book Transfer option on the Funds Transfer menu, and then click Add Transfer. The Add Transfer screen appears.
From any available Select Transfer From Account drop-down list, select the account FROM which you will transfer funds.
From any available Select Transfer To Account drop-down list, select the account TO which you will transfer funds.
Enter the amount to transfer and the transfer date. Transfers added for a date in the future will be stored and then processed on the specified date.
(Optional) When the "To Account" is a loan you can select a Loan Payment Type. If you select Multiple Payments as a loan payment type then you will also need to define the Number of Payments.
Note: A multiple payment is prepayment of
your scheduled loan payments. The amount you enter must equal the number
of payments you are making.
Regular Payment may be the only payment type available with your financial
institution.
(Optional) Enter a description for the transfer in the Transfer Memo field. (The Book Transfer Description will not be sent to the DATA PROCESSING VENDOR.)
Repeat steps 1-4 to set up additional transfers, if desired.
Verify that all information is correct. You can click the Reset button to clear all of the fields if necessary.
Click the Add button. The Transaction Verification screen appears.
Note: If your financial institution charges a fee for Book Transfers, this screen will include a message to tell you what the fee is. If you do not agree to the fee, click Cancel.
Verify that the transfer information is correct and click the Submit button to complete the transfer. The Book Transfer Confirmation screen appears. The Book Transfer is now complete.