Meridian Feature: Funds Transfers ("Auto Transfers")
The Funds Transfer (or Auto Transfer) system allows you to set up automatic transfer instructions to move certain dollar amounts from one DDA or Savings account to another. It is also possible to transfer money from a Checking or Savings account to a Loan, CD, or G/L account. Notices are generated to notify the customer that the transfer has taken place.
Transfers can occur on a certain day of the month or week. A sweep transaction may also be set up. The system determines every night during the update whether or not a transfer needs to move money into or out of an account.
Features:
- DDA to DDA (This can be used to provide the customer a form of overdraft protection if the customer has more than one account.)
- DDA to Savings and vice-versa
- DDA/Savings to a CD
- DDA/Savings to a Loan
- DDA/Savings to a G/L account
- Transfer on a specific day of the month
- Transfer on a specific day of the week
- Transfer start and stop date
- Ability to automatically charge for a transfer
- Ability to automatically charge for a sweep
- Ability to make additional loan payments and specify the type of payment
- Ability to transfer a percentage of an account balance from one account to another
Return to the Meridian Features index.