AGENCY COLLECTION PAYMENTS

 

If you receive payments from a collection agent who keeps part of the payment as income, you will apply the full payment to the loan then charge a fee for the amount kept by the collection agent as

follows:

 

1.          Access the members account in Program #2.  Press the `HOME' key to lock in the account and highlight the transaction windows.

 

2.     `Funds-Received-Detail’ will be highlighted.  Press the `HOME' or `Enter' key to choose this transaction type.

 

3.     Enter the funds received on the appropriate lines for cash and/or checks(s).

 

4.     Press `F11' to display the voucher and enter your teller password to post.

 

5.     Press `ESC' to continue.

 

6.     Use the `up arrow' to highlight `Loan-Payments/Charges’.  Press the `HOME' or `Enter' key to display this transaction type.

 

7.     Enter the LOAN NOTE NUMBER you wish to make a payment on.

 

8.     Select transaction #271-GP `Agency Collection Payment'.  Press enter to select this transaction type.

 

9.     Agency Collection Payment is now highlighted.  Press the `HOME' key to access this transaction.

 

10.   Enter the amount of the loan payment received in the `Enter Transaction (Dollar) Amount’ field.

 

11.   Enter the portion of this payment which is to be applied to finance charge in the `Optional!  Enter prior FINANCE-CHARGE’ field.  (NOTE: If you are not charging any finance charges press enter to continue).

 

12.   Press the `F11' key to display the voucher.

 

13.   Enter your Teller Password to post.

 

14.   To charge the member the collection agency fee or attorney fee press `ESC' to continue.

 

15.   Loan-Payments/Charges is highlighted. Press the `HOME' or `Enter' key to display this transaction type.

 

16.   Enter the LOAN NOTE NUMBER you wish to charge the collection  fee.

 

17.   Select transaction #272-GW `Agency Charge Withheld'.  Press `Enter' to select this transaction type.

 

18.   Agency Charge Withheld is now highlighted.  Press the `HOME'  key to access this transaction type.

 

19.   Enter the amount of the agency charge and press 'Enter'.

 

20.   Press the `F11' key to display the voucher.

 

21.   Enter your Teller Password to post.

 

Special Note:  Cash back will always be zero.