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Springboard Payments

Non-Shared Balance Consolidation Settlement

Balance transfers are used to transfer a cardholder’s balance from another lender to a card account issued by the financial institution. CO-OP will collect the funds from the card issuer since balance transfers are drawn on CO-OP’s account with NCB. Funds will show on the Cash Settlement Dynamic Report as Bal Cons MM/DD.

 

 

The work in process line of the SD-091 reports the dollars settled for the following transactions:

  • Merchant Activity
  • Balance Consolidations
  • Convenience Checks

Journal Entries for balance transfers:

  1. Record settlement via the SD-091 report.
     
    Account Debit Credit
    Loans Receivable $XXXX.XX  
    Work in Process Suspense   $XXXX.XX

     
  2. Record CO-OP collecting cash for Balance Consolidations.
     
    Account Debit Credit
    Work in Process Suspense $XXXX.XX  
    Cash   $XXXX.XX

     
Note: The BALCONPMT or BALCONDTL reports will display cardholder detail, payee, check number/transfer number and amount.

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Balance Consolidation Cancel a Balance Consolidation Undeliverable Balance Consolidation Checks (Paper Checks Only) Balance Transfer Settlement: Posted as Cash Advance Non-Shared Balance Consolidation Settlement Balance Consolidation Stop Pay (Paper Checks Only) Balance Consolidation Reversal Adjustment Balance Consolidation Reports
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