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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. We collect the funds from the card issuer since balance transfers are drawn on our account with NCB. Funds 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 Velera collecting cash for Balance Consolidations.
     
    Account Debit Credit
    Work in Process Suspense $XXXX.XX  
    Cash   $XXXX.XX

     
Note: The BALCONPMT or BALCONDTL reports 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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