This subsystem of the Membership Management system provides the ability to create monthly account debits to member’s bank checking or savings accounts. These electronic fund transfers (EFT) are done on a periodic, usually monthly, basis through a bank industry-standard ACH file.
Each member record to be charged by EFT is tagged with the member’s bank account number and amount to be charged. All proper account validity and current balances are controlled by the system to properly account for correct account numbers and non-sufficient fund (NSF) processing.
Some important system features include: easily maintainable bank draft data; interface to A/R Memberships for monthly EFT; interface to Cash Register system for payment of membership by EFT; complete updating to General Ledger system for postings; automatic EFT renewing of memberships; full reporting and displaying of a member’s EFT history; and full control over NSF and pre-note processing.