We use Smart Pay just for online payments made. Payments are posted automatically via ACH. The downfall though is we were told we only could choose 1 transaction code. This causes issues for
term loans where a customer pays more than twice their payment amount. We want the extra to go to prin and not to advance the due date 2 months. For some loans I have changed to only use suspense on short payments and to use the field below to yes which
seems to be working. We are looking to change from smart pay eventually so if the customer’s intention is to make a principal only payment that they will have that option.
Dawn Andrews
Artisans Bank – VP Loan Operations
2961 Centerville Road
Wilmington DE 19808
Department email:
xxxxxx@artisansbank.com
Department phone: 302-658-6857
From: xxxxxx@marug.simplelists.com <xxxxxx@marug.simplelists.com>
Sent: Monday, January 22, 2024 12:03 PM
To: xxxxxx@simplelists.com; xxxxxx@marug.simplelists.com
Subject: SilverLake MA-RUG RE: payment processors
We use Biller Direct and Smart Pay (within Banno) the Biller Direct payments are provided in a loan posting file and processed thru core as an ACH file which is great. Unfortunately the Smart
Pay payments made within online and mobile banking all require manual entry – (we hate that too). The Client Services group with JH visited us last week and suggested that we download our Smart Pay payments into a CSV file that is properly formatted to upload
in cross application and auto post that way. We haven’t tested that yet but if that can work it will be a huge time saver and may make us love Smart Pay again.
Another issue with the payments is ACH returns. The loan number isn’t part of the ACH origination debit file, so each time a payment is returned for NSF, Stop pay etc… we have to look each payment
up manually instead of the loan number being included in the return information. We have asked Smart Pay and Biller Direct to add the loan number to the ACH origination debit file that we send out in the addendum records to aid us with any returns and minimize
our research time. They are still researching this as an option – not sure that it will be possible, but may be an idea for other banks with a lot of loan payment returns.
Thank you,
Karen Rose
| F&M
Bank
Senior Vice President
Deposit Operations Senior Manager
205 S Main St, Timberville, VA 22853
Office (540) 896-1757
Banking | Investments | Insurance | Mortgages
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From:
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On Behalf Of Linda Muffoletto
Sent: Monday, January 22, 2024 11:38 AM
To: xxxxxx@simplelists.com;
xxxxxx@marug.simplelists.com
Subject: SilverLake MA-RUG RE: payment processors
We use SmartPay and the payments post automatically. Linda
Linda A. Muffoletto
Executive Vice President & Chief Operations Officer
Rosedale Federal Savings & Loan Association
9616 Belair Road
Baltimore, MD 21236
(P)410.668.4400 ext. 313
Cell 410.294.0587
From:
xxxxxx@marug.simplelists.com <xxxxxx@marug.simplelists.com>
On Behalf Of Ruth E. Daniels
Sent: Monday, January 22, 2024 11:34 AM
To: xxxxxx@simplelists.com;
xxxxxx@marug.simplelists.com
Subject: SilverLake MA-RUG RE: payment processors
I am interested in responses to this. We are using Smart Pay and I hate it. We have to manually post the payments to the accounts each day.
Ruth E Daniels
Vice President – Credit Administration
The Dime Bank
1055 Texas Palmyra Highway
PO Box 509
Honesdale PA 18431
570 253 6511 X 7713
From:
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Sent: Monday, January 22, 2024 10:43 AM
To: xxxxxx@marug.simplelists.com
Subject: SilverLake MA-RUG payment processors
Notice: External E-mail. Do not click on links or open attachments unless you trust the sender.
Hello all – is anyone using a third party payment processor as a standalone product (like
Alacriti) to process loan payments for customers with external checking accounts?
We have a number of mortgage customers with no other accounts at our bank.
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