15.2 Uncollected Funds Release

This topic describes the systematic instructions to view or release uncollected funds on a customer account.

Uncollected funds are funds that become available to the customer for withdrawal after a specified time interval. The availability information is maintained for each kind of transaction at the Bank, represented by transaction codes. The Bank can release uncollected funds before the value date is reached based on the customer request. This screen displays a summary of all uncollected funds, available dates, and the cumulative amount present against a customer's account.

To view or release uncollected funds:

Note:

The fields marked as Required are mandatory.
  1. On the Homepage, from Account Services, under Inquiry, click Uncollected Funds Release, or specify the Uncollected Funds Release in the Search icon bar.
    Uncollected Funds Release screen is displayed.

    Figure 15-2 Uncollected Funds Release

    Description of Figure 15-2 follows
    Description of "Figure 15-2 Uncollected Funds Release"
  2. Enter the Account Number.
    Uncollected funds details are displayed.

    Figure 15-3 Uncollected funds Details for Account

    Description of Figure 15-3 follows
    Description of "Figure 15-3 Uncollected funds Details for Account"
  3. On the Uncollected funds screen, specify the fields.
    For more information on fields, refer to the field description table.

    Table 15-2 Uncollected Funds Release - Field Description

    Field Description
    Search by Users can search for an account number by using any of the available search criteria.

    The account number is set as the default search option. Users can specify the account number directly in the adjacent field or search for an account number by clicking the Search icon. Users can also search for the specific account number by providing customer ID, account number, or account name.

    Other search options available in the Search by field are Customer ID, SSN, Mobile Number, and Email.

    A specific customer ID can be searched by providing the customer name or customer ID. If SSN, mobile, or email IDs are chosen to find an account number, the respective IDs have to be input entirely in the adjacent field for the system to display the account number. For a given search criteria, multiple account numbers may be linked.

    For example, two or more account numbers can be linked to a single mobile number. In such cases, the system displays all the account number matches and the user can select the relevant account number on which to perform a servicing operation.

    Note:

    The label of the field adjacent to the Search by field changes dynamically. For example, if the Account number is chosen as the search criteria, the label of the adjacent field is displayed as the Account Number. If SSN is chosen as the search criteria, then the adjacent field would display the label as SSN.
    Total Uncollected Funds Total Uncollected Funds displays the cumulative amount of all uncollected funds across business dates.
    Funds Available Date The date when the funds become available to the account holder for use is displayed.
    Amount The system displays the transaction amount.
    Reference Number The system displays the reference number.
    Action By default, the actions field is displayed as Release to release the funds immediately to the account. The system displays the following actions:
    • Release
    • Unrelease

    Click on the Release button to release and the entire row gets blurred. Once Release is clicked, you have the option of reversing this action before submitting the transaction for approval.

    Once the Release action is performed, the system automatically updates the Release action to Unreleased action.

    Note:

    Only one button (or hyperlink) is displayed.
  4. When multiple uncollected fund records are released for an account and subsequently submitted for authorization, the authorizer has to either authorize or decline all transactions at once. The system does not provide the option of partially authorizing a few transactions and declining others.
    If the authorizer declines a transaction and is deleted by the initiator, the status of uncollected funds will remain unchanged. In such a case, the funds are automatically released to the account on the Funds available date.

Parent topic: Others