1.25.4 Sort Options for Payment Instruments

This topic provides the systematic instructions to sort the payment instruments.

1. Sort the checks by specifying sorting options for payment instruments.
2. Sort the checks you want to print as follows.
   For more information on this, refer to the table.

   Table 1-20 Sort Options for Payment Instruments

   Process	Description
   Sort Extracted Check Information	Sort the checks you want to print in the extracted information list as follows: Unit holder-wise According to the zip code of the unit holder mailing address Select the required sort option in the Sort Order field, in the Check Printing Information section.
   Specify Starting Number for Check	Choose to print the checks online, you must specify a starting number for the checks. For offline printing or spooling, the system will spool data with serial numbers for the checks, which can be assigned to the check numbers at a later juncture. In the case of spooling, when the checks are printed by an external agency, the numbers of the printed checks must be uploaded back into the system so that they can be tracked.
   Specify Check Date	Specify the date of issue that is to be printed on the checks, in the Check Date field.
   Payment Bank Details	The system displays the payment bank details after you have specified the sort options for the checks. The bank to which the payment will be directed, from which the unit holder would cash the payment instrument, is the payment bank. The system displays the payment bank details from the AGY Bank Branch Details maintenance, for the AMC, transaction type, payment / sub payment mode and fund ID combination involved in the transaction. You can alter the payment bank displayed by the system, and specify the appropriate bank details, by choosing from the list.

Example: The example given below explains how the drawee bank account is reckoned:

Your AMC, which is based in London, directs all redemption and dividend payments to local unit holders to your payment account at Fina Bank, London. For unit holders of your AMC in Sheffield, Leeds and Birmingham, you maintain correspondent account relationships with Fina Bank’s branches in each of these cities, for the purpose of directing redemption and dividend payments. For each branch, an amount limit is maintained.

Therefore, in the AGY Bank Branch Details maintenance, the following details are maintained for your AMC, for redemption and dividend payments to unit holders in the Citadel Growth Fund:

For your AMC,

Table 1-21 Payment Bank Details

Payment Mode	Payment Bank	Local Default Bank?	Correspondent Bank?	Limit Amount (GBP)
Check	Fina Bank, London	Yes	No	10000
Check	Fina Bank, Sheffield	No	Yes	5000
Check	Fina Bank, Leeds	No	Yes	5000
Check	Fina Bank, Birmingham	No	Yes	5000

Further, the zip codes serviced by each branch of Fina Bank are as follows:

Table 1-22 Branch and Zip Codes Services

Branch	Zip Codes Serviced
Fina Bank, London	330456, 330457, 330459
Fina Bank, Sheffield	440100, 440200, 440300
Fina Bank, Leeds	300323, 300423, 300523
Fina Bank, Birmingham	500111, 500222, 500333

On the 24th of January 2002, you need to make redemption payments to your unit holders, as shown below.

The details of the bank account to which the payment will be directed, and the payment instrument, is also shown:

Table 1-23 Payment Bank and Instrument Details

Unit Holder	Zip Code	Payment Amount (GBP)	Instrument	Payment Bank
Mr. Edwin Saunders	330456	5000	Check	Fina Bank, London
Ms. Alice Howard	330456	15000	Demand Draft	Fina Bank, London
Mr. Walter Ward	440300	2500	Check	Fina Bank, Sheffield
Ms. Cheryl Warren	300323	6000	Demand Draft	Fina Bank, Leeds
Ms. Karen Taylor	700190	2500

In the case of Mr. Edwin Saunders, the payment is directed to the local default bank, Fina Bank, London, and since the Zip Code is serviced by that branch. Also, the payment amount falls well below the limit amount for that branch, and therefore, a check payment may be made.

In the case of Ms. Cheryl Warren, the payment is directed to the correspondent bank, Fina Bank, Leeds, and since the Zip Code is only serviced by that branch, and not by the default bank. Also, the payment amount exceeds the limit amount for that branch, and therefore, a demand draft payment must be made.

In the case of Ms. Karen Taylor, the Zip Code is not serviced by the local default branch or the correspondent branches. Therefore, the payment is not directed to any of the branches, and will be made through an outstation check.