Navigation:  Deposit Screens > Definitions Screen Group > Event Setup Screen > Account Renewal

This event runs daily in the afterhours. An event record is created for renewable certificates on the last day of the grace period. The Average Percentage Yield (APY) is computed, based on the number of days in the term and the interest amount that is calculated. This is a projected APY based on the amount of interest the CD will earn in the next year. Starting from the last maturity roll date (DMLMRD), the interest frequency, method, anniversary, options, and interest at maturity are all used in calculating the projected amount of interest for the next year.

 

In leap years, institution options B366 and NOMT will also be used in the calculation. If the CD’s term is for less than one year, a full year’s interest will still be calculated as if the CD will be renewed to stay open for one year, and in order to analyze it for the APY.

 

Event Number: 1040, 1140 (No Mail - See the main Event Setup Screen help for more information on the No Mail Option.)

 

Event Letter: Same as product code number.