Field

Description

Use Account Information?

Mnemonic: ICBD01C1

Use this field to indicate whether the system should pull data from the customer account to fill the parameter fields on this screen. If this field is marked, the customer account balance Amount, Rate, Start Date, Method, and Frequency settings that are currently on the account will automatically populate the fields on this screen.

If this field is marked, those fields will no longer be available for file maintenance. However, if this field is marked and then left blank, the automatically populated information will remain on the screen and be available for additional file maintenance.

Accrue Only?

Mnemonic: ICBD02C1

Use this field to indicate whether the system should calculate an accrued interest amount as opposed to individual terms. If this field is marked, interest is calculated and totaled appropriately and displayed in the Interest field. The individual terms based on the interest Frequency are not displayed in the Interest Calculation list view.

If this field is unmarked and the Apply Interest to Balance? field below is marked, CIM GOLD calculates the monthly interest on the current date as if it were the cycle date.

Apply Interest to Balance?

Mnemonic: ICBD03C1

Use this field to indicate whether calculated interest should be applied to the customer account balance through the course of the calculations.

If this field is marked, accrued interest is added to the balance at the end of each term. For example, if the Frequency field is set to "001 - Post Interest Monthly" and this field is marked, then interest is applied to the account balance at the end of each period as displayed in the list view.

If this field is left blank, interest is accumulated, but no interest is earned on the accumulated interest and the accumulated interest is not added to the account balance in the list view.

Mark both this field and the Apply Interest at Monthend? field below to add the projected interest to the account balance.

Apply Interest at Monthend?

Mnemonic: ICBD04C1

Use this field to indicate whether calculated interest should be applied to the customer account balance at monthend through the course of the calculations. For example, if an account was opened on March 6, interest being calculated monthly would be accrued on the 6th of every month (if this field is left blank) or at monthend (if this field is marked).

A value entered in this field overrides any value entered in the Frequency field below.

Amount

Mnemonic: ICBDTOT1

Use this field to indicate the amount on which to calculate interest. If the Use Account Information? field above is marked, this field contains the customer account's current balance.

Rate

Mnemonic: ICBDRATE

Use this field to indicate the rate with which to calculate interest. If the Use Account Information? field above is marked, this field contains the interest rate currently used on the customer account.

Start Date

Mnemonic: ICBDDT06

If using the interest calculation method described in the second bullet point above, use this field to indicate the date when interest calculation should begin.

Number of Days

Mnemonic: ICBDDAYS

If using the interest calculation method described in the first bullet point above, use this field to indicate the length of time covered by the interest calculation.

End Date

Mnemonic: ICBDDT07

If using the interest calculation method described in the second bullet point above, use this field to indicate the date when interest calculation should end.

Method

Mnemonic: ICBDINMT

Use this field to indicate the desired method of interest payment to use in calculating interest. See below for a list of possible selections in this field.

Method selections

Frequency

Mnemonic: ICBDINFQ

Use this field to indicate the desired frequency of interest posts to use in calculating interest. See below for a list of possible selections in this field.

Frequency selections

Interest Calculation Message

Mnemonic: ICBDERRO

This field displays messages related to interest calculation on this screen. If this field displays "ENTER EARNINGS PARAMETERS," some fields on the screen need to be filled before interest can be calculated.

After performing a calculation, this field will display a message indicating the time period for which the interest was calculated. This field can also display error messages, such as "APY IS CALCULATED UP TO A YEAR ONLY."

Interest

Mnemonic: ICBDTOT2

This field contains the total interest calculated for the indicated time period.

APY

Mnemonic: ICBDTOT5

This field contains the calculated annual percentage yield (APY) based on the information used in interest calculation. APY will only be calculated for time periods of one year or less.