Deposit Screens > Account Information Screen Group > Account Information Screen > Features/Options tab

Use this field group on the Features/Options tab of the Account Information screen to view and edit information about interest on the customer deposit account. These fields are only file maintainable if the Interest field is marked.

daiacctinfo_interestfg

Interest features can also be adjusted for individual customer accounts on the Deposits > Account Information > Interest Fields screen.

The fields in this field group are as follows:

Field

Description

Rate

Mnemonic: DMRATE

Use this field to indicate the interest rate currently being paid on the customer account.

This field must always be positive. A separate rate, taken from the institution options explained on the Deposit Funds Holds Options help page, is charged when the account is negative. File maintenance is not allowed on this field if the customer account is in grace (for Certificate accounts).

Certain account options affect the status of this field. Account-level options can be set for individual accounts on the Deposits > Account Information > Additional Fields screen. Teller-level options are explained on the Teller Level Options information below.

Interest posting is based on a combination of settings in various fields on the Deposits > Account Information > Interest Fields screen.

When a deposit transaction puts a value in the Check In field, holds can be put in uncollected funds (UCF) for the total or portion of the check-in amount. There are fields on the screen for each category of UCF (unspecified, local, and non-local). The teller will enter the desired amount in the appropriate categories on the transaction screen. When the transaction is processed, the system will use both institution and account options to calculate the UCF schedule.

The teller has two options available that affect the UCF calculation for each transaction:

•Extended Hold? - This is the same option found on the account level. However, with this feature, holds can be extended at a transaction level. If your institution only wants to extend holds for specific transactions, you can extend holds from the teller screen. A mark in this field indicates that extended hold days based on local or non-local amounts defined by your institution will be used instead instead of normal hold days.

•Large Excess? - This field provides the option of processing a check deposit transaction with no large excess holds. If your institution aggregates, you must mark all checks you want combined for the day. If this field is marked, the check deposit will be verified for a large excess hold. If the check deposit exceeds the limit, the system will place the check deposit minus the limit as a large excess hold. If you are aggregating check deposits, you will need to mark this field for all check deposits you want to be aggregated together. If this field is left blank, the check deposit amount will not be considered for a large excess hold. A large excess hold uses the extended days set up in your institution options to determine the length of the hold.

Transaction Conditions and Override Levels

Some account options relate to transaction conditions or override warnings. Transaction conditions are institution-level options and are maintained by each institution. They are as follows:

24* - New account requires UCF - tied to account option. "New Account Holds."

25* - Enforce UCF holds - none entered. Tied to account option. "Enforce UCF holds."

26* - Extend UCF holds - none entered. Tied to account option. "Extend UCF holds."

28 - Drawing on UCF. A warning is displayed when a transaction is run that causes the use of uncollected funds to complete the transaction.

*Holds must be entered as local, non-local, or unspecified or as an institution-determined override defined to process transactions without amounts. This is necessary in order to process a transaction with the active option on the account.

Method

Mnemonic: DMINMT

Use this field to indicate the desired method to pay interest on the customer account. Possible selections in this field are:

01 - 365/365 Base Simple Interest

02 - 365/360 Base Simple Interest

03 - 365/364 Base Simple Interest

04 - 360/360 Base Simple Interest

11 - 365/365 Base Compound Interest

12 - 365/360 Base Compound Interest

13 - 365/364 Base Compound Interest

14 - 360/360 Base Compound Interest

21 - 365/365 Base Continuous Compound Interest

22 - 365/360 Base Continuous Compound Interest

23 - 365/364 Base Continuous Compound Interest

24 - 360/360 Base Continuous Compound Interest

Interest methods using a 365-day base will automatically calculate for 366 days during a leap year. This pertains to any part of a leap year included in the interest calculation.

Interest posting is based on a combination of settings in various fields on the Deposits > Account Information > Interest Fields screen.

Frequency

Mnemonic: DMINFQ

Use this field to indicate how often interest posts on the customer account.

Interest posting is based on a combination of settings in various fields on the Deposits > Account Information > Interest Fields screen. This field is used when calculating the next date to post interest. Possible selections in this field are:

000 - Never Post Interest

001 - Post Interest Monthly

002 - Post Interest Bi-Monthly

003 - Post Interest Quarterly

006 - Post Interest Semi-Annually

012 - Post Interest Annually

013 - Post Interest Quarterly (January, April, July, October)

016 - Post Interest Semi-Annually (March and September)

023 - Post Interest Quarterly (February, May, August, November)

099 - Use Statement Frequency

204 - Post Every Wednesday and Month-End

206 - Post Every Friday and Month-End

214 - Post Every Wednesday

216 - Post Every Friday

255 - Post interest daily

Interest Frequency codes 013 and 023 are currently available for Passbook Account accounts only (as indicated on the Deposits > Account Information > Additional Fields screen)

Selecting Interest Frequency code 099 will make interest post with the same frequency found in the Statement Cycle field. This code is only valid with Statement Cycle field codes greater than 100 and less than or equal to 131.

If your institution wants the system to post interest on the last day of the year on all accounts where the Frequency code is between 102 and 131, submit a work order requesting institution option OPTP-PIYE be set.

	Note: If this field is file maintained, then the Average Percentage Yield (APY) will not print on this account's statement for the current cycle, however, the next cycle's statement will show the APY.

Destination

Mnemonic: DMIDST

Use this field to indicate what to do with interest when it is posted to the customer account. Interest is always posted to the account and then withdrawn when this field indicates a transfer to another account. Possible selections in this field are:

00 - Post Interest to the Account

01 - Pay interest By Check

02 - Transfer Interest By CDT

11 - At Maturity Post to Account, Otherwise by Check

12 - At Maturity Post to Account, Otherwise by CDT

If you want to use code 01, all accounts except those with a Certificate feature must be set up through the Deposits > Customer Directed Transfers > Account Payees screen.

This field is used in the configuration of customer directed interest transfers, as explained on the Interest CDTs help page.

Accrued to Today

Mnemonic: WKACTD

This field contains the amount of interest that has been accrued to the present date but has not yet posted on the customer account.