Loans > Loan Screens > Cards and Promotions Screen > Fees and Charges tab

Use this field group to view and edit information about late charges on the customer loan account.

lcp_latechargefields

The fields in this field group are as follows:

Field

Description

Late Charges Due

Mnemonic: LNLATE

This field displays the total amount of late charges assessed but unpaid on the account. A waive late charge transaction reduces the amount in this field. Use <Assess> to assess late charges (the amount of the late charge will default to the $30.00 flat fee, but can be changed to any amount). Use <Waive> to waive any late charges. All or part of the late charges can be waived.

	Note: If Institution Option NOLC is active and the amount in this field is greater than or equal to the principal balance on the account, no late charge will be assessed.

Code

Mnemonic: LNLTCD

Use this field in conjunction with the Late Charges Rate field to indicate how late charges are calculated on the account. See the Late Code help page to learn more about the possible selections in this field.

Late Charges Rate

Mnemonic: LNLTRT

Use this field in conjunction with the Code field to indicate how late charges are calculated on the account. If the Code field is set to “15 - Charge a Flat Fee,” enter a dollar amount in this field rather than a rate percent.

Note: Late charges will not be assessed on cards with a General Category of 80-89 (foreclosures/repossessions). However, Institution Option LC82 allows late charges to be assessed for cards with a General Category of 82 (charge off non-real estate property) or 85 (repossessed assets) unless the card has reached maturity. Late charges will not be assessed on cards with hold code 90 (judgment awarded) active.

Institution Option LTBK stops the assessment of late charges on Chapter 13 bankruptcy accounts (hold code 5).

Grace Days

Mnemonic: LNLTGR

This field displays the number of days after the due date that a late charge will be assessed if no payment has been made.

Lifetime Collected

Mnemonic: LNLLTC

This field displays the total amount in late charges collected over the life of the account. It is updated each time a late charge is paid or waived.

Year To Date Assessed

Mnemonic: LNYDAL

This field displays the total amount of late charges assessed on the account during the current year.