Navigation:  Loan Screens > Payoff Screen > Balances tab > Reserve 1/2 Int

Entry: System, numeric

F/M: No

Mnemonic: POR1AI, POR2AI

Screen: Loans > Payoff > Balances tab

 

These fields display interest amounts that are accrued on Reserve Balances (when your institution pays interest on reserves). This value is calculated as follows:

 

Bal # Rate X # OF Days / 365

 

“Bal” is based on 365/365 simple interest from transaction to transaction like a payment method 6 loan. It is calculated from the date Last Accrued to the latest transaction date on the reserve balance at the reserve rate.

 

The amounts in these fields are subtracted from the payoff Amount when the payoff is processed. These fields are not file maintainable.