Default Fee; Frequency of Per Month is charging the full value if Interest Cycle is less than a month

When the Default Fee's frequency is "Per Month" but the Interest cycle is not per month the value charged may not be correct.

finPOWER Connect was charging the amount for the whole number of months and part months. For example, if the Interest cycle is Weekly then this rounds up to 1 month, ie a full months charge.

Now the calculation is Fee x 12 (to find the annual fee equivalent) / Interest frequency per annum. For example, if the fee is $26 and interest is charged weekly the calculation is $26 x 12 / 52 = $6.

Note, no allowance is made for part/ broken interest periods.