NEW2.02.04 · Released 13 February 2015

NEWfinPOWER Connect

Released in

2.02.04

13 February 2015

1. Opened21 Jul 2014
2. Closed23 Dec 2014
3. Released13 Feb

Article 12544 Job J014709

Account Processes; new option to not automatically close an Account pre-Maturity

There is a new option for Account Processes to NOT automatically close an Account when it has not yet reached Maturity.

This setting is defined under Account Types, Close Option page, "Close Accounts Pre-Maturity?" and is valid for Fixed Term Loan and Floating Rate Loan Accounts. The default is false, i.e. don't automatically close pre-maturity.

When a Loan is prior to Maturity it should be treated like an Early Settlement, and include Credits/ Rebates, hence the Account Close wizard should be used rather than automatically closing in Account Processes.