Article Details
Id: | 13965 |
Product: | finPOWER Connect |
Type: | FIX |
Version: | 3.00.01 |
Opened: | 26/05/2016 |
Closed: | 18/07/2016 |
Released: | 10/08/2016 |
Job: | J017455 |
Maturing Deposits; new option to compound final Interest Payment
A new option to compound the Final Interest Payment for a Fixed Term Deposit has been added.
The option is found under Admin, Account Types, Interest Options page, Interest Payment Options. When checked, if the final Interest Payment is to be paid via "Cheque" or "Direct Credit", it is compounded instead. Note, Interest transferred to another Account is not overridden.
This allows the Final Interest Payment to be paid out or reinvested together with the Principal value of the Deposit.
Note, this option does not apply to "On Call" Deposits.