Fixed Term Deposits; new option to process maturity on the original date, if already past the date the Deposit was due to mature

Previously, once the date a Deposit was due to mature is past the Deposit is processed right through to the current date. This means the Deposit may be extended past the original maturity date.

Generally, Account Processes are run in advance of non-business days. For example, on a Friday Interest and Maturity transactions would be processed for the weekend, and Interest paid out to the Account.

To make this more flexible a new Account Type option has been added. Under Account Types, Term page, Options section a new "Grace Days" setting has been added. Grace Days defines the number of Business Days to allow a Deposit Account to go over Maturity and still process on the original Maturity Date.