Account Operating Status

Account Operating Status

Purpose

Allows an account to be suspended from interest and instalment postings

Often used once a repossession has taken place, and a final balance advised to the customer

Direct Debits can still be processed and manual transactions added

Timing

The account may be suspended at any time that instalments and default interest should no longer be charged to the account

Access

  1. Fixed Loan Account Details | 
  2. Variable Loan Account Details | 

Process

The below dialog will be presented


Field
Explanation
Operational Status
Dropdown to change the status, options are:
  1. Normal – Instalments and Interest post on due date
  2. Suspended – Instalments and Interest no longer post, Account balance is ‘fixed’

Warning

If an account is changed back from Suspended to Normal, all instalments and interest charges from the date of suspension will be posted next time these processes are run.

If the account should no longer accrue/charge default interest, then the Changing the Override Rate process should also be completed.


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