Deposit Account Type Setup

Deposit Account Type Setup

Purpose

To differentiate different types of Deposits

Examples maybe:
  1. Secured
  2. Un-secured

Access

  1. Account | Edit/View Account Types |  | 

Process


Field
Explanation
Transfer Trans-Maturity 
[F2] and  here the system specified transaction type that is used to transfer balances on a deposit account maturity, either to a new deposit account if the maturity action is Reinvest, or to another system account if the maturity action is Trsf Account

The system specified transaction type is ACCMATTRF
Early Maturity Fee Tran Type 
[F2] to  the transaction type that will be used if a fee is to be charged on early maturity of a deposit

Leave blank if no fee is to be charged

If this field is left blank, then the Early Maturity Fee field on the  dialog will be disabled
Interest Action Comm 
If a communication is to be created each time the Deposit System interest posting routine is run, then select that communication type here

The communication will only be created for accounts with an interest action of Cheque or Direct Credit

If a communication is not required, leave blank
Always create Interest Paid Comm
This flag should be checked on if interest paid communications are also to be created for interest actions Reinvest and Trsf Account
Increment Code on Reinvestment 
Checking this flag on will increase the account code on a matured deposit by 1

E.g. If a deposit account has a code of 1234-01, then on a reinvested maturity, the new account number will be 1234-02
Create Interest Advice at Maturity Posting
If an Interest Action Communication is selected, checking this flag on will result in the communication being created when either the Deposit Post Maturity Instructions or Deposit Post Interest Process is run

Checking the flag off will mean that the communication is only created when the Deposit Post Interest Process is run
Update Description on Next Maturity 
Check this flag on to have the   Next Description field display and populate with the maturity term and frequency entered to the   dialog 
No Instructions Received
Maturity Comm
[F2] to   the communication type that is used as a maturity advice when the maturity action is Cheque or Direct Credit, and the Maturity Instruction on the Deposit Account has been set to None
Maturity Reinvest Comm
[F2] to   the communication type that is used as a maturity advice when the maturity action is Reinvest, and the Maturity Instruction on the Deposit Account has been set to None
Maturity Trf Acc Comm
[F2] to   the communication type that is used as a maturity advice when the maturity action is Transfer Account, and the Maturity Instruction on the Deposit Account has been set to None
Verbal Instructions Received
Maturity Comm
[F2] to   the communication type that is used as a maturity advice when the maturity action is Cheque or Direct Credit, and the Maturity Instruction on the Deposit Account has been set to Verbal
Maturity Reinvest Comm
[F2] to   the communication type that is used as a maturity advice when the maturity action is Reinvest, and the Maturity Instruction on the Deposit Account has been set to Verbal
Maturity Trf Acc Comm
[F2] to   the communication type that is used as a maturity advice when the maturity action is Transfer Account, and the Maturity Instruction on the Deposit Account has been set to Verbal
Written Instructions Received
Maturity Comm
[F2] to   the communication type that is used as a maturity advice when the maturity action is Cheque or Direct Credit, and the Maturity Instruction on the Deposit Account has been set to Written
Maturity Reinvest Comm
[F2] to   the communication type that is used as a maturity advice when the maturity action is Reinvest, and the Maturity Instruction on the Deposit Account has been set to Written
Maturity Trf Acc Comm
[F2] to   the communication type that is used as a maturity advice when the maturity action is Reinvest, and the Maturity Instruction on the Deposit Account has been set to Written


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