Override Rate
Purpose
An Override
Rate allows use of an Interest Rate that applies to the current ledger balance
on a Fixed Loan, Lease or Deposit account.
When
a rate is entered to the Override Rate field, the associated rate on the
selected Interest Profile is ignored in favour of the override rate.
If
the override rate is 0.00, the interest profile rate will be used.
Timing
Override rates should be entered when the account is opened.
If
the account is created from a Quote, the interest rate will be pre-populated
using the Interest Rate Req + Uplift rate entered to the Quote dialog.
Alternatively, if a rate has been entered on the Quote dialog that will be used.
Warning
Override rates are not date specific, so if the rate needs to be changed during the loan, a specific process needs to be followed to correctly apply an Override Rate change.
Access
- Override Rate field on Fixed Loan Details, Lease
Details & Deposit Details
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