DMBM402060 - Interest: Charging interest – by IT system: Charging interest in SAFE: Clerical interest signals

There are two signals in SAFE which, when set, will prevent the automatic calculation and charging of interest. Within SAFE these signals are known as locks.

For whatever reason the signals are set the papers providing the background are to be filed and be available for review whenever a charge is cleared and interest needs to be calculated. These papers may need to be retained and referred to again in the future.

Interest Exception signal

This signal is set at Customer Account level using the function Maintain Account and selecting the Interest Exception Signal. When set interest will not be calculated or charged on any interest bearing charge for the customer.

Inhibit Interest signal

This signal is set at individual charge level using the function Manage Charge and selecting Inhibit Interest. When set interest will not be calculated or charged for specified charge.

When either of these signals are set and an interest bearing charge is cleared or a previously cleared charge is re-opened an entry will appear on the Clerical Interest worklist. This worklist is dealt with by the SAFE team in Shipley