Change Due Date Charge

Introduction

There are many times you can charge a fee, but the change due date charge is a fee you will be prompted to add any time you change a due date. This is a convenience item that lets you define the standard change due date charge and then prompts you to charge it when due dates are changed.

Setting up a Change Due Date Charge

To set up the change due date charge, navigate to Settings > Loan > Charges > Change Due Date.

Click 'Edit' to enter in the fields for the due date charge.

The charge options are:

  • Due date Fee Enabled – This will enable the change due date fee, which you will be prompted to charge at the time a due date is changed.
  • Due Date Fee Amount – This is the dollar amount of the fee.
  • Due Date Fee Memo – This is any information you want to add about the fee.
  • Charge Type – This is the type of charge you want to assign to change due date charges.

Once you have entered the due date charge, click 'Save'.

In Practice

When you change a due date inside any account within a specific loan, you will be shown an option that will ask whether to charge a fee. If the “Due Date Fee Enabled” option is set to Yes, this option will be defaulted to Yes. Once the option is set to Yes, you should see relevant charge fields that are pre-populated with the defaults you already set.

When you save the change due date, the fee will automatically be charged.


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