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 calculationand 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 befiled and be available for review whenever a charge is cleared and interest needs to becalculated. 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 andselecting the Interest Exception Signal. When set interest will not be calculated orcharged on any interest bearing charge for the customer.
Inhibit Interest signal
This signal is set at individual charge level using the function Manage Charge andselecting Inhibit Interest. When set interest will not be calculated or charged forspecified charge.
When either of these signals are set and an interest bearing charge is cleared or apreviously cleared charge is re-opened an entry will appear on the Clerical Interestworklist. This worklist is dealt with by the SAFE team in Shipley