Cycle Based Late Fee Adjustment / Waiver

A.1.36 Cycle Based Late Fee Adjustment / Waiver

Late fee is the amount charged when payment is not made within the grace period or by the day after payment is due. The due date is determined by the contract.

Accordingly, the Cycle Based Late Fee Adjustment / Waiver is required to be done when such late fee corrections are to be posted on the account. This can be done during servicing by posting the following types of monetary transactions in Customer Service > Maintenance >Transaction Batch Information section.

Figure A-33 Cycle Based Fee

Description of "Figure A-33 Cycle Based Fee"

Table A-66 To post Adjustment / Waive Maintenance transaction

Transaction	Parameters
ADJUSTMENT TO CYCLE BASED COLLECTION LATE FEE- ADD ADJUSTMENT TO CYCLE BASED COLLECTION LATE FEE - SUBTRACT WAIVE CYCLE BASED COLLECTION LATE FEE ADJUSTMENT TO CYCLE BASED LATE FEE - ADD ADJUSTMENT TO CYCLE BASED LATE FEE - SUBTRACT WAIVE CYCLE BASED LATE FEE	TXN DATE Select the transaction date from adjoining calendar.
AMOUNT Specify the amount to be adjusted / waived on the account.

Transaction

Parameters

ADJUSTMENT TO CYCLE BASED COLLECTION LATE FEE- ADD

ADJUSTMENT TO CYCLE BASED COLLECTION LATE FEE - SUBTRACT

WAIVE CYCLE BASED COLLECTION LATE FEE

ADJUSTMENT TO CYCLE BASED LATE FEE - ADD

ADJUSTMENT TO CYCLE BASED LATE FEE - SUBTRACT

WAIVE CYCLE BASED LATE FEE

TXN DATE

Select the transaction date from adjoining calendar.

AMOUNT

Specify the amount to be adjusted / waived on the account.

Parent topic: Monetary Transactions