ATTENTION ONLINE CREDIT UNIONS
As noted in the alert originally posted in June, we experienced an issue with the new daily interest calculation routine on written-off loans that was introduced with the 22.05 release (read more about this on page 6-7 of the 22.05 Release Summary). On Tuesday, August 23, we will be implementing a change so that we can begin performing that daily calculation on all of your written-off loan records.
A few things to keep in mind:
- The system was designed to catch up on missed days (like for holidays) so since we have not accrued since the 22.05 release date, after EOD on the 23rd the system will calculate a daily per diem then add up the # of days since that date (May 15) and apply a total for that number of days onto the write-off record. From that point on each day that amount will increment up by one day’s worth of calculated interest.
- This is a simple per diem calc using the current balance on the loan. If you have any written off loans that have had activity since the release date, you may need to review them and adjust the total amount manually.
- The calc is done immediately after EOD is complete, so you should be able to see the amount increment up starting the morning of the 24th.
- If you have already updated that amount manually on any of your written-off loan records, the newly calculated amount will be added to whatever is already in there. (See this AnswerBook item for more details on how this works.)
- We recommend you monitor your written off loans for a week or two after the fix is applied, to ensure a daily amount is being added to the record as expected. This can be done via Tool #476: Loan Write-off/Charge-off History Dashbd (choose the Written off loan history option). Maintenance can be done on individual records via Tool #1030: Write-off/Charge-off Loan History Maint.
We appreciate your patience as we worked through this issue!