Setup of Insufficient Fund Fee and Credit Hold Placement Fee
Pathway: Setup > Account > Account Class
The following changes have been applied to the Finance Charges and Other Fees tab in Add/Edit Account Class:
- Previously, this tab was called 'Finance Charges \ Late Fees' and was renamed to 'Finance Charges and Other Fees'
- 4 new fields have been added:
- Insufficient Funds Fee
- Default setting is '0'.
- Insufficient Funds Fee Charge Code
- Becomes a required field if a value greater than '0' is entered in the Insufficient Funds Fee field.
- Credit Hold Placement Fee
- Default setting is '0'.
- Credit Hold Placement Fee Charge Code
- Becomes a required field if a value greater than '0' is entered in the Credit Hold Placement Fee Charge Code.
- Insufficient Funds Fee
Application of Insufficient Funds Fee in AR History
(Only applies to Payment Reversals and Charge Backs. Transfers and Split Payments are Excluded.)
Pathway: Customer Service Screen > AR History
If a payment reversal, or charge back is recorded for a payment, and the account class includes a insufficient funds fee and charge code settings, a manual charge is created for the account. For this, the following logic is used:
- Insufficient Funds Fee must include a value greater than '0'.
- Insufficient Funds Fee Charge Code must exist.
By default, the 'Apply Insufficient Funds Fee' check box is checked. The full fee is applied regardless if the reversal or charge back was for a partial amount.
Application of Credit Hold Placement Fee in Customer Service
(Only applies to automated credit holds)
Pathway: Setup > Account > Account Class
- Credit Hold Placement Fee must include a value be greater than '0'
- Credit Hold Placement Fee Charge Code must exist.
- The account class to which the account belongs must have the necessary auto credit hold settings enabled and defined in the Status Management tab.
