1In the left menu open Settings, then Products, and click the Interest Rate tab. Product Setup lists every rate your loan and savings products can point to.2The Create Interest Rate form opens. Enter the Name, pick the Frequency Type, set the start and end dates, choose Fixed or Variable, then fill in Rate Of Interest and Submit.3Now click the Fee & Penalties tab. Each charge shows its Charge Type and General Ledger Code, and Add Charge creates a new fee or penalty for your products to use.
How to add fees, penalties, and interest rates
Set up the fees, penalties, and interest rates your loan and savings products charge members.
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Summary
Set up the fees and penalties your products charge, each posting to the right general ledger code.
About 3 minutes · 6 steps. Also called: charges, loan fees, late payment penalty, fines, product charges.
Prerequisites
A CAMS sign-in whose role can open Settings.
The general ledger (GL) code each charge should post to.
The amount or percentage to charge.
Step-by-step
Sign in to CAMS Admin.
In the left menu, click Settings, then Products. The Product Setup page opens.
Click the Fee & Penalties tab. You see every fee and penalty rule your products and transactions can use.
Product Setup with the Fee and Penalties tab highlighted
Search the list first. If the charge already exists, open its row menu and pick edit rather than adding a duplicate.
Click Add new. Name the charge, say when it applies, and pick its GL code. Set an amount for a flat charge, or a percentage when it should grow with the loan or balance.
Save. The new row appears in the list, ready for products to point at.
Warning: Editing a fee that live products already use changes how those products behave. Check the linked products afterwards.
Common pitfalls & FAQ
Do I set fees on each product, or here? Define the charge once here; your products then point at it, which keeps them consistent.
What is the difference between a fee and a penalty? A fee is a normal charge, such as a loan application fee. A penalty is a charge for a problem, usually a late repayment.
My fee never reached accounting. Check the charge has a GL code. Without one, the posting has nowhere to land in the chart of accounts.
I need to charge one member, not everyone. That is a teller job: Transactions → Teller → New Transaction → Client Transaction → Apply Fee / Penalty. To undo one, use Reverse Fee/Penalty.
