Interest rate change

This program is used when the credit union wants to alter the interest rate of all loans already allocated on a selected product.

User defined fields

Clicking the button will then search for loans which meet the criterea entered. The loans will not be updated at this point, instead a text file will be created. This will then be used to update the individual members accounts. A message box will appear once the search has complete. Take a note of the filename and location displayed on the message, as this will be used to update the members accounts. To update the members accounts, click on the button. You will then be prompted to open a text file. Simply browse for the file and click . It is important that the update takes place on the effective date and not before. Otherwise the new rate will be applied, and future loan repayments will calculate interest at the new rate.