02 — Capability · BC-1710.30
Interest, Fees & Statements
Pay and charge exactly what each account's terms say, cover or return items when the balance runs short, and tell customers what happened on their account each period. Interest and fees on loans and cards are owned by lending and card processing.
- Deposit Accruals & Charges
- Account Charging
- Statement Production
In scope
- Daily interest accrual, capitalization and payment
- Service, maintenance and transaction fees and fee waivers
- Overdraft, insufficient funds decisions and overdraft protection
- Periodic statements, notices and year-end interest reporting
Out of scope
- Interest and fees on loans (see BC-1720.30)
- Card account billing and card fees (see BC-1730.40)
- Tax reporting obligations of the organization itself (see BC-240.20)
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Decomposes into · 4
- BC-1710.30.10Deposit Interest AccrualAccrue interest on every interest-bearing account daily at the right rate and tier, and credit or capitalize it on the schedule the terms set.
- BC-1710.30.20Account Fee AssessmentCharge maintenance, service and transaction fees as the fee schedule sets them, apply waivers, and refund fees charged in error.
- BC-1710.30.30Overdraft & Returned Item DecisionsDecide whether to pay or return items that would overdraw an account, apply overdraft protection transfers and lines, and keep overdraft fees within policy and regulation.
- BC-1710.30.40Account Statements & NoticesProduce periodic statements and required notices in paper and electronic form, and issue year-end interest reports to account holders.