This module will not be further enhanced. Support is limited to defect fixing only.

Introduction to Pre-Notification of Interest and Fees

As per the Central Bank of Ireland regulation, notification is to be given to customers of current accounts before they are charged any interest. This functionality manages this pre-notification. The functionality concentrates on the generation of the notification 21 days before the interest is debited or credited to the account. The notification is sent only when the interest crosses the threshold amount or when the customer has specifically requested such pre-notifications.

A customer is ascertained as to whether he needs to be intimated in advance about his interest and fee dues in an account. For this, the total of interest and fee in an account arrangement is compared with a threshold value (currently 12.70 EUR in Bank of Ireland) parameterisable by the bank.

On the other hand, if a customer exercises the option of receiving the pre notification specifically, then pre notification is sent to the customer without comparing the threshold value with the total of interest and fee.