Applying Fees and Commissions

The financial institutions take commissions and fees for offering a product or service such as opening an account, for cash withdrawals, for transfers, for making payments in certain countries, for exchanging currencies, for emitting debit cards, for handling documents etc. These commissions are set at the product level and vary from institution to institution, based on their policy.

In the Fees & Commissions section within the Overview tab of the contract, you can view all the fees and commissions configured at the product level that have the Automatic Load on Contract checkbox set to True. After the first saving operation, Core Banking display all the fees that are defined as values. The fees defined as percentages are displayed after completing all the values of the contract. Read more about the commissions automatically inserted and calculated in the below section. You can also add, delete or export fees and commissions for the contract.

Adding Fees

  1. To add a fee for this contract, click Insert in the Fees & Commissions section of a contract in Draft or Version Draft status.

  2. On the newly displayed Contract Fee page, fill in the following fields:

    • Fee - Select a commission from the list of commissions defined for the banking product used when creating the contract.

    • Fee Date - Specify which value of the commission is to be used by selecting the date of the commission.

  3. Optionally, check the rest of the fields, automatically filled in by Core Banking: contract number, currency, periodicity type of the selected fee, the fee percentage or value applicable for the selected date. You can't change these values.

  4. Click the Save and Close button.