Prime Rate Maintenance
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Overview of IL801
Prime Rate Maintenance is an automated means of updating line-of-credit interest rates and base rates. Lines with a rate adjustment method of “Prime Rate Adjustment” are eligible for the rate changes. Interest Rate Adjustment (IL822) looks for lines of credit whose next adjustment dates are equal to or before the current business date. It then updates their interest rates and base rates according to the Prime Rate Maintenance table. The values stored in the prime rate table typically come from business-related publications (i.e., The Wall Street Journal).
- From the DDI Connect main menu, double-click Financial Services
- Double-click Line of Credit
- Double-click Setup
- Double-click Prime Rate Maintenance. You will see this screen:
