Ideas for the Mambu Banking Engine

Deposit fee application in custom frequencies

What: Add an option to select if “Deposit Product Fees” is applied with different frequencies:

Current Behavior:

  • Monthly fee

    • Apply Date Method:

      • Monthly from activation

      • First day of every month

New Options: “every X number of days” or

  • Daily fee

    • From activation

    • Starting on X day

  • Weekly fee

    • From activation

    • Starting on X day

  • Bi-weekly

    • From activation

    • Starting on X day

  • Quarterly

    • From activation

    • Starting on X day

Note: The feature should allow setting the fee “every X number of days” to fulfill any frequency use cases.

Example: set every 14 number of days, the fee will be applied every 14 days which would equal to bi-weekly or 30 would be monthly and so on.

Why: In many countries it’s a common practice to receive customer’s payroll in their deposit accounts on a weekly or bi-weekly basis. Some financial institutions will like to offer extra flexibility to their clients by charging their account fees according to their payroll frequencies.

  • Kareem Barreto
  • Nov 12 2019
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