Charge Off
Borrowers can default on their payments due to economic or other personal crises. Under these circumstances, a bank may deem certain receivable amounts on the loan arrangement to be charged off. A charge off can be for the overdue amounts (partial) or the entire loan amount. Customers are not aware of a charge off and bills are generated as usual. However, the charged off balances are held in a separate account on the banks books (shadow balances).
Charge Off
PUTExecute loan charge-off activity to charge-off account balance only
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Retrieves the charge off balances of an arrangement account
Asset Maintenance - Vehicles
Manage tangible asset lifecycle
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Updates the valuation details of fixed assets that fall under classification of asset - Vehicles
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Updates the incident details of fixed assets that fall under classification of asset - Vehicles
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Updates the insurance details of fixed assets that fall under classification of asset - Vehicles
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Updates the maintenance details of fixed assets that fall under classification of asset - Vehicles
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Updates the inspection details of fixed assets that fall under classification of asset - Vehicles
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Updates the usage details of fixed assets that fall under classification of asset - Vehicles
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Updates the officer details who is dealing with the fixed asset that fall under classification of asset - Vehicles.