Finance Charge Determination Software

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Finance Charge Determination Software
Answer by: Andy Zavoina, BOL Guru
BIO AND CONTACT INFO

Question: Is there a program to verify finance charges? Possibly a spreadsheet with "fill in the blank" information?

Answer: If you mean whether or not an item is a finance charge, no.

You have to know what the item is for and when it is paid to properly classify it. Computer programs can't do this. This is why you need to know what makes an item a FC. Then you can classify it for your bank as a FC or not.

Artificial intelligence is not half as good as naturally dumb.

First published on BankersOnline.com 8/05/02

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