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How can I apply standard penalties to member withdrawals
Most Investment Clubs tend to apply a penalty to club members who wish to make a withdrawal by selling units. The penalty charge is typically used to cover the cost of liquidating club assets in order to pay for the club member's withdrawal. If you wish to apply a standard penalty charge to club members who wish to sell units, for example £25 or 5% of the withdrawal amount, you can do so using the 'Settings' tab within the 'Accounts' navigational tab bar.
To set the standard penalty charge that will be applied when club members make a withdrawal by selling units, firstly click on the 'Settings' tab within the 'Accounts' tab. Then enter the penalty that you would like to apply to the member withdrawals by entering either a fixed penalty such as £25, or a percentage based penalty such as 5%. In the following screen shot example a 5% penalty will be applied to all member withdrawals e.g. if a member wishes to withdraw £100 pounds, after the 5% penalty is applied, they will receive £95 pounds:
When you are finished entering the withdrawal penalty, click on the 'update' button.
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