Got my first bank statement...

[astrocase]

This is very weird.

Total Days in Statement Period: 30
Average Balance 1,463.74 (* edited for privacy)

I started the account with $1000 * 30 days ago.
I've made 4 deposits and 0 withdrawels.

Make sense right? My current balance is then MORE than what I started with and MORE than my average over that month.

Here's where it gets screwy:

Annual percentage yield earned: 4.82%
Interest Bearing Days: 30
Average balance for APY: $900 *
Interest Earned: XXX.XX *

WTF?!

Can someone shed some light on this? From what I understand the interest is accrued daily so am I getting ripped off here? There is no way for the average balance to be below what I started with.

 

[Gibson486]

Isnt APY the annual precentage yeild? that is not your average amount you have.

I guess you have to ask your bank.

 

[Epic Fail]

4.82% for saving account, that's high yield, is it one of the online bank?

 

[Viper GTS]

Obviously the period covered by that statement included days with no balance.

You sure you aren't getting your first statement for a short period (where you didn't have funds in for the entire cycle)?

Viper GTS

 

[astrocase]

Originally posted by: yamadakun
4.82% for saving account, that's high yield, is it one of the online bank?

No, it's a local one. I have a business account with them so I'm always there and they offered me a business rate for my personal account.

I originally turned them down and went rate shopping. I then came back.

She had to get permission from her regional manager but I'm fairly convinced you can negotiate with banks and get good rates if you put a decent amount in. She basically opened up an old promotional account for me that they don't offer anymore. It just happened to match business rates at the time I guess.

 

[astrocase]

Originally posted by: Viper GTS
Obviously the period covered by that statement included days with no balance.

You sure you aren't getting your first statement for a short period (where you didn't have funds in for the entire cycle)?

Viper GTS

That's what I was thinking as well but the dates don't reflect that.

Begining Balance: $0
Total Credits: ...
Total Debits/checks: $0
Ending Balance: ... (same as credits)

However, it shows date of last statement as 4/25/06 (the day I opened the account) and this statement, 5/24/06 with 30 days in the statement period.

 

[astrocase]

Got an answer today.

The first day you open an account the check that you open it with is put on "float". You therefore don't get interest for that one day and you have a zero balance for one day bringing your average below your initial deposit. After all, the funds are still in your original bank account so I guess that's ok.

 

[amdforever2]

You are wrong.


I would bet my life their system has calculated interest correctly.

In this case, BANK ERROR, simply does not happen.


*waits for the next time he has to tell some 89 year old woman who doesn't speak english the finance charge was calculated correctly*

 

[mugs]

Originally posted by: amdforever2
You are wrong.


I would bet my life their system has calculated interest correctly.

In this case, BANK ERROR, simply does not happen.


*waits for the next time he has to tell some 89 year old woman who doesn't speak english the finance charge was calculated correctly*

He beat you by 2 minutes. 😉