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#1789935 - 02/27/13 10:50 PM APY calculations
Southern gal Offline
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Joined: Mar 2008
Posts: 504
TN
Does anyone use the OCC APY software to calculate accuracy of APYs on TISA disclousures provided at account opening?

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#1789991 - 02/28/13 12:55 PM Re: APY calculations Southern gal
Soccer Offline
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Joined: Jan 2010
Posts: 1,018
Utopia
Yes, just completed my testing yesterday.
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#1790032 - 02/28/13 02:36 PM Re: APY calculations Southern gal
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 78,643
Galveston, TX
Not much testing needed in this environment. Not many interest rates are high enough to give a higher APY.
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#1790134 - 02/28/13 04:21 PM Re: APY calculations Soccer
Southern gal Offline
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Joined: Mar 2008
Posts: 504
TN
Soccer, How & what information should be entered to calculate the accuracy of the apy that was disclosed at account opening. On a regular savings account with minimum opening deposit requirement of 50.00, int rate of .025, the apy is disclosed as .025. When I run the program the apy is .024.

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#1790144 - 02/28/13 04:31 PM Re: APY calculations Southern gal
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 78,643
Galveston, TX
What compounding period and other options did you select? I can't get it to do it? Since the disclosure is only to two decimal places, how did you get an APY of .024.
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#1790166 - 02/28/13 04:56 PM Re: APY calculations rlcarey
Southern gal Offline
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Joined: Mar 2008
Posts: 504
TN
interest is compounded ever 3 months, I entered 4 in # of 3 monthly compounding periods in deposit term. Not sure I'm entering the correct info.
Last edited by Southern gal; 02/28/13 04:57 PM.
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#1790194 - 02/28/13 05:31 PM Re: APY calculations Southern gal
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,643
Galveston, TX
I get an APY of .03%
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