Thread Options
#2180897 - 06/06/18 04:50 PM Interest calculator for lost interest on disputes
M&M Offline
Platinum Poster
Joined: Nov 2003
Posts: 527
Midwest
Does anyone have a calculator they use to calculate lost interest on a Reg E dispute on an interest bearing account? We're struggling with ensuring we're giving customers back enough lost interest.

Thanks.

Return to Top
eBanking / Technology
#2180909 - 06/06/18 05:27 PM Re: Interest calculator for lost interest on disputes M&M
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,638
Galveston, TX
Amount x (interest rate/365 x number of days) = refund

Most any hand held will do.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2180920 - 06/06/18 06:26 PM Re: Interest calculator for lost interest on disputes M&M
M&M Offline
Platinum Poster
Joined: Nov 2003
Posts: 527
Midwest
We were using that formula, but I'm not sure it's accurate for our situation. We have $500 @ 0.15% for 2 days. They were only paid $0.98 in interest for the entire month, but if you do the calculation using this formula, it comes out to $0.41. That can't be right. Do we add 2 decimal places to the 0.15%?

Return to Top
#2180924 - 06/06/18 06:40 PM Re: Interest calculator for lost interest on disputes M&M
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,638
Galveston, TX
.15% = .0015

If .15% is the annual interest rate, you have $500 x (.0015/365 x 2) = $00.004109.

Less than a half a cent.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2181213 - 06/10/18 07:34 PM Re: Interest calculator for lost interest on disputes M&M
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,385
On the Net
PrinxRatexTime is trusty and when rates are low, payments are low. This is the same reason banks want NSF fees instead of daily interest. Calculate it and round up if you like. The important thing here is that the requirement not be ignored. Certainly the entries will cost more than the interest expense.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Return to Top

Moderator:  Andy_Z