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.

Amount x (interest rate/365 x number of days) = refund

Most any hand held will do.

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%?

.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.

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.