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Banks Cannot Count

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    Banks Cannot Count

    A number of contributors on this forum helped create a day interest calculator for me.
    Well imagine my surprise when I compared the sums created by the stored procedures with the amount the bank guessed.

    There is a very curt email to a FTSE 100 company saying prove your sums.

    As I wrote at the time underpay my dad interest by a penny and there will be trouble.

    Well the bank sums are wrong by more than a blue picture of Liz in one month.

    Or more to the point an underpayment to Gordon the God
    of more than a quid.

    Oh, I know my numbers are right because I learnt addition, subtraction, multiplication and division at school.


    Don't be too sure -- I once had my bank recalculate interest that I was sure was incorrect, but after they explained everything it became apparent that they were actually correct.

    Banks only count interest for full working days and they may give you less in a given month because their advertised rates are for the whole year.


      Re: numbers

      Bank regularily under pay interest on bank accounts - sometime they don't even bother to pay it. Just to see if you notice...
      They also over charge for mortgage interest about 80% of the time... that's a good one to catch them out on..big trouble with the DTI.

      worth challenging your bank with your numbers..perhaps also sending your findings to the dti to have them look at them.