checking if bank charges the interest correctly?

Viewing 16 posts - 1 through 16 (of 16 total)

elisey
Participant
@elisey
Join Date: 2009
Post Count: 40
May 2, 2013 - 10:40 pm
Hi All,
I would like to ask if you guys check if the bank charges the interest correctly?
Is there any calculator which I can use to calculate the interest for offset acc?
Thank you
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
May 2, 2013 - 11:38 pm
I remember a post ages ago about a software program that audits bank statements for this sort of stuff. If you do a search you may be able to find it.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Mortgage Broker assisting clients Australia wide Email: [email protected]
s0805
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@s0805
Join Date: 2006
Post Count: 85
May 3, 2013 - 3:18 am
Hi,
I am not sure if Jamie is referring to these links, but checkout the below link….
1) http://www.interestguardian.com/ ( I think this is free)
2) http://www.interestguardian.com/ (this needs software)
I normally do the calculation every month, but i prefer to do it my excel spreadsheet.
cheers
elisey
Participant
@elisey
Join Date: 2009
Post Count: 40
May 4, 2013 - 12:08 am
Thanks Jamie & s0805.
Yeah, this is something I am looking for….. Thanks heaps
Thanks again!
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
May 4, 2013 - 2:01 am
Yep, so805 is on the money. That's what I was thinking of.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Cattleya
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@cattleya
Join Date: 2008
Post Count: 121
May 4, 2013 - 2:54 pm
I did try to calculate as well, just to ensure the calculations are correct. Tried it a few times, seemed ok so I stopped counting. Do you guys check regularly?
Elisey, would be interested to know how you go, whether there is any mistake.
Thanks,
Catts
Cattleya
Here to learn the ropes of property investing & share knowledge, not trying to sell anything at all.
s0805
Participant
@s0805
Join Date: 2006
Post Count: 85
May 5, 2013 - 5:50 am
Hi Catts,
I checked this every month for all of my loans…..happy to say that never found any mistakes…..but i prefer to do it regardless…..
It also gives me understanding how much offset is saving me on interest for particular month……and how long will it take based on offset savings to pay off the loan etc….
Cheers
elisey
Participant
@elisey
Join Date: 2009
Post Count: 40
May 5, 2013 - 12:09 pm
Hi Catts,
I normally dont check it. But for last month, there is a big jump of about $80 on the interest repayment compared to the previous 2 months. The interest rate stays the same for the past 2 or 3 months, I just dont understand why, as the interest should be more or less the same, shouldn't be the huge difference.
I use the software as recommended above, I still cant get the rate right.
I also try to use excel spreadsheet, which turn out that the figures are the same as the software.
Then I use other statements to check, those are only abt 20cents to 30cents difference which is still acceptable.
So may need to clarify with bank.
elisey
Participant
@elisey
Join Date: 2009
Post Count: 40
May 6, 2013 - 7:24 am
Was told that bank calculate interest on daily basis and it depends on when they close the account. The statement date may not be the date they close the account.
ie: Statement date 1/4/13 to 30/4/13
But due to long easter break, the interest is calculated from 28/3/13 to 30/4/13.
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
May 6, 2013 - 9:23 am
Yep – it's the daily interest calculations and fluctuations in the number of days in the month that will cause variations in your monthly repayments. That's why Feb repayments are usually lower than other months.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
schesterfields
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@schesterfields
Join Date: 2013
Post Count: 3
May 6, 2013 - 10:53 am
Oh wow, those were helpful.. thanks!
keiko
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@keiko
Join Date: 2008
Post Count: 513
June 27, 2013 - 1:37 pm
I have been over charged several times and had money refunded, best to check although I rarely do. Due to check again actually
Tony Fleming
Participant
@the-dark-knight
Join Date: 2008
Post Count: 396
June 27, 2013 - 10:29 pm
This has definetly got me thinking. I got overcharged by $5k on LMI and they picked up on it like 8 months later and refunded it but this topic has definetly got me thinking to double check the interest.
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
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NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
June 27, 2013 - 11:52 pm
I had one of the majors randomly debit $500 from my credit card once – the description for the transaction was a 5 digit number. After hassling them for a while, they conceded that they had accidently charged me for another customers settlement fee related to a property purchase in Sydney….lucky I bothered to check my statements.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
s0805
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@s0805
Join Date: 2006
Post Count: 85
June 29, 2013 - 6:13 am
i calculate the interest charged every month with simple excel spreadsheets….and glad that no issues so far….regardless i found that as very exercise..
WhatIfWeFinance
Participant
@whatifwefinance
Join Date: 2009
Post Count: 58
June 29, 2013 - 8:03 am
I have found some clients have had issues with offset accounts in the past and it never hurts to check