On 23/2/20 8:23 am, David Cousens wrote:
Claire Can you request a more detailed statement? "Trust us, we are a bank" is not a good modus operandi as we have found out recently in Australia. We had banks charging for services never rendered, continuing to charge fees to dead people along with outrageous fees for letting the computer do the hard work. When my statements were delivered on paper I used to get them monthly at no charge, now that they are computer generated by default I get them six monthly with a fee but can also request a statement for which I will be charged a fee at any time - no human intervention as it is supplied immediately as a downloaded PDF so no mailing or printing costs. Statements here are generally fairly complete usually with interest credited monthly but calculated on daily stops. Additional payments of course should reduce the interest paid which should be calculated on the current daily balance. If you do set up a spreadsheet for the loan calculations you can setup the usual setup with no additional payments and a parallel setup with the additional payments so you can document the interest saved . Most spreadsheets have financial functions for doing the interest calculations using daily compounding interest but they rarely define the formuae they are using but they are usually standrd calculations from the financial literature. David Cousens
And now the banks are so risk adverse that I can't refinance a loan I have had for 15 years. A big thanks to all the people who whinged at the banks and are turning us into a nanny state.
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