US Bank savings alert!
06-22-2010, 12:02 PM
#1
Super Member
Thread Starter
Join Date: May 2009
Location: La Pine Oregon, USA
Posts: 5,907
ALERT-- check your savings accounts! My parents manage the church's bank account. They've sold the parsonage and have $88,000. in the regular/standard savings. Last month it earned only $.79!!! They took the statement to the bank and the manager told them the statement was correct! If you go to their website, interest for today is .10%........Gee, wouldn't that get you $88.00??? Even if that pitiful amount of interest were for a year, and you divided by 12, you'd STILL get $7.33!!!! My parents are calling the Banking Commissioner for Oregon. SOMETHING is wrong......or is it just me?
06-22-2010, 02:10 PM
#3
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Join Date: Mar 2009
Location: Hesperia, CA
Posts: 1,060
Maybe it's all banks. We have some in one bank, same deal with the interest rate. We earned 73 cents last month, but were hit with a $25 fee for going below the amount in our account. So they were charging us $25 for letting us keep our money in their bank. DH raised cain and they reimbersed the fee and changed us to a different type of account.
06-22-2010, 06:40 PM
#7
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Thread Starter
Join Date: May 2009
Location: La Pine Oregon, USA
Posts: 5,907
The bank "officers" have chosen to put the money temporarily in the standard savings account. The church is over 100 yrs old and is in need of constant repair. The issue isn't what to do with the money, the issue is the bank has gyped them out of the interest they POST on their website!
06-22-2010, 07:06 PM
#9
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Join Date: Jan 2010
Location: Idaho
Posts: 1,048
.10% If it was simple interest, then you need to take .001 and multiply it by the $88,000 to compute the interest for a year. That would be your $88. Then divide by 12 for the months, for your $7.33. Another way to get the month's interest would be to divide the $88 by 365 and then multiply that amount by the number of days in the month.
Yup, you are correct. The bank has ripped off the church, go figure. Banks can be really nasty lately. Good luck in getting this straightened out.
Yup, you are correct. The bank has ripped off the church, go figure. Banks can be really nasty lately. Good luck in getting this straightened out.
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