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AcceleRate unusual interest payment rule
December 11, 2011
8:30 am
Winnie
Ontario
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Forum Posts: 373
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December 7, 2011
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AcceleRate has unusual interest payment rule.

When you make an deposit to AcceleRate Savings Account, they do not pay you interest for the first day, that money were posted to your AcceleRate Savings Account.

For example, you made $100000 deposit (EFT, cheque, ATM, do not matter which way) and it is clearly stated on you AcceleRate statement that deposit was made on 30 OCT 2011.

But, you will only receive $6 interest for 31 OCT 2011, instead of $12 for 2 days, like rest of the banks/CU do and as it should be ($100000x2.2%=$2200, $2200/365days=$6, $6x2days=12)

December 11, 2011
9:14 am
88kanaka
Guest
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Winnie said:

AcceleRate has unusual interest payment rule.

When you make an deposit to AcceleRate Savings Account, they do not pay you interest for the first day, that money were posted to your AcceleRate Savings Account.

For example, you made $100000 deposit (ETF, cheque, do not matter which way) and it is clearly stated on you AcceleRate statement that deposit was made on 30 OCT 2011.

But, you will only receive $6 interest for 31 OCT 2011, instead of $12 for 2 days, like rest of the banks/CU do and as it should be ($100000x2.2%=$2200, $2200/365days=$6, $6x2days=12).

You can check your statements and see for yourself that this info is true.

hmmmmmm was the money deposited for a full day on the day of deposit? Makes sense you would not receive interest for the day of.

December 11, 2011
9:24 am
Winnie
Ontario
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Forum Posts: 373
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December 7, 2011
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All other banks/CU, that I do business with, always pay interest on the day of that deposit was made.

It is very simple – you get interest from the day the money is posted to your account.

They may receive that actual deposit the day or evening/night before via EFT, but when they post the money to your account – interest must be paid from that posting date.

December 11, 2011
9:43 am
88kanaka
Guest
Guests

Winnie said:

It doesn't matter at all – full or half day.
All other banks/CU that I do business with, always pay interest on the day of that deposit was made.
It is very simple - you get interest from the day the money is posted to your account.
They may receive them the day or evening/night before via EFT, but when they post the money to your account - interest must be paid.

Call and ask Debbie or Desiree.

December 11, 2011
11:38 am
guest
Guest
Guests

I did call and they told me the same thing, i put in 198,000 on nov.26th 2011
and only received 4 days interest, and called and was told the same thing.

December 11, 2011
12:29 pm
mr P. Pincer
Guest
Guests

Winnie said:

When you make an deposit to AcceleRate Savings Account, they do not pay you interest for the first day, that money were posted to your AcceleRate Savings Account.

For example, you made $100000 deposit (EFT, cheque, ATM, do not matter which way) and it is clearly stated on you AcceleRate statement that deposit was made on 30 OCT 2011.

But, you will only receive $6 interest for 31 OCT 2011, instead of $12 for 2 days, like rest of the banks/CU do and as it should be ($100000x2.2%=$2200, $2200/365days=$6, $6x2days=12).

So based on that, I guess I can assume that I lost 2 days interest because I pushed some money through EFT and it didn't show up until the day after it left Hubert :(

Thanks for the info on this unusual rule with AcceleRate, it's good to know these things.

December 11, 2011
4:33 pm
Yatti420
Guest
Guests

I agree it is good to know these things.. I considered switching to accelerate but I think I am going to stay with Hubert for now and give it a few months.. I'm not a fan of paying fees etc..

December 11, 2011
4:58 pm
88kanaka
Guest
Guests

Yatti420 said:

I agree it is good to know these things.. I considered switching to accelerate but I think I am going to stay with Hubert for now and give it a few months.. I'm not a fan of paying fees etc..

I am sure the Customer Service at Hubert, Ally and Maxa is good although I have not dealt with them.

Customer service at Accelerate and Outlook is very good as I do deal with them.

I have seen on this site that sometimes the "transfer to" institution will pay your penalties and transfer costs.

Maybe you could take a look at asking Accelerate?

As mentioned trust is and issue. So many companies give you a great rate only to find it was a teaser....and I will be to the point here....if I feel that I was suckered....rather than saying oh well....I take action.....if we all did, maybe things would change.

ps. All the talk about Ally and Hubert....take a look at the institutions where there has hardly been any talk and they have steadily held their rates.

December 11, 2011
6:38 pm
Simon
Guest
Guests

Most banks pay interest on the daily closing balance while a few pay on the minimum daily balance. Makes little difference in the end.

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