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Email this10:55 am
May 28, 2013
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I opened a HISA at Scotiabank in June, on a 5% promo to August. I was very surprised that earned interest for June was not posted until the 7th business day of July - July 9th. My concern is whether the earned interest is itself earning interest from July 1, or only from July 9. I can't get an answer yet from Scotiabank on this. Does anyone have experience with them?
Why do the big banks post earned interest so late the next month? The credit unions and other FIs I deal with post on the first day of the next month. Do the big banks not use modern computers or are they still using an abacus?
1:48 pm
November 21, 2015
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Both, the regular and the bonus interest was posted on the 9th for me. That's the way they do it. The compounding thus start 8 days later. Spread it across multiple clients and you see it makes them money.
