Maths PhD student can't comprehend complicated bank charges

DevCoder

So your bank staff could not tell you when you

1) went overdrawn (this will be one day) - a known
2) the overdraft rate (annual) - a known
3) the number of days you were overdrawn - a known

If thats the case then go to another bank because that is very very simple.

And I have a job, several projects and a family to support and worry about but can still work charges out

DevCoder

lanza wrote: »

Thats what they all say till the bank F up and then it happens to YOU

No because I can work out charges (which is not difficult) so if the bank does happen to be mistaken (which is rare tbh, and bear in mind they are calculating on millions of accounts per day as opposed to your one or two) then I can show them the correct calculation.

Is this going to end in a put up or shut up bet that you mentioned earlier, because if you're not interested in learning how charges and general banking terms are calculated then we can just move straight on to that.

DevCoder

In short if you think a charge is wrong then ask the three simple questions I quoted in post-22, it is then a very simple calculation, you will (of course) need to take into account any variances in your overdrawn balance during the days you were overdrawn but this is (again) very simple.

lanza

krisdorey wrote: »

In short if you think a charge is wrong then ask the three simple questions I quoted in post-22, it is then a very simple calculation, you will (of course) need to take into account any variances in your overdrawn balance during the days you were overdrawn but this is (again) very simple.

Ok that is interesting. Well at least somebody is presenting an actual systematic method. It will be interesting to test if this works or not.

So you are clearly in the business that gives you an advantage the everyday consumer would not have does it not ? Under the banking code this operation of an account, especially a non overdraft account for simple matters like buying groceries should not require this degree of training.

DevCoder

I am in the finance industry, have been for the past 20 years, I will be honest about that. And I was originally and still am (but in my own time) a computer programmer for financial systems. And I also have been involved in the accountancy part of finance (although Im not a qualified accountant).

So this does make things easier for me.

However a quick google search for

Compound interest - http://math.about.com/library/weekly/aa042002a.htm
and
Interest calculation - http://math.about.com/od/businessmath/ss/Interest.htm

leads to simple maths which most people should understand.

If they dont then asking on a forum such as this will result in people willing to help but the aforementioned people need the facts (which Ive stated before).

People here give their own free time to help and with co-operation from the person seeking help then it can be resolved quickly. Or failing that they can pinpoint what calculation you should be arguing with the bank if the bank is in the wrong.

callum9999

lanza wrote: »

Ok that is interesting. Well at least somebody is presenting an actual systematic method. It will be interesting to test if this works or not.

So you are clearly in the business that gives you an advantage the everyday consumer would not have does it not ? Under the banking code this operation of an account, especially a non overdraft account for simple matters like buying groceries should not require this degree of training.

It doesn't require any degree of training... I can't speak for others but I didn't post a "systematic method" because I thought it was common sense.

How on earth could you not know that in order to find out the charge, you need to know the number of days you were subject to that charge (i.e. overdrawn) and what the % of the charge actually is? And you say you are studying for a PHD? The mind boggles!

lanza

krisdorey wrote: »

I am in the finance industry, have been for the past 20 years, I will be honest about that. And I was originally and still am (but in my own time) a computer programmer for financial systems. And I also have been involved in the accountancy part of finance (although Im not a qualified accountant).

So this does make things easier for me.

However a quick google search for

Compound interest - http://math.about.com/library/weekly/aa042002a.htm
and
Interest calculation - http://math.about.com/od/businessmath/ss/Interest.htm

leads to simple maths which most people should understand.

If they dont then asking on a forum such as this will result in people willing to help but the aforementioned people need the facts (which Ive stated before).

People here give their own free time to help and with co-operation from the person seeking help then it can be resolved quickly. Or failing that they can pinpoint what calculation you should be arguing with the bank if the bank is in the wrong.

Thanks Kris i will look at that type of thing, i suspect another problem in this fiasco is a floating date for the regeneration of the debt.

lanza

callum9999 wrote: »

It doesn't require any degree of training... I can't speak for others but I didn't post a "systematic method" because I thought it was common sense.

How on earth could you not know that in order to find out the charge, you need to know the number of days you were subject to that charge (i.e. overdrawn) and what the % of the charge actually is? And you say you are studying for a PHD? The mind boggles!

That is correct. And some of those Santander staff who could not fathom this are also graduates as well please bear in mind thank you very much.

Perhaps have you considered that you are missing information about this matter. If it was as simple as you claim why are so many people unable to figure this out ?

lanza

And I have just finished a maths module that ended in advanced algebra, but began on what was considered a beginners gentle start. Calculating compound interest in a retail situation !

No it does not help. This problem requires understanding the interactions of algorithms which is a differential problem that may can have a non linear component when algorithms interact. Perhaps that is why the PhD math student claims it cannot be solved.

DevCoder

The product is still linear (iirc) but the algorithms will interact (if its a complicated scenario, which yours might be) which is what can lead to confusion.

The normal method is to split the algorithms and calculate one part which then provides the "input" to the second algorithm.