Calculate Overdraft Interest

BoltonMinx

Im doing my budget and noticed that the overdraft interest amount charged on my account between Jan 2005 and May 2005 appears to be incorrect. I have managed two months now w/o going overdrawn but want to be sure I wasnt over-charged previously! The authorised overdraft interest rate is 0.79% per month (9.9% EAR+) on the money-back halifax acc and 1.02% per month (12.9% EAR+) on the Extras account which I had previously.

Any ideas how I work out the interest? Ive got all my statements, so I know which days I was overdrawn and by how much. Cheers

M_Thomson

BoltonMinx wrote:

Im doing my budget and noticed that the overdraft interest amount charged on my account between Jan 2005 and May 2005 appears to be incorrect. I have managed two months now w/o going overdrawn but want to be sure I wasnt over-charged previously! The authorised overdraft interest rate is 0.79% per month (9.9% EAR+) on the money-back halifax acc and 1.02% per month (12.9% EAR+) on the Extras account which I had previously.

Any ideas how I work out the interest? Ive got all my statements, so I know which days I was overdrawn and by how much. Cheers

How long have you had your Moneyback account? Do remember that up until around May this year the overdraft rate on that was 13.9%.

BoltonMinx

Im not sure, I'll take a look at my letters. I got a letter confirming the dates. Any ideas how I go about working it out ?

grumbler

BoltonMinx wrote:

Any ideas how I go about working it out ?

(Daily interest)=[(1+AER/100)^(1/365)-1]*100

AER/Monthly/Daily:

_9.90% 0.79% 0.02587%
12.90% 1.02% 0.03325%
13.90% 1.09% 0.03566%