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Nationwide/ Portman Merger Minority interests and Compound interest in leap years


FairlyNiceChap
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Dear all

 

It occured to me while drafting my LBA below

 

http://www.consumeractiongroup.co.uk/forum/other-institutions/55784-fnc-better-half-nationwide.html

 

that if nationwide are closing accounts forcibly , this may have an effect of members qualifying in terms of any benefits arising out of the forthcoming Portman Nationwide merger

 

So I threw in some comments to that effect

 

The Rules on minority protection for members (also shareholders) in istitutions are powerful and clear - it might be worth someone having a think about this

 

As an aside i alos figured that the daily rate of compouned interest is different in leap years than normal years - so the 366th root should be coumpounded not the 365th - and clealry it should be done for the correct number of days.

 

now if Institutions are compunding the 365th root daily rate for 366 days then they are exceeding the EAR, AER and APR that they have contracted to and so all of interest (including normal interest on normal overdrafts would be in breach)

 

I throw this in merely as an interesting observation of course - i am SURE the banks would not have been so obtuse as to conveniently ignore leap years

 

Lots of fun FNC

http://www.consumeractiongroup.co.uk/forum/mortgage-companies/53089-fnc-ge-money-erc.html

21/12/2006 SAR

Next Step 31/1/2007 - Prelim / S.A.R Enforcement

http://www.consumeractiongroup.co.uk/forum/mortgage-companies/55694-fnc-c-g-erc.html

21/12/2006 SAR

13/1/2007 - Prelim

Next Step 27/1/2007 LBA

http://www.consumeractiongroup.co.uk/forum/lloyds-bank/55692-fnc-lloyds-tsb.html

21/12/2006 SAR

Next Step 31/1/2007 -Prelim / SAR enforcement

http://www.consumeractiongroup.co.uk/forum/other-institutions/55784-fnc-better-half-nationwide.html

20/12/2006 Prelim with Schedule and SI £640

5/1/2007 LBA with revised schedule CCR £867

Next Step 20/1/2007 CLAIM

PC World - Refund Faulty goods Preliminary Letter 13/01/2007 - Consumer rights are getting addictive

 

Don't get angry get even:D

 

 

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