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Post by Financial Thing on Aug 21, 2015 22:56:49 GMT
So today I receive an interest payment of £0.16 and FC takes their fee of £0.02 which is 12.5%
I also received an interest payment of £0.26 and FC takes their fee of £0.04 which is 15.38%
And I also received an interest payment of £0.14 and FC takes their fee of £0.01 which is 7%
I thought FC charged 1% annually. So why the difference in fee rates?
Anyone?
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Post by Financial Thing on Aug 22, 2015 0:27:13 GMT
pepperpot Thanks pots full of pepper. Makes perfect sense.
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Post by GSV3MIaC on Aug 22, 2015 14:14:20 GMT
Yep, no fair looking at the interest you got and trying to figure FCs fee as a percentage of THAT .. even without rounding that is NOT how it works .. they get 1%, you get the rest, which could be anywhere from 3% to 19%. (If you had (in the olden days) lent out your money at 4%, they'd get 25% of the ('your') interest each month. If you had managed to lend it out at 20% (that's an E rated loan, from Fat Chance) you'd only be losing 5% of the interest.)
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jonah
Member of DD Central
Posts: 2,031
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Post by jonah on Aug 22, 2015 15:30:15 GMT
Presumably for tax purposes, the 'before fees' figure is the relevant one?
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Post by GSV3MIaC on Aug 22, 2015 16:54:25 GMT
Not according to Federal Creativity, the net number is the one they print on your tax statement. There are various discussions of this over in the other place.
Sadly whichever way you slice it, it isn't going to repay the national debt any time soon (I'm reading Feierstein's "Planet Ponzi" at the moment .. if you like horror stories and fantasy fiction, I can recommend it .. and you though Greece was in Bad Shape!?!)
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