Banks generally use Average Daily Balance (ADB) to compute the daily compound interest.
If this method is being used, we should be getting about 0.00055 as a daily interest rate, based on the City Bank IR of 2%. That would mean about 1 dollar a day for each 5000 in the bank. Then then total the interest earned each day and credit that much to you at the end of the month (instead of the day it is earned, making them the interest on THAT money as profit).
If I'd only own a bank, I'd be a rich woman...
PLEASE check my math, as it is way to late for this little spider. |
