Contact Us On
Phone: +61 2 9413 4986
Fax: +61 2 9412 3215 or
Email: enqsave@interestsavers
Bank
Errors!
Customer Checklist
YOU
SHOULD ALWAYS ENSURE THAT
The original
repayment amount has been calculated
correctly
The correct
interest rate has been used
The monthly
interest charged to your account is
on the correct day
The monthly
payment credited to your account is
on the correct day
Bank charges
are correct and do not include extra
charges
When interest
rate change:
Lower rate is applied on the correct
date, higher rate is applied on the
correct date
In a leap year:
366 days used instead of 365 days
The correct
amount has been credited/debited to
your account
Repayment
amount credited to another account
The repayment
date is the same as the original
drawdown date
If repayment
and drawndown dates are not the same,
be certain that interest has not been
capitalised for the balance of no. of
days difference. Ensure that penalty
interest has not been applied
You be informed
in writing of any penalty charges
(including being charged the higher rate
of interest - on what amount and when)
The payout
figure is correct. Request a
statement of calculation. Compare the
formula used by the lender to the
original agreement
Any offset
accounts (e.g. savings) do not
include 'incorrect transactions'
Any offset
accounts have 'interest earned' properly
calculated
Any linked
accounts (e.g. card a\cs) do not
include 'incorrect transactions'.
Any linked
accounts have 'interest payable' properly
calculated.
You keep a
record of all 'interest rate changes'
and dates of changes.
You keep a record
of all 'additional payments' that
you make
You check
your statement each month the correct
interest tate has been used.
The monthly
interest charged to your account is
on the correct day.
"DON'T TAKE
THE BANK'S WORD !
...the banks have been making mistakes...
...The Overdraft Saver program is user
friendly..."
Charter. Journal of The Institute of
Chartered Accountants in Australia.
November, 1996.
The original
repayment amount has been calculated
correctly