"Credit" Program!

[youngwebsolutions]

ok, please tell me why I should make deposits:

Minimum savings of 500 Credits required for 6% interest every 30 days. Deposits require pending time of 1 days before interest accrues, or a 5% early withdrawal fee applies. Deposits may be moderated. Maximum savings of 10,000 Credits allowed. Transaction fee of 2% applies on all transfers.

I loose 2% with deposits
I loose 2% with withdrawl
I get 6% interest but loose 4%, so nett 2% profits monthly... that will not make me rich!!

[Missionary]

2% profit is a start, if you take a 5k loan and just stick it in the bank that means your making abit of money right?

[Mr President]

ok, please tell me why I should make deposits:



I loose 2% with deposits
I loose 2% with withdrawl
I get 6% interest but loose 4%, so nett 2% profits monthly... that will not make me rich!!

I think you only get charged 2% when you make the deposit. You shouldn't
get charged when you withdraw it.. Unless you make an early withdraw
then you are charged 5%

We could boost the savings interest up some if you all want.. Maybe to
10%?

[ranger2112]

charging to deposit is a bit crazy. dont up rate of interest, just kill deposit fee

[Mr President]

It is a little crazy to charge people to deposit money or withdraw money
so i have changed it to 0. There is no longer a service fee for this service.

The early withdraw fee still applies though.

[ranger2112]

woohoo..someone listened to one of my suggestions

[ooga booga]

2% profit is a start, if you take a 5k loan and just stick it in the bank that means your making abit of money right?

you go ahead and try that theory Vinnie. I won't laugh at you or anything when you go to pay back your loan and realize that the loan interest fee is larger then the interest you gained in the bank.

[ranger2112]

u dont think it will work out for him???

[ooga booga]

u dont think it will work out for him???

Unless Mr. P screwed up the percentages on loan rates and interest rates in the savings bank But if Vinnie's theory were true in real life, I'd go to the bank first thing tomorrow morning, take out a $10,000 loan and then tell the same clerk to then deposit that same loan into my savings account.