Online Bank Statement : LUSENET : TimeBomb 2000 (Y2000) : One Thread

Checked my First Union accounts online today. One account (checking) summary shows "accrued interest this period" as $xx.xx (don't mean to confuse anyone here.....I'm substituting xx's for the actual numbers)

The other account (Money Market checking) shows "accrued interest this period" as $00.00.

Both accounts show Dec 16th as the beginning of "this period".


-- Sheila (, January 02, 2000


Because "this period" is Year 2000 and, since there have been no business days in Year 2000, you haven't earned any interest.

-- Just think first (, January 02, 2000.

Just Think First.....that was my first thought too, but it doesn't make sense that the Checking account shows accrued interest for the same time period does it? ONE of the account statements is wrong....

-- Sheila (, January 02, 2000.

Because a Money Market account is dependent on some market index or a Treasury bill rate there would be no interest since January first. A deposit account earns interest annually, based on a fixed rate, so it would show interest after just one day of the year.

-- Just think first (, January 02, 2000.

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