Quote:
Originally Posted by Bring_Back_Shantz
I'd like to see your math that says $4 works out to 2400% interest on a $60 withdrawl.
|
I was basing it on getting $60 today from a compeditor ATM, as opposed to tomorrow from my own bank. So the 6.7% interest for a 1 day loan works out to 2400% per anum.
Yes, perhaps a bit of a reach. But there are laws in place that state that if I lend a friend money, I cannot charge him 6.7% interest for a 1 day loan. Yes this is a "service charge", however it is still way too much in my mind.