explanation of deposits/ banking?
Discussion
apologies, my inital post wasn't too clear.
My question is does the account holder have >90k or thereabouts?
Also why is the large sum called a principle interest? and why is it a deposit?
The account holder always claimed to be destitute.... is it clear to anyone involved in banking that this is not the case?
Nany thanks
My question is does the account holder have >90k or thereabouts?
Also why is the large sum called a principle interest? and why is it a deposit?
The account holder always claimed to be destitute.... is it clear to anyone involved in banking that this is not the case?
Nany thanks
It looks to me that they regularly invest around £90,000 in some sort of short term deposit account. After a set number of months, the capital sum that was in the deposit account is transferred back into the current account - along with the interest that was earned on the short term deposit.
Almost straight away, a similar amount is re-invested into another short term deposit which, a few months later, matures and gets credited (with interest) back into the current account.
So, in short, it looks like the account holder has a spare £90,000 amount they are transferring in and out of short term deposit accounts on a regular basis.
Almost straight away, a similar amount is re-invested into another short term deposit which, a few months later, matures and gets credited (with interest) back into the current account.
So, in short, it looks like the account holder has a spare £90,000 amount they are transferring in and out of short term deposit accounts on a regular basis.
They've also got a reasonable amount of shares, those payments look like dividends to me, typically two of those each year, so potentially double the figures above to get the overall amount paid out.
Without digging through individual company payouts the FTSE-100 yield is around 3.5% or so. The total paid out would equate to 90% of that, or 3.15%ish.
So with a div of say £300, you're looking at a holding of around £9,500....
Without digging through individual company payouts the FTSE-100 yield is around 3.5% or so. The total paid out would equate to 90% of that, or 3.15%ish.
So with a div of say £300, you're looking at a holding of around £9,500....
Edited by ellroy on Wednesday 27th May 15:36
Thank you very much for your expertise.
These statements are from a man I did 3 months of charity work for, his daughter and her husband were paying this mans community charge, elec and gas bills etc etc and their marriage suffered a great deal because of it.
I found these statements in a wood burning stove that were meant to be destroyed I guess.
He forgot to light the fire...
I recently opened up some old storage cases and was always curious to have the large deposits explained.
Cheers.
These statements are from a man I did 3 months of charity work for, his daughter and her husband were paying this mans community charge, elec and gas bills etc etc and their marriage suffered a great deal because of it.
I found these statements in a wood burning stove that were meant to be destroyed I guess.
He forgot to light the fire...
I recently opened up some old storage cases and was always curious to have the large deposits explained.
Cheers.
Gassing Station | Finance | Top of Page | What's New | My Stuff