No. There are no plans for an Apple Mac Version.
As many as your hard disk will allow. It has been designed to allow Accountants in Practice to store all of their clients' records. i.e. thousands of accounts.
For as many years as you have the records.
Yes! It has been designed for debit and credit balances.
The option is available to enter Interest rate changes and the effective date of the change.
Yes! You may find that the banks have not given you the benefit of Leap Years.
No! You enter only the daily balances where a change has occurred.
On Screen: Shows "daily balances" / "Interest Rates" / "daily interest" and "total for the month" plus "total credits". Also shows "cost of being over the limit". Print - Out: "Daily figures" plus "monthly total".
The banks have to accept the print-out. They cannot argue against what is in black & white. An internationally accepted formula has been used. It has been tested by a qualified actuary and an international accounting firm.
There are several firms that provide this service. They charge between $ 30 and $ 50 per monthly statement plus retain 20% of any mistakes discovered. i.e. $ 400 to $ 600 p.a. + pa%.
Yes! The Institute of Chartered Accountants in Australia described it as "user friendly".
Yes but it will not be "accepted" unless it is verified by an actuarial or major accounting firm.
What Accounts will it work on?
Off-set accounts - These are accounts where the interest earned on the balance of one account (frequently a savings or every day account) is off-set against the interest charged on the balance of another account (frequently a home mortgage account). These accounts tend to have one of the highest error rates.
Spit loan accounts. These are typically a loan where one part of the loan has a fixed interest and the other part has variable interest. These are just two standard loans rolled in together (see below).
Line of credit accounts - These are the account frequently promoted as the way to "pay of your loan in 8 years". They are usually organised so that your salary is paid directly into your line of credit account and then you withdraw only the money you need. The remainder of your money reduces the interest charged on your home loan. These loans are the "second generation" of the off-set account. Due to the frequent transactions on these accounts they also tend to have a very hight error rate.
Principal and interest - These loans are where your repayments to the lender have an interest component and a principal component. The principal component is what reduces the balance of your loan.
Interest only - These are loans where they lender requires only the interest be repaid and not the principal or balance of the loan.
Fixed interest - the interest on the account is set at a specific rate for a specific time period.
Variable interest - the interest rate may be changed from time to time by the lender usually in relation to announcements made by the reserve bank.
Investment loans - these loans are just one of the above loan types but for investment purposes. Frequently lenders charge slightly higher interest rates on these loans.
Redraw Facilities - some loans allow you to "redraw" any extra money you have paid off you loan over and above the amount that you are required to have paid. Obviously, when you redraw it has implications for the amount of interest you pay and needs to be tracked.
Case Studies and Testimonials
"The program is certainly very easy to operate.
Although I have marketed this service to only a small number of my clients the program has already paid for itself many times over.
I would highly recommend The Interest Savers program to all accounting firms that are seeking to increase revenue by offering an additional service to their clients."
GL, Chartered Accountant, NSW, March, 2000
"I have used The Interest Savers programs to analyse the bank accounts for more than 20 of my clients. I have discovered 'overcharges' in approximately 75% of cases.
The total of all mistakes, including overcharges of interest, fees and other irregularities amounts to over $500,000"
JN, Financial Service Co, NSW, December, 2000
"We found the programs very easy to operate. We discovered interest not credited to our accounts. The bank subsequently corrected their mistake and credited us $ 43,586. I would recommend the programs to anyone who has a business bank account."
GA, Construction Co, NSW, November, 2000
"We are pleased to advise that the Interest Savers software enabled us to locate and identify $ 32,670.07 of interest overcharges and compounded interest costs in one of our bank loans.
These errors occurred over a 20 month period; with the worst overcharging being $ 24,977 in 12 months.
What concerned us greatly was that the bank did not notice these overcharges.
We found Interest Savers easy to use, efficient and reliable. It allows us to make sure overcharges are found quickly and provides proof for refunding with compounded interest."
Commercial Cleaning Company, New Zealand, September, 2000
"We used the program to discover $ 28,000 in overcharges. With additional interest paid, the total overpayments amounted to $ 100,000"
G.H. Motor Dealer, N.S.W.
"Don't think it can't happen to you. It can happen to anyone. It happened to me. I decided to check on my Home Loan and found that I had been overcharged by $ 5,000 over the past 2 years. The bank then credited my account with the $ 5,000."
Financial Reporter. Today Tonight.
"Enijar alleges in its statement of claim that the overcharging by the State Bank amounts to somewhere between $ 600,000 and $ 1,000,000."
Sydney Morning Herald. (Confidential Settlement.)
"Secret notes reveal bank overcharging"
Sunday London Times.
"Charged $ 26,500 too much ... Few bank customers bother to check their loan interest rates ... but Petersham accountant ' ...' did - and looks like getting back $ 26 ,500 for his trouble ... I am going to check every charge now and demand an explanation."
Sun Herald Sun (Sydney).
" The Interest Savers picked up a wrongly imposed penalty of $ 650 on this writer's account."
B. Biggs. Herald Sun.
"It pays to monitor bank's calculations."
The Sydney Morning Herald.
" .. counsel for Colonial State, said the bank's experts had looked at the disputed interest calculations, admitted there were errors ... and were now looking at quantifying that overcharging.
Sydney Morning Herald.
"NAB's Irish subsidiary will reimburse $ 302,000 .. following the findings of two investigations into overcharging on accounts."
Australian Financial Review..
"CHECKING UP ON THE BANKS ... it is normally a tedious exercise to check the calculations on the daily balances . But now it can be done in a matter of minutes, and it may prove to be fruitful as many companies are discovering." CHARTER Journal of The Institute of Chartered Accountants in Australia.
" It is estimated that 68% of Commercial.. 47% of Residential and 74% of Equity loans contain errors."
U.S. Market. webmaster@raybestoracing.com
" One of the largest mortgage services was ordered to repay $ 150 million in refunds for .. overcharges"
U.S.A. http://www.galaxymall.com/shopsmortgage.htr
"When was the last time you checked the interest payments on your bank statement ? Chances are you're being ripped off. Fortunately, a computer program called "Interest Savers" now makes checking easy."
My Business Success.
"The era of trusting banks has long gone."
Justice Clarke . New South Wales Supreme Court. Appeals Court ...as reported in The Sydney Morning Herald.
"...The Bank ( Colonial State Bank ) has admitted that a large part of hundreds of interest charge calculations and other fees could be wrong."
The Sydney Morning Herald..
"How often do you scrutinise your mortgage account? ... Probably not as often as you should."
The Australian Financial Review.
" Loan statements checked in a flash. ... Term loan and overdraft interest calculations and balances owing are difficult to monitor. .. Ex-banker Kevin Nowland ... decided to do something about it ...... The programs ... ... do amazing calculations to answer your questions immediately."
Perth Sunday Times..
" ... In one account checked recently the error totalled $ 300,000"
Sunday Telegraph. .
" Does the interest on your loan add up ? ...Anne Lampe reports on why it pays to check that you are being charged the correct rate of interest on your loan."
The Sydney Morning Herald.
" The Bank of New Zealand, a subsidiary of The National Australia Bank, has sent letters to 1700 customers apologising for overcharging of fees on their deposit accounts."
Australian Financial Review
"Man who took on the NAB ... The National Bank has apologised to a leading economist who claimed extra fees on his loans were a "systemic rip" ... In all cases the bank refunded the money ... which totalled more than $ 1300. ... Mr Park (NAB) said the problem arose because the wrong code was put into the computer."
Sydney Sun Herald. .
"The Home Loan Checker program allows borrowers to check that the interest charged ... is being calculated correctly. The program is easy to use"
Alex Holoyda, Your Mortgage Magazine.
"AT A COST OF $ 495, THE INTEREST SAVERS PROGRAM SEEMS EXTREMELY INEXPENSIVE ... THOSE THAT HAVE DECIDED TO CHECK ARE NOW FINDING THAT THERE CAN BE WINDFALLS WAITING FOR THEM."
Charter Business Software Guide. Published by The Institute of Chartered Accountants in Australia.
