Author Topic: Money disappearing from account  (Read 5687 times)

Joleran

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Money disappearing from account
« on: September 20, 2013, 08:58:14 AM »
I thought I had been noticing this happening, but I finally saw conclusive proof for myself.  Between yesterday evening and this morning, I had $0.63 removed from my total account balance while doing absolutely nothing and showing no account activity other than two newly issued notes.

I thought perhaps service fees were being delayed at first, but the numbers don't add up at all.  Has anyone seen this happen and does anyone know what's going on?

core

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Re: Money disappearing from account
« Reply #1 on: September 20, 2013, 09:05:04 AM »
Do you have any notes that are exactly one month old with a payment date of today?  The accrued interest will temporarily disappear on these and I expect that would decrease your reported account balance accordingly.

Ran

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Re: Money disappearing from account
« Reply #2 on: September 20, 2013, 11:42:52 AM »
I thought I had been noticing this happening, but I finally saw conclusive proof for myself.  Between yesterday evening and this morning, I had $0.63 removed from my total account balance while doing absolutely nothing and showing no account activity other than two newly issued notes.

I thought perhaps service fees were being delayed at first, but the numbers don't add up at all.  Has anyone seen this happen and does anyone know what's going on?

I think the process is like this on 4 business days after due date if ACH payment on a note is in the system:
(1)  The system update notes to next due date, typically after 4:00pm EST
(2) Service fee is subtracted from your account
(3) Interest & principal payment is posted to your account between 5:00~9:00pm EST
You have to agree that LC IT does not know how to sync their system.

Joleran

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Re: Money disappearing from account
« Reply #3 on: September 20, 2013, 11:52:53 AM »
Thanks for the suggestions, it's interesting to know but it doesn't seem to fit here.

I have multiple notes on their one-month birthday, but the accrued interest is way more than 63 cents.  On any given business day I'm churning through at least 5 dollars, some days 20 dollars or more.

I guess it's conceivable that I'm going to have 63 cents of service fees today if I got a few large payments in, but it seems very unlikely.


yojoakak

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Re: Money disappearing from account
« Reply #4 on: September 20, 2013, 12:12:21 PM »
Account Total = Outstanding Principal + In Funding Notes + Accrued Interest + Available Cash - Pending Foliofn Purchases.

Can you tell which component changed?

Also, if a note goes into Default, it's accrued interest becomes 0. Did you have any notes go into default?

Joleran

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Re: Money disappearing from account
« Reply #5 on: September 20, 2013, 12:34:58 PM »
None of those fields changed and no defaults.  At least, none of those fields have their changes displayed as of yet.

I'll probably get the money back in some way (or I had already lost it in some way), it's just frustrating that they can't handle accounting properly.  Makes me want to try to zero out my account daily to see what a negative balance looks like.

core

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Re: Money disappearing from account
« Reply #6 on: September 20, 2013, 12:47:28 PM »
Makes me want to try to zero out my account daily to see what a negative balance looks like.

I think it looks like a positive balance except for a little '-' thingy in front of it.

Are you talking about missing 0.63 in available cash, or your entire account balance?  I'm curious how you'd even be able to zero your account balance.

Joleran

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Re: Money disappearing from account
« Reply #7 on: September 20, 2013, 12:50:12 PM »
Both the total balance changed and the available cash changed, so they took it out of my reserves. 

I meant zero out available cash because I have a fantasy that their system won't allow me to have negative available cash.

core

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Re: Money disappearing from account
« Reply #8 on: September 20, 2013, 01:11:28 PM »
I meant zero out available cash because I have a fantasy that their system won't allow me to have negative available cash.

Their system quite likely would have no problem with a negative balance.  However there's a very tiny chance you are right, and you have two ways to make some money by exploiting it depending on what happens:

1. If it goes to zero but cannot go any lower, you effectively just pocket the small amount that you would have been negative.  This is a very small returns boost.
2. It may "roll over" and you'd suddenly find yourself with something crazy like 4 trillion dollars.  You would need to spend this down a bit very quickly or else when the missing cents come back in, it will roll forward to zero again.  Enjoy your new yacht.

Do let us know how it goes!  Try not to get your account locked in the process.

Ran

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Re: Money disappearing from account
« Reply #9 on: September 20, 2013, 01:47:55 PM »
Thanks for the suggestions, it's interesting to know but it doesn't seem to fit here.

I have multiple notes on their one-month birthday, but the accrued interest is way more than 63 cents.  On any given business day I'm churning through at least 5 dollars, some days 20 dollars or more.

I guess it's conceivable that I'm going to have 63 cents of service fees today if I got a few large payments in, but it seems very unlikely.

I saw that mysterious behavior because one day I was bored to remember my available cash in cents and at 5:00pm came in to find that cash is short by 99 cents. Then I searched for account detail and found a line " pending withdraw" of 99 cents. I thought someone is trying to steal my money so I looked at bank transactions but found none. Then at 7:00pm I saw " pending withdraw" disappeared and note payments were posted. I looked at service fees and found 99 cents matches that entry.

Joleran

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Re: Money disappearing from account
« Reply #10 on: September 20, 2013, 04:47:59 PM »
Yeah, I've been watching it like a hawk today and my cash went down another 14 cents and my account total somehow went down roughly 6 dollars.  I only have a handful of late loans, and none past 30 days, so I'll see what posts tonight.

Joleran

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Re: Money disappearing from account
« Reply #11 on: September 21, 2013, 02:02:57 PM »
By the end of the day, I had over 45 account activities, so it's hard to tell if I got the early money back or not, but I definitely came out ahead.  I'd hate to have to start running my own accounting...