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Changes To Interest Regarding Early Withdrawals

Day 652, 21:34 • Published in USA USA

• by t'jelle Bank

Our recent release of developments at t'jelle Bank talked about how we were going to be making a change to the way interest works. We are proud to say that we are prepared to roll out an upgrade to the interest system.

Previously, if you deposited 10 Gold for 3 weeks, you would not earn interest since it had not been with the bank for the required one month. This was because we had not worked out a system that properly and fairly distributed interest based on fractions of months.

We have now perfected a system that works like this: If you deposit 10 Gold on the first of the month your "interest day" is now the first of the month, and you will continue to earn interest on the first of the month. Whatever deposits have been within the bank for a month by this date will earn your interest rate. If you decide to withdraw money from your Citizen Deposits Account which has 10% monthly interest two weeks early, you will credited the interest from that money (5% since the deposit was with the bank for half the month).

This system is being implemented at 12.00 AM September 3rd.

We hope this creates a more fair interest system. We are currently working on the next developments to roll out and would love your suggestions for ways to better t'jelle Bank!

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Comments

Anaros Day 652, 22:14

Nice

Kolleen Maywhether Day 652, 22:31

You don't have any accountants employed by your bank do you. It is called periodic interest and it is broken down by the day. Not paying someone interest if they don't make a full month is illegal in the RL USA which is why we have a system for it. >

Leriss Day 653, 03:54

That sounds really promising, keep it up!

t'jelle Bank Day 653, 08:44

Kolleen, one of the most important things to learn in this game is RL systems tend to not work in eRep. We are starting off with basic systems and then modifying them accordingly. Jumping into a RL system which one could easily argue doesn't work well is not a good plan for the bank. Second, I had trouble saying bi monthly in this game and getting understood, not to mention compound interest. I try to steer away from financial terms when they aren't necessary 😉

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