P2P Forum

Lending Club Discussion => Investors - LC => Topic started by: flyp52 on October 08, 2013, 11:00:00 PM

Title: Accrued interest no longer reported in Account Total
Post by: flyp52 on October 08, 2013, 11:00:00 PM
I like it better this way, now it matches the monthly statements.  It never made sense to me to include it in the first place.
Title: Accrued interest no longer reported in Account Total
Post by: ThinleyWangchuk on October 08, 2013, 11:00:00 PM
It is still the same for my accounts
Title: Accrued interest no longer reported in Account Total
Post by: yojoakak on October 08, 2013, 11:00:00 PM
You mean on the Account Summary?

I'm not seeing that, either.
Title: Accrued interest no longer reported in Account Total
Post by: TravelingPennies on October 08, 2013, 11:00:00 PM
Just checked my Account Summary page again and Accrued Interest is gone.

Not just gone from Account Total but taken off the page entirely!
Title: Accrued interest no longer reported in Account Total
Post by: core on October 08, 2013, 11:00:00 PM
I wonder what brought this about?  Excellent.  It's been a few weeks since we had a major event or scandal around here.

For what it's worth, I'm still able to see accrued interest by going to the More Details page.
Title: Accrued interest no longer reported in Account Total
Post by: Randawl on October 08, 2013, 11:00:00 PM
from: core on October 09, 2013, 07:21:58 PM
Title: Accrued interest no longer reported in Account Total
Post by: TravelingPennies on October 08, 2013, 11:00:00 PM
I think this is accounting games to boost their numbers for this quarter.  The borrower owes LC the accrued interest, but since we are essentially just placing bets on the outcome of that loan, one could argue that from their point of view the liability is not created until the bet wins (the borrower pays).
Title: Accrued interest no longer reported in Account Total
Post by: LonghornSF on October 08, 2013, 11:00:00 PM
Wow, why don't they at least send out an email about these types of changes instead of leaving us to figure it out.  >:(   
Title: Accrued interest no longer reported in Account Total
Post by: TravelingPennies on October 08, 2013, 11:00:00 PM
from: LonghornSF on October 09, 2013, 09:50:30 PM
Title: Accrued interest no longer reported in Account Total
Post by: TravelingPennies on October 08, 2013, 11:00:00 PM
from: LonghornSF on October 09, 2013, 09:51:31 PM
Title: Accrued interest no longer reported in Account Total
Post by: Dennis on October 09, 2013, 11:00:00 PM
Nice observation.  This is what is so great about this board, I wouldn't have noticed that change so quickly, and now that I know about it I'm happy the accrued interest figure is gone (I'm easily pleased) - that number held little to no meaning for me.  I like real time, not maybe or should-be or will-be time.  Good move, nice improvement for LC.  I give it a 9.5 on the 10 scale.
Title: Accrued interest no longer reported in Account Total
Post by: TravelingPennies on October 09, 2013, 11:00:00 PM
from: core on October 09, 2013, 10:09:30 PM
Title: Accrued interest no longer reported in Account Total
Post by: Peter on October 09, 2013, 11:00:00 PM
I have lobbied against the Accrued Interest number for a long time. I think it is confusing for many investors and also provides a mismatch at the end of the month with the statement numbers. Now, they will be in sync which is a good thing.
Title: Accrued interest no longer reported in Account Total
Post by: New Jersey Guy on October 09, 2013, 11:00:00 PM
Accrued interest for each note is now being shown on the "Loan Performance" page.  Look for it right below "Credit Score Change".

https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=739193&order_id=12105901&note_id=4545846
Title: Accrued interest no longer reported in Account Total
Post by: thezinfan on October 09, 2013, 11:00:00 PM
Indifferent about the change, but really scratching my head. Why wouldn't they send out an email about this in advance? Since they didn't, I had already sent of an email to my rep asking why my balance is screwy. I'm sure customer service is fielding extra calls/emails today.
Title: Accrued interest no longer reported in Account Total
Post by: GS on October 09, 2013, 11:00:00 PM
I didn't mind accrued interest being included, but I thought it was strange and somewhat misleading to include it in the account total before it's actually been paid.
Title: Accrued interest no longer reported in Account Total
Post by: lender_john on October 09, 2013, 11:00:00 PM
I prefer this way.. but as always it would be nice if there was some sort of notice...
Title: Accrued interest no longer reported in Account Total
Post by: Randawl on October 09, 2013, 11:00:00 PM
LC just posted an explanation for removing accrued interest.

Quote
Title: Accrued interest no longer reported in Account Total
Post by: Xin on October 10, 2013, 11:00:00 PM
They should have a patchnotes update regular on their blog. Those of you who play video games might know what I'm talking about.
Title: Accrued interest no longer reported in Account Total
Post by: Rob L on October 11, 2013, 11:00:00 PM
I'll throw in my 2 cents worth and say I like  the change. When I first started trying to figure how things worked it just added a little to the confusion. Later I viewed it cynically as a lame attempt by LC to make things look better than they actually are. LC was open to criticism for it and I think that's why this was done. It was a smart move on LC's part to move it down to the additional details area.

I strongly agree with everyone before that criticized LC for not having provided its customers with some advanced notice (or even simultaneous notice) of the change. I would appreciate a simple one-way, "do not reply to", opt-in or opt-out email service for changes such as this, the more important "employment" change to browsenotes recently, etc.  I think LC would certainly get a nice round of applause from the forum members here if they provided such.
Title: Accrued interest no longer reported in Account Total
Post by: core on October 11, 2013, 11:00:00 PM
from: Rob L on October 12, 2013, 09:36:42 AM