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Accrued interest no longer reported in Account Total

Started by Peter, October 08, 2013, 11:00:00 PM

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flyp52

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.


yojoakak

You mean on the Account Summary?

I'm not seeing that, either.

TravelingPennies

Just checked my Account Summary page again and Accrued Interest is gone.

Not just gone from Account Total but taken off the page entirely!

core

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 https://www.lendingclub.com/account/lenderAccountDetail.action" class="bbc_link" target="_blank">More Details page.


TravelingPennies

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).

LonghornSF

Wow, why don't they at least send out an email about these types of changes instead of leaving us to figure it out.  https://forum.lendacademy.com/Smileys/default/angry.gif" alt=">:(" title="Angry" class="smiley" />   



Dennis

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.


Peter

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.
Publisher of the Lend Academy blog

See my returns here: http://www.lendacademy.com/returns

New Jersey Guy


thezinfan

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.

NEW LOANS:   | 804.eth 2.500 Ξ | remoraid.eth 0.299 Ξ | remoraid.eth 0.299 Ξ | ALL