From: "Charlie Gaffney" <cgaffney@pfsb.com>
To: "Jonathan Kamens" <jik@kamens.brookline.ma.us>
Subject: Re: Incorrect interest calculation for June 2001
Date:   Mon, 29 Oct 2001 11:09:57 -0500
X-OriginalArrivalTime: 29 Oct 2001 16:19:13.0023 (UTC) FILETIME=[727C58F0:01C16095]

Dear Mr. Kamens,

I will look in to the calculations for your June interest.

Sincerely,

Charles L. Gaffney
Operations Officer
Peoples Federal Savings Bank


----- Original Message ----- 
From: "Jonathan Kamens" <jik@kamens.brookline.ma.us>
To: <cgaffney@pfsb.com>
Sent: Friday, October 26, 2001 2:03 PM
Subject: Incorrect interest calculation for June 2001


> 25 Foster Street
> Brighton, MA  02135-2616
> 
> October 26, 2001
> 
> 
> Charles Gaffney
> Peoples Federal Savings Bank
> 
> Dear Mr. Gaffney,
> 
> I received today your letter dated October 24, in which you described
> the algorithm used by Peoples Federal Savings Bank to calculate
> interest and gave an example of that algorithm using the daily
> balances in my checking account for the month of September.
> 
> Using your description, I was able to easily construct a spreadsheet
> which duplicate the results shown in your spreadsheet for the month of
> September.  However, when I used the same spreadsheet with the same
> algorithm to calculate what interest I should have received on my
> money market account for June 2001, my results were less clear.
> 
> As shown in the attached spreadsheet, I believe I should have received
> an interest payment of $16.81 on July 2.  Instead, I received $17.04.
> I wonder if you can explain this inconsistency.
> 
> Thank you for your time.
> 
> Sincerely,
> 
>   Jonathan Kamens