Quote:
Originally Posted by angleiron
I thought it was kinda cool that they lost over $1K in interest because they could not get their deposit made in time.
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BULLSHIT!
"Malchow's protest prevented the office from making its daily bank deposit, costing the county an estimated $1,135.90 in interest that would have otherwise accrued overnight, Beebe said."
Lets just say the county collected 6 Million dollars that DAY in cash and check (we all understand the CC charges are automatic)....and the bank gave them 5% interest (neither of these is likely)
$6,000,000 x 5% interest = $300,000 in interest / 365 = roughly $800 bucks.
....and if his $12K was the only thing holding the deposit up...why wait? Don't most banks credit deposits after 3PM or 4PM to the next day anyway?
