Tuesday, April 29, 2014

The time Pully was wrong about Lending Club's statements.

On the night of my last post in which I talk about the innaccuracies of Lending Club's statements, I received the following email.

Hi,     I work at Lending Club and would be happy to help you investigate your questions about your monthly statement if you like. You can either contact me directly at the email address above, or you can contact Investor Services, whichever you prefer.     By the way, I strongly suspect that the issue you noticed with March fees is a result of a change we made in how we round numbers. Until recently, we used to round all transactions to 2 digits. But since early March, we switched to an approach where we keep 10 digits on transactions, especially investor disbursements and servicing fees. We still round to 2 digits for display purposes, but internally we're keeping all those extra digits. You can see the extra digits on the Account Activity page (among others), either by floating your mouse over any number with a dotted line under it, or by downloading to Excel or CSV, which should have all 10 digits. You can read more about it here:http://kb.lendingclub.com/siteupdates/articles/Site_Updates/Changes-to-Lending-Club-s-rounding-method
I think that is exactly what happened here. When I look at my February account activity and hover my mouse over all the $0.01 fees I get nothing. March though is different and all the $0.01 fees are actually along the lines of $0.0067...
The monthly statement will add up the non rounded totals and give the total true amount.

So I owe Lending Club an apology. Here I thought it was they couldn't get a simple monthly statement correct when they were making a more accurate and improved reporting system.

Disclaimer: The investments and trades discussed are not recommendations for others. I am not a financial planner, financial adviser, accountant, or tax adviser. The financial actions I talk about are for my own portfolio and money and only suited for my own risk tolerance, strategy, and ideas. Copying another person's financial moves can lead to large losses. Each person needs to do their due diligence in researching and planning their own actions in the financial markets.

1 comment:

  1. They addressed your issue pretty professionally in my opinion. I'm glad they didn't give you the go around and actually wrote you back.