“HOLD MEMO DR” is identical to “HOLD REL MEM CR”. Per our other article, HOLD REL MEM CR, it means there’s a large deposit pending credit to the account, which means it needs extra time to process the amount.
Typically, a portion of the large deposit should still be available for use though. But it may be good to call the bank directly.
If you use Chase Bank and want more details, call their Deposit Team at 877-691-808 (Press Option 1).
In very general terms, I always knew the Annual Percentage Rate (APR) and the Annual Percentage Yield (APY) were essentially the same, but there must be some difference. I finally decided to do some research and discovered the below.
Annual Percentage Rate
Annual Percentage Yield
The annual cost of borrowing money that includes fees
The rate at which your deposit account can earn money
Certificates of Deposit
APR = ( ( ( ( Fees + Interest Paid over Life of Loan ) / Loan Amount ) / Number of Days in Loan Term ) * 365 ) * 100
APY = ( 1 + (r/n) )^n – 1
r = annual interest rate
n = the number of times interest compounds per year
Days in Month
Days in Year
Interest Per Day
Interest Per Month
Interest Per Year
How much you gain depends on how often the amount compounds
Below you’ll see how much you’ll get at the end of a year (assuming 365 days in a year)
Balance Compounded Daily
Balance Compounded Monthly
Balance Compounded Annually
Privacy & Cookies Policy
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.