“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.
| APR | APY | |
|---|---|---|
| Definition | Annual Percentage Rate | Annual Percentage Yield |
| Main Difference | The annual cost of borrowing money that includes fees | The rate at which your deposit account can earn money |
| Account Types |
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| Formula | 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
|
| Balance | $ | |
| APR (%) | ||
| Days in Month |
| |
| Days in Year |
| |
| Interest Per Day | $ | |
| Interest Per Month | $ | |
| Interest Per Year | $ |
| Balance | $ | |
| APY (%) | ||
|
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)
|
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| Balance Compounded Daily | $ | |
| Balance Compounded Monthly | $ | |
| Balance Compounded Annually | $ | |