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MONTHLY SAVINGS STATMENTS of DAILY CASH DEPOSITED does not match the monthly DAILY CASH SUMMARY.
On average this year it is off .2% but I have seen wild swings on a monthly basis of -8.3% to 8.7%.
What am I missing about this miss match if it never get reconciled ?
iPhone SE, iOS 14
I agree with sberman and your use of terms that are non-standard and not observable. I think you’ll best served by contacting an Apple Savings Specialist at Goldman Sachs Bank.
CONTACTING — Goldman Sachs Bank
I don't know where you see these statement titles, but the differences are almost certainly due to pending transactions at month end.
OK, I’ve examined this further and can provide some clarity. Here’s the bottom line: The “pending” concept is the answer. Basically, your July Daily Cash transactions will be your August’s Daily Cash deposit.
The Daily Cash accumulates until the end of the month and is subsequently deposited into Apple Savings.
Thanks.
First the terms use by the Apple Pay App.
Spending Graph: Outlay of your spending via Apple Pay by Days of the week, Weeks of the month, and Months of the year.
Daily Cash: Earned from apple pay transactions, usually 2%, and found below the spending graph corresponding to the Graph selection. ie a month of spending will correlate to a MONTH of Daily Cash Number.
The Monthly Saving Statement: Appears from a drop down menu in Savings Current Balance . Choose documents then statements. They appear Monthly and show the months interest earned and Daily Cash Deposited into Savings. Thus Monthly Savings.
As far as your pending idea goes, its logical but not consistent with what is presented as end of month numbers.
Either the end of the month, is the actual end of the month as represented by the two documents or it is not.
Whenever you pay your Apple Card Bill, you cannot pay for any amount still pending( from their perspective there are a lot of good reasons for that) but its miss leading to state different value as both being month ending and without describing the difference.
So, are you following the information in the monthly statement — View PDF Statement Link? It shows a running balance of deposits and transfers.
I suspect the issue is your calculation of interest. Interest is calculated daily and compounded daily, but not deposited into the account until the last day of the month, before statement closing.
Sorry Jeff,
I don't believe I mentioned interest at all. It is not issue as interest is supremely accurate and requires no reconciliation whatsoever.
The issue remains the net Monthly Daily Cash DEPOSIT(per the PDF) does not match the summary of daily Cash Transactions for the same MONTH.
If it happens to be related to pending transaction then the discontinuity needs to be noted with a reconcilable value, otherwise the the last day of the month has no cohesive meaning.
Yes and No.
Yes, a few of the month end daily cash
transactions don't clear in time to be considered a deposit into savings
for the same month. Those go into the next month.
No, those same few daily cash transactions however are still part of the July total daily cash accounting.
And No, the difference is neither identified or accounted for. It's just a rolling discrepancy forever.
That my friend is a nonnegotiable accounting blunder internal to the app
but not to the formal monthly statements as those only account for what
is deposited.
More than a little disappointing for a company that pays so much attention to the details.
And since its happening at the front and the back of the month in the statements, its time consuming to figure it out.
I've given up.
Thanks for hanging in there.
Totally appreciated
dave
Monthly Balances Differ: Monthly Daily Cash Vs Monthly Savings
