Joined: 2-May-2003 Posts: 2097
From: Rocket City, USA
@Lou
Quote:
Lou wrote:
Too bad the bank interest here in MA for the last 4 years has been around .5%... I wonder what it is in Washington especially as Florida's law is the only one I know of that defines such a thing...and was probably passed during a different economic period.
On Bolten and Matts court judgements its 1% a month in the state of Washington. The issue is if its over 1.01% a year the interest for a year exceeds the $250 owed, and thus they are paid in full. -Tig
_________________ We played the first thing that came to our heads, it just happened to be the best song in the world.
Too bad the bank interest here in MA for the last 4 years has been around .5%... I wonder what it is in Washington especially as Florida's law is the only one I know of that defines such a thing...and was probably passed during a different economic period.
These laws have nothing to do with banking rates, it has to do with monies owed and product not given. Typically even escrow accounts are agreed to go into safe interest bearing accounts untill the transaction is completed. The laws of WA and FL are there to encourage transactions to be completed in a prompt manner. If I sell you something and do not give you the item your purchased for whatever reason, why should I deprive you of that money and you get nothing in return after a reasonable time period?
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