Friday, April 24, 2015
Harmoney review (1)
"Update Investor Dashboard Issue (23/4/15): Our team has been working hard to fix the investor dashboard issue. And while progress has been made, we haven’t met our 21 April deadline. We appreciate that this is frustrating and want to assure investors that we are doing all we can as quickly as we can. We will provide more information in an email tonight."
The "investor dashboard issue" does, indeed, appear to be the main problem at the moment. Yesterday, I sent the following message to Harmoney: "I have just looked at my Account Summary. It shows Total Deposits of $500, yet Investments of $525. Then, on the My Performance page, I see Cash Available of $-24.73 and Outstanding Principal of $524.82. The latter page also shows Gross Interest Received of $0.11.and Total Payments of $0.29. While I can see that this $0.29 is a product of Gross Interest Received of $0.11 and Paid Off Amount of $0.18, and that $524.82 is $500 minus Paid Off Amount of $0.18, I am unsure about how you arrived at the other figures. How have I ended up with Investments of $525 when I deposited only $500 [on March 25, 2015], and what, exactly, does the Cash Available of $-24.73 represent? The difference between $24.73 and $25 is $0.27. What is this $0.27?"
Later in the day, I received the following reply from Senior Account Executive Mark Bardi:
"We've been having dashboard errors for the past couple months, where the figures do not always update in real time. As a result, you over-invested by about $25, so that is why you've got a negative balance and your total investments is $525. This was our mistake, so this costs you nothing and it does not require any action on your part. You'll simply have to wait for principal and interest to accumulate to bring the balance back to positive. Think of it was (sic) a $25 interest free credit."
Today, when I looked at my account, I saw that my Investments have now gone up to $550 and that I now have Cash Available of $-49.73. Maybe this is "free credit", as Mr Bardi says. I will, however, be relieved when my account figures finally make sense.
On a more positive note, I give Harmoney full marks for its responsiveness.