Comments on: Prosper is holding my Money Hostage!!!!

By: Personal Finance Guru

Personal Finance Guru — Mon, 17 Mar 2008 20:32:22 +0000

Yea I agree with a lot of the people here. Worrying about the interest on 1.48 is kind of ridiculous, you should definitely just work on paying off your debt. If you are getting a worse rate on you prosper account then you are paying in interest then it is not a good idea to put it in prosper. Pay off your debt first!

By: LuLuGal

LuLuGal — Wed, 12 Mar 2008 15:50:53 +0000

Ok Flimjo you got me. I will send the paperwork in and get the account changed to Electric Orange.

By: Flimjo

Flimjo — Tue, 11 Mar 2008 21:20:57 +0000

I would err on the side of getting all that paperwork done, etc. I like having control over ever cent that I have.

By: LuLuGal

LuLuGal — Tue, 11 Mar 2008 18:37:11 +0000

@ Seasicksquid:
I am not ‘worried’ about the money per se. I am thinking about the whole process. While this is a small amount the main idea behind what I wrote is that I do not have access to my money through Prosper the way I want to, because I made a poor decision in the beginning when I set up the account.

This is a mindset for me…every cent counts.

By: seasicksquid

seasicksquid — Tue, 11 Mar 2008 17:26:08 +0000

If I understand this correctly, you’re worried about earning interest on $1.48? At the current rates…or really any rates, that’s neglible. At 5% it’s only .61 or so cents per month of interest. I personally wouldn’t bother with an amount that small. Even $20 is only 8 cents a month of interest @ 5%. Just look down while you’re walking and I’m sure you’ll make more than that. =)

By: LuLuGal

LuLuGal — Tue, 11 Mar 2008 16:20:49 +0000

@ Flimjo:
It is a little bit of an annoyance but not anything to make a big deal about or to turn people away from Prosper.

The major thing is that I should have anticipated this and used my Electric Orange account instead of Wells Fargo because of the transfer restrictions.

Wells Fargo does not allow me to initiate transfers in from other non-WF accounts. I think you have to jump some hoops to get that done and then there is a fee.

If I had used my Electric Orange account I could transfer the money without any fees so that would have been easier. I am still trying to decide on whether I want to fax in all the stuff to Prosper to get the account changed or not. I have downloaded the forms…I am just thinking about it still.

I guess I have to hop over to your blog now to read your post on that now.

By: Flimjo

Flimjo — Tue, 11 Mar 2008 16:03:20 +0000

That sounds like it’s annoying. I actually blogged about Prosper last month because I thought it was a cool website that provided people with some monetary flexibility. This little turn of events is troubling.