Friday, November 03, 2006

Here's a Good Policy Shift by Prosper.com

In the words of Secretary of Defense Rumsfeld, the worst things are those that you "don't know you don't know." Sounds like a Bushism to me but anyways, here's a previous unknown that I learned today while perusing the Prosper help section (I'm now wonder why Prosper didn't highlight this in a "News" email to me).

Prosper has lowered the minimum dollar amount for incoming transfers. In the past, the minimum was $50. Now, the minimum is $25. Prosper's outgoing minimum has always been $25 (at least since I joined). Perhaps this can be interpretted as a small concession to those that are fed up with Prosper not paying interest on unobligated funds.

Now a decent strategy for small timers would be to transfer $25 into their accounts as soon as their "cash balance" and "payments in transit" add up to $25. Previously, i've been pumping in increments of $50+ in order to have at least $100 (2 bids) in my account at all time.

This policy shift helps me and others who are in that end of the year crunch for maxing their 401k.

2 comments:

Lazy Man and Money said...

Good find. I have been trying to stick to $100 increments. It helps me keep track of the money the I earn on interest. So if I have $832 in there $32 must have been from interest. Perhaps it's silly as I can use the tools to see how much the interest is, but it's an easy calculation.

Finance Junkie said...

Yeah, it would take me about twice the time to figure out the amount of my deposits. I've done 59 transfers since late April. Over half of the transfers are different amounts.