[New post] Own Your Own Bank (Discover) (Update 232)
howevercareful posted: " Shares of iShares Silver Trust (SLV) closed yesterday at $21.32, down $.01 from the December 27 close of $21.33. In preparation of any assignment and/or expiration of all positions, the plan was to end the week with: 10 January 21 $19.50/$25.00 "
Shares of iShares Silver Trust (SLV) closed yesterday at $21.32, down $.01 from the December 27 close of $21.33. In preparation of any assignment and/or expiration of all positions, the plan was to end the week with:
10 January 21 $19.50/$25.00 Bull Put Spread, currently $3.56 x $3.67
20 January 21 $20.00/$25.50 Bull Put Spread, currently $4.01 x $4.07
This was accomplished throughout the week in spite of fat fingers making an errant transaction, and facing Assignment on 8 contracts. The transactions:
On December 28,
10 January 21 $19.50 puts Bought To Open @ $.07 plus $6.59 commission equals $76.59.
10 December 31 $21.50 puts Sold To Close @ $.27 less $6.51 commission equals $263.39.
On December 30,
20 January 21 $20.00 puts Bought To Open @ $.10 plus $13.19 commission equals $213.19.
On December 31,
800 SLV shares Bought To Open @ $25.00 equals $20,000.00
800 SLV shares Sold To Close @ $21.4042 less $.19 commission equals $17,123.17
8 January 21 $25.00 puts Sold To Open @ $3.60 less $5.30 equals $2,874.70.
2 December 31 $25.00 puts Bought To Close @ $3.48 plus $1.32 commission equals $697.32.
2 January 7 $25.00 puts Sold To Open @ $3.45 less $1.32 commission equals $688.68.
2 January 7 $25.00 puts Bought To Close @ $3.48 plus $1.32 commission equals $697.32.
2 January 21 $25.00 puts Sold To Open @ $3.48 less $1.32 commission equals $694.68.
20 December 31 $25.50 puts Bought To Close @ $3.96 plus $13.19 commission equals $7,933.19.
20 January 21 $25.50 puts Sold To Open @ $3.96 less $13.27 commission equals $7,906.73.
Monday, 20 Exercised contracts caused Assignment and re-establishing the positions was needed. The transactions:
2,000 SLV shares Bought To Open @ $25.50 equals $51,000.00
2,000 SLV shares Sold To Close @ $21.1501 less $.46 commission equals $42,299.74.
20 January 21 $25.50 puts Sold To Open @ $4.30 less $13.27 equals $8,586.73.
Paper Statement Fee: $2.00
Interest Charged: $11.91
Interest Earnted: $.12
Current Positions:
20 January 21 $20.00/$25.50 Bull Put Spread, currently $4.08 x $4.14. ($11,000.00 on hold)
10 December 31 $19.50/$25.00 Bull Put Spread, currently $3.60 x $3.66. ($5,500.00 on hold)
The value of the account is $5,132.18.
*On November 25, minimum credit card payment of $197.00 was transferred in instead of transferred out. On November 27, loan interest payment of $170.00 was transferred out instead of transferred in.
November 30: $2.00 paper statement fee
November 30: $6.64 Margin Interest Charged
November 30: $.13 Free Balance Interest Earned
Outstanding Loan balance of $10,670.00 was due on February 1, 2020.
$170.00 due September 1, received on August 31, transferred in September 2
$170.00 due October 1, received on September 30, transferred in October 10
$170.00 due November 1, received on November 1, transferred in on November 4
$170.00 due December 1, received on December 2, transferred in on December 5
$170.00 due January 1, received on December 31, transferred in on January 8
$10,170.00 due February 1 was not received. The $500.00 late fee will apply and the loan was restructured. $170.00 is due every first of the month until the $10,500.00 due is paid in full. $170.00 was transferred in on February 7.
$170.00 due March 1 was received on March 2 and transferred in on March 6.
$170.00 due April 1 was received on April 1 and transferred in on April 13.
$170.00 due May 1 was received on May 2 and transferred in on May 15.
$170.00 due June 1 was received on June 3 and transferred in on June 23.
$170.00 due July 1 was received on July 8 and transferred in on July 16.
$170.00 due August 1 was received on August 5 and transferred in on August 17.
$170.00 due September 1 was received on September 5 and transferred in on September 9.
$170.00 due October 1 was received on October 12 and transferred in on October 23.
$170.00 due November 1 was received on November 10 and transferred in on November 27.
$170.00 due December 1 was received on December 9 and transferred in on December 28.
$170.00 due January 1 was received on January 8 and transferred in on January 19.
$170.00 due on February 1 was received on February 16 and transferred in on February 22.
$170.00 due on March 1
$170.00 due on April 1
$170.00 due on May 1
$170.00 due on June 1
$170.00 due on July 1
$170.00 due on August 1
$170.00 due on September 1
$170.00 due on October 1
$170.00 due on November 1
$170.00 due on December 1
$170.00 due on January 1
$170.00 due on February 1
$7,500.00 was secured from Bank Of America at 0% interest and a 3% transaction fee for 15 months. This will be used to pay off the Citi Double Cash balance. Unlike some credit cards that allow balance transfers via checks that customers control, this is one of the credit cards that actually do the work. The service that they provide means less flexibility for customers because they ask for specific credit card numbers and specific payment amounts. On the plus side, making $1,000.00 in purchases in the first 90 days earns $200.00. By making normal purchases and paying the purchases off when the next payment is due eliminates any minimum payement. $6,266.00 was transferred to pay off the Citi Double Cash Mastercard. The 3% transaction fee of $187.98 brings the balance due to $6,453.98
$12,000.00 was secured from Discover at 0% interest and 5% transaction fee for 12 months. $2,500.00 was transferred in on August 26. $995.00 was used to pay off the American Express Blue Cash Everyday Card balance on August 26. $8505.00 was transferred in on August 27. The 5% transaction fee of $600.00 brings the balance to $12,600.00. Minimum payment of $252.00 due on October 4 was transferred out on October 1, reducing the balance to $12,348.00. Minimum payment of $247.00 due on November 4 was transferred out on November 1, reducing the balance to $12,101.00. Minimum payment of $243.00 due on December 4 was transferred out on December 3, reducing the balance down to $11,858.00. Minimum payment of $238.00 due on January 4 was transferred out on January 4, reducing the balance down to $11,620.00
The following have been secured at 0% interest and 3% transaction fee:
American Express Blue Cash Everyday Card $2,000.00 limit for 15 months. $1,500.00 was transferred to Discover on May 28. The 3% transaction fee of $45.00 brings the balance to $1,545.00. $35.00 minimum payment due June 27 was transferred out on July 4, reducing the balance to $1,510.00. $35.00 minimum payment due July 27 was transferred out on July 21, reducing the balance to $1,475.00. Minimum payment of $40.00 due August 27 was transferred out on August 25 , reducing the balance to $1,435.00. Minimum payment of $40.00 due September 27 transferred out on September 23, reducing the balance to $1,395.00. Minimum payment of $40.00 due October 27 transferred out on October 22, reducing the balance to $1,355.00. Minimum payment of $40.00 due November 27 transferred out on November 25, reducing the balance to $1,315.00. Minimum payment of $40.00 due on December 27 transferred out on December 24, reducing the balance to $1,275.00. Minimum payment of $40.00 due on January 27 transferred out on January 19, reducing the balance to 1,235.00. Minimum payment of $40.00 due on February 27 transferred out on February 22, reducing the balance to $1,195.00. Minimum payment of $40.00 due on March 27 transferred out on March 22, reducing the balance to $1,155.00. Minimum payment of $40.00 due on April 26 transferred out on April 22, reducing the balance to $1,115.00. Minimum payment of $40.00 due on May 27 was transferred out on May 25, reducing the balance down to $1,075.00. Minimum payment of $40.00 due on June 27 was transferred out on June 23, reducing the balance down to $1,035.00. Minimum payment of $40.00 due on July 27 was transferred out on July 22, reducing the balance down to $995.00. $995.00 was paid on August 26 from the $12,000.00 received from Discover, reducing the balance to zero. The September 2 statement charging $15.22 is due on September 27 was transferred out on September 26, reducing the balance down to zero.
Bank Of America Mastercard $4,700.00 limit for 18 months. $4,500.00 was transferred to Discover on May 18. The 3% transaction fee of $135.00 brings the balance to $4.635.00. $46.00 minimum payment due July 4 was transferred out on July 4, reducing the balance to $4,589.00. $45.00 minimum payment due August 4 was transferred out on July 21, reducing the balance to $4,544.00. Minimum payment of $45.00 due September 4 was transferred out on August 25, reducing the balance to $4,499.00. Minimum payment of $44.00 due on October 4 was transferred out on September 23, reducing the balance to $4,455.00. Minimum payment of $44.00 due on November 4 transferred out on October 22, reducing the balance to $4,411.00. Minimum payment of $44.00 due December 4 was transferred out on November 25, reducing the balance to $4,367.00. Minimum payment of $43.00 due on January 4 was transferred out on December 24, reducing the balance to $4,324.00. Minimum payment of $43.00 due on February 4 was transferred out on January 19, reducing the balance to $4,281.00. Minimum payment of $42.00 due on March 4 was transferred out on February 22, reducing the balance to $4,239.00. Minimum payment of $42.00 due on April 4 transferred out on March 22, reducing the balance to $4,197.00. Minimum payment of $41.00 due on May 4 transferred out on April 22, reducing the balance to $4,156.00. Minimum payment of $41.00 due on June 4 was transferred out on May 25, reducing the balance to $4,115.00. Minimum payment of $41.00 due on July 4 was transferred out on June 23, reducing the balance down to $4,074.00. Minimum payment of $40.00 due on August 4 was transferred out on August 4, reducing the balance down to $4,034.00. Minimum payment of $40.00 due on September 4 was transferred out on September 3, reducing the balance down to $3,994.00. Minimum payment of $39.00 due on October 4 was transferred out on October 1, reducing the balance to $3,955.00. Minimum payment of $39.00 due on November 4 was transferred out on November 1, reducing the balance to $3,916.00. $3,916.00 was transferred out on November 9, reducing the balance to zero.
Citi Double Cash Mastercard $8,100.00 limit for 18 months. $7,864.00 was transferred to Discover on May 16. The 3% transaction fee of $235.92 brings the balance to $8.099.92. $121.00 minimum payment due July 7 was transferred out on July 4, reducing the balance to $7.978.92. $120.00 minimum payment due August 7 was transferred out on July 21, reducing the balance to $7,858.92. Minimum payment of $118.00 due on September 7 was transferred out on August 25, reducing the balance to $7,740.92. Minimum payment of $116.00 due October 7 was transferred out on September 23, reducing the balance to $7,624.92. Minimum payment of $114.00 due November 7 transferred out on October 22, reducing the balance to $7,510.92. Minimum payment of $113.00 due December 7 was transferred out on November 25, reducing the balance to $7,397.92. Minimum payment of $111.00 due on January 7 was transferred out on December 24, reducing the balance to $7,286.92. Minimum payment of $109.00 due on February 7 was transferred out on January 19, reducing the balance to $7,177.92. Minimum payment of $108.00 due on March 7 was transferred out on February 22, reducing the balance to $7,069.92. Minimum payment of $106.00 due on April 7 transferred out on March 22, reducing the balance to $6,963.92. Minimum payment of $104.00 due on May 7 transferred out on April 22, reducing the balance to $6,859.92. Minimum payment of $103.00 due on June 7 ws transferred out on May 25 reducing the balance to $6,756.92. Minimum payment of $101.00 due on July 7 was transferred out on June 23, reducing the balance down to $6,655.92. Minimum payment of $100.00 due on August 7 was transferred out on August 4, reducing the balance down to $6,555.92. Minimumt payment of $98.00 due on September 7 was transferred out on September 3, reducing the balance down to $6,457.92. Minimum payment of $97.00 due on October 7 was transferred out on October 1, reducing the balance to $6,360.92. Minimum payment of $95.00 due on November 7 was transferred out on November 1 reducing the balance to $6,265.92. Minimum payment of $94.00 due on December 7 was transferred out on December 3, reducing the balance to $6,171.92. $6,266.00 was transferred in from Bank Of America bringing the balance down to -$94.08.
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