Nothing Like a Negative Return on a Savings Account
January 12, 2010 at 5:11 PM Leave a comment
When I opened my first savings account thirty years ago I think I was getting something like 5% or maybe it was more like 7% interest. Fast forward to today. I got a year-end statement for a small savings account of just over $3,000 to which I have not contributed to, or withdrawn from, all year.
The balance a year ago — on December 31, 2008 — was $4 higher than it was at the end of last month. The mutual fund company subtracted a $20.00 “account service fee” which not only ate up the miniscule interest I earned over the year, but it cut into my principle by $4. And then, as if to kick me when I’m down, they’re forwarding a form to the IRS charging me with $l6.52 in income dividends — which is the money eaten by the service fee.
What a freakin’ racket. Things are so rigged against us little people around here.
Oh, yeah, and this is bonus week on Wall Street. Don’t get me started.
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