I received one of those form letters from my bank regarding the "high interest" (2.5%) savings account I have with them. It said that my account was inactive, and if I didn't conduct a transaction in the next 90 days, the account would be subject to a $20 fee.
Alrighty then. On to the website I go, looking for something to do. Lo and behold, all the other investment products I qualify for earn a lower interest rate (if that's possible ;), and most are non-redeemable!
Isn't that convenient.
I called the toll-free customer service number, ready to give them a piece of my mind, only to have the rep who answered offer to do an internal transfer (out then back in) of 1 cent, to activate my account for another year. Done.
It started me thinking about the other products they had available (for example, term deposits at under 2%) and I thought, why on earth would anyone buy them when a mere savings account offers better interest? Especially in today's shaky economy, when people may be unwilling or unable to tie up their cash?
Beats me. Your two cents?
Return to Fine Grind