Friday, April 22, 2005

Money will NOT grow!

My bad. I've decided I'm not a daily blogger. Is that acceptable in the blogosphere? Well, I guess I'm
basically writing to myself anyways so what the heck. I find there's not enough to be compelled to write
about every single day or perhaps even in a week.

Today's a bit of contempt for the state of Banking today. My daughter, having done a television commercial through one of my clients, made $75 dollars of the course of an entire day (of which she got out of school for- an added bonus!). When she received the check last year she promptly decided to save all of it. Unlike her brother, she's quite the spending queen so I was pleasantly surprised and impressed! I told her we'd open a savings account at our bank just for her! And I proceeded to teach her about how saving your money actually means your money will "grow" over time and you'll have MORE than when you started. The lower amount, the smaller it would grow however so I encouraged her to continue to add to the account. Following me so far?

Since then I proceeded to put the statements in a file without opening them. Just the other day, Hannah saw her name on the bank envelope and decided to open it to see how her money had "grown" over the last year. Well low and behold she had a mere $52 dollars in her account. Because the amount was lower than the minimum required I'm assuming, she had been charged a $2 a month "fee" every month since opening the account. And occassionally a few other fee's as well. Far more than any minor interest if any gained on the account. What a great lesson for a kid huh? Stick it in your piggy bank and leave it there!

Since she's 8 soon to be 9, I highly doubt she's going to come into a good chunk of money any time soon. And her money may not "grow" but at least her piggy or in this case- her dolphin bank- won't charge her a $2 fee either! Harumph!

No comments: