OT: Teaching kids to save-NOT!

When Ruth was in the 6th grade the school had one of those fund raisers and Ruth along with several other kids received a $75 savings account at
the local branch of one of the big nation wide banks. The bank publicized it as a way to teach kids the value of saving. After the first statement she didn't receive anything else from the bank but every few months she begged me to let her withdraw it for one thing or another but I insisted that she leave it to earn interest.
Well, she finally got a statement yesterday saying that she owes the bank $1.16. Seems that they deducted $3.50 a month for "account maintenance".
Some lesson.
--
Glenn Ashmore

I'm building a 45' cutter in strip/composite. Watch my progress (or lack
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Ruth along with several other kids received a $75 savings account at the local branch of one of the big nation wide banks. The bank publicized it as a way to teach kids the value of saving. After the first statement she didn't receive anything else from the bank but every few months she begged me to let her withdraw it for one thing or another but I insisted that she leave it to earn interest.

$1.16. Seems that they deducted $3.50 a month for "account maintenance".

Thank Mr. Greenspan and his ecconomic plan of lowering intrest rates to nill. Saveing money does not generate tax revenue and the government can't expand.You better tell her now she will be working until the age of 90 since social security will be gone in a few years and the government will spend her contributions before she earns her first pay check.
Best Regards Tom.
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Boy what a black eye for the bank if the press were ever to hear about the events that transpired.
Not that you would do that. Of course. Why only an embittered individual who had their savings stolen by a greedy bank would even think about the bad press that would occur.
I think a copy of the letter demanding the $1.16 fee should be included and published too.
Jim
================================================= please reply to: JRR(zero) at yktvmv (dot) vnet (dot) ibm (dot) com ================================================
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John Flanagan wrote:

It is not in Webster other than as past tense of ride but it is the Oxford and the American Heritage. There are a lot of nautical terms that you will not find in Websters.
--
Glenn Ashmore

I'm building a 45' cutter in strip/composite. Watch my progress (or lack
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wrote:

Yea I know, forgot the dumb smiley :^).
John
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John Flanagan wrote:

"she was rode hard and hung up wet"
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I'm sure it's got something to do with anchors.
--
http://inquisitor.i.am/ | mailto: snipped-for-privacy@i.am | Ian Stirling.
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Glenn Ashmore wrote:

She did indeed learn a lesson. Always read the fine print and run the numbers yourself when dealing with a bank. Or a loan shark for that matter...
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Wait...There's a difference?
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yea, the loan shark has better credit management. The bank sticks it to a nation of 6th graders when they lose 1/2 a billion in south america. don't we all love to hate banks

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Yeah, but loan sharks don't take your house and put your kids on the street with the help of the sheriff.
--
Ron Thompson
On the Beautiful Mississippi Gulf Coast
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On Sat, 19 Jul 2003 01:43:59 -0500, "Ron Thompson"

so what you two are really saying is that they're apples and oranges but two apples of different colors.
john
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On Sat, 19 Jul 2003 13:12:54 GMT, snipped-for-privacy@asdfasdfsdffff.com (John Flanagan) wrote:

Opps, I mean *not* apples and oranges.....
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Ron Thompson wrote:

See! There really is a difference between bankers and loan sharks! ;-)
Cheers Trevor Jones
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Jim Stewart wrote:

That's right. There are two kinds of people in the world; those that learn from experience and those that read the fine print.
Fred
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Actually, it was a pretty inexpensive lesson if she really takes the experience to heart. How many of us lost on investments based on what someone else wrote or said in the last couple years? How many people lost their retirement pensions by blindly following what the company personnel office said?
I am sorry she was taken advantage of by the bank. But that $75 loss could turn into a large sum of money NOT lost during her adult years if the lesson truly sticks. An awful lot of people did not learn the lesson of your 6th grade daughter until they were 5 years from retirement.
All that said, like someone already posted, I would have a talk with the bank manager to see if he thinks this passes the "What Mom always told me test": Is this the kind of behavior that you would be embarrassed to see printed on the front page of the newspaper?
Stealing $75 from schoolchildren? Glad to see he graduated from stealing candy from the babies.
--
Regards,
Dewey Clark http://www.historictimekeepers.com
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Glenn Ashmore wrote: Some lesson. ^^^^^^^^^ Unfortunately, one of the things she may have learned is: Don't believe what your father says. If this were my daughter, I would put in my own money, with interest, regardless of how the bank handles it. I would also make a lot of noise at the bank. This happened to me once, and they backed down.
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And the bank is?????????????????/
Dan

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Glenn Ashmore wrote:

Hey, they don't call 'em banksters for nothing. This same thing happened to my daughter's account, except we caught the first charge made on the account statement. I called 'em up and explained that this was my kid's account and they credited the charge back. Seems the maintenance fee for accounts with balances below $500 didn't apply to children's passbook accounts...at my bank anyhow. Maybe talking it over with them might straighten things out, especially if you mentioned, like a previous poster suggested, what great press this would make.
Good luck Paul
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And Mom & Dad aren't paying enough attention to see this happening? You are the parents after all, and hopefully have experience in dealing with bank accounts and reading statements.
JTMcC, whose wife/office manager has experience reading bank statements.

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