After posting yesterday’s best of: Free Banking post, I received my monthly balance sheet from the bank for my bank account, and dutifully I went into Quicken and ran my monthly reconcile of my chequing account. At the end of the document from the bank it had this very interesting statement:
You have saved $72.50 in Service Charges this month
I beg your pardon? The statement reflect that if I was paying for the $12.95 a month TD program, that I might not be paying for right now, I have saved $72.50. If I was gouged for $73 in bank service charges for a month, I’d start putting my money in a mattress or carrying it around in my shoe.
Then I started to wonder is there anyone out there who actually pays that much a month to the banks? I really hope that is not the case, as you saw yesterday, I think it’s ridiculous to pay $13 a month, $73 a month would be highway robbery. What services could be worth that much?
- Tellers deliver money directly to my house?
- Bank Manager drops by and helps clean out my garage for the spring?
- FREE MONEY! (two words I love to see)
- Interest payments that amount to more than a single bus ticket in value?
Given none of those services are offered by my branch of TD, my guess is those service charges of $73 are fiction, since no one would pay it, would they?
This is why I invest in banks.
Snow and Flooding
With the snow pack in Ottawa disappearing the flood planes of Ottawa are filling up quickly. My area of Ottawa is less likely to flood, however, I am not that far from the Mighty Jock River so there is a chance yet.
How much does flood insurance cost? What does it cover? Is it better to just invest in a sump pump? I have a good shop vac for small wet spills, but if my basement floods, I would have to run to Canadian Tire to get a real pump!
Is flood insurance worthwhile? Opinions?