Did I say hike? I meant hold up. Holy cow, I received a letter informing me that the safety deposit box that I was paying $42 a
monthÂ a yearÂ for (price has been creeping up the past little while), will now jump to $60 a year service charge (a mere 42% service charge jump). Now that is what I call a price jump, I wish I could make my investments jump at that gradual rate.
The service charge jump was not even the best part of the letter, if I am forgetful enough to lose a key previously the cost to replace the key was $4.95 but now it will be $50 (plus HST), now that is an approximate 10.000% increase in that service charge (10 times the current rate). I think only PONZI schemes can make that kind of claim for payback on investments, so as a TD share holder I am very pleased (but as a TD customer I am very disgusted).
If you are really forgetful, and you have to have your box drilled to get opened, the previous fee was $104 now it will be $200, which is less than 100% so I guess it is not as large a jump as the others, but still an impressive jump.
What other industry could get away with this kind of price increase with little or no notice from the Government? Only the banks (in my opinion). This service fee is really only for rich folk who have things to keep safe, or shady folk who have pornographic pictures or ledgers with shady transactions logged in them (if Hollywood is to be believed), so I guess it is not something that lots of folks might notice, and the safety deposit box rental is also tax deductible, but still this is amazing.
I always end up torn in these situations. As a blogger this is astoundingly good fodder to whine about the Banks and their high service charges, but as a customer I am bloody pissed off by it, but on the third hand as a stock holder I am rubbing my hands with glee thinking of the dividends that may come from this.
Anyone else care to comment on this service fee hike? Does anybody care?