Jan and John Maggs Antiques

Getting our three cents worth!

Since we’ve been in the antiques business, we’ve managed to keep our business and personal finances separate: two credit cards, two checking accounts, and a couple of savings and investment accounts to keep us organized and solvent. A year ago we decided to consolidate our financial affairs somewhat.

We were particularly eager to close an account we had been required to open when we placed some of our savings in an annuity. This "money manager” account attempted to treat us like investors, which we aren't, and was annoyingly quirky and more cumbersome to manage than our other bank accounts.

Our tale begins last Summer -

July. Opened new personal checking and transferred most of the balance from our old checking account into it, leaving a small amount to guard against overdrafts during transition. Once the annuity was closed out, this checking account will become superfluous.

December. Met with our investment manager and arranged to move annuity to non-bank manager.

Tuesday, March 11. Met with manager of our local branch and asked him to close money manager account, since it was no longer required by bank. Although it had been dormant for nearly eight months and contained a balance of only $98.70, we decided not to do it online, but let an expert handle it.

Since the account was administered by the investment division of the bank, transaction will require a phone call. Branch manager called four times. First call was dropped, and the second and third were never picked up by a person, though he could hear talking in the background. A woman answered the fourth call, and we spoke with her, confirming our wish to terminate the account. One problem: our $98.70 balance had accrued interest of three cents. Would we like the interest transferred to the new account, or would we prefer a check for $0.03?

Manager goes to teller station, and returns with receipt showing $98.73 - the full amount including the three cents interest - transferred from our “money manager” account to our new checking account. Thanked him and went home.

Wednesday, March 12. Received an e-mail from the bank informing us that the transfer was refused because of an overdraft of $0.03. Bank also charged an overdraft fee of $35.00. Called bank to report problem.

Thursday, March 13, 2008. Local branch’s response speedy and direct, but today bank website shows a credit to our new checking account of $63.73, not $98.73. What happened to the $35? It was transferred to the old checking account, which was now closed. Branch manager agrees to fix problem.

Wednesday, March 19. Six days later, $35 has found its way to our new checking account. One can only imagine how many hours were wasted because of our three pennies.

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