Comments on: Worst Rate of the Week: Chase has the poorest paying MMA around

By: KP Knight

KP Knight — Sat, 09 May 2009 21:42:33 +0000

Gee, .01 interest looks good. My last two months’ statements from Franklin Money Fund stated in normal-sized type that the current yield was .00. I’ve kept money in Franklin for about 20 years and most of that time the interest rate was excellent. Now I’m searching for another place to “invest” my extra money. Thanks for teaching me the difference between MMAs and MMFs!

By: Emerson

Emerson — Wed, 01 Apr 2009 19:34:35 +0000

Yeah, I’m unhappy that my bank (WaMu) was bought by Chase. WaMu didn’t have the greatest interest rates by a long shot, but compared to what’s being offered now, they were a gold mine before the takeover.

Sadly, in California, there don’t seem to be a lot of good choices of banks anymore… it’s pretty much one of the big three (Chase, BofA, etc), or a tiny bank with little to no zero-fee ATM exposure.

I seriously wonder… Banks are always complaining about how they don’t make any money, but years ago, when I earned 4% on my CHECKING account and didn’t need to jump through hoops (required auto deposits, X# of Visa Checking Card purchases per month, etc etc), they seemed to be happy enough.

Sounds like someone’s milking the ol’ cow a bit too much, and Bessie’s getting ornery.

By: Your TARP money at work? at Personal Finance Blog, Budgeting, Debt @ Bankaholic

Your TARP money at work? at Personal Finance Blog, Budgeting, Debt @ Bankaholic — Mon, 30 Mar 2009 16:21:25 +0000

[...] aren’t offering very good rates on deposits either. See our most recent “Worst rate of the week” for a sorry example of [...]

By: Benji

Benji — Sun, 29 Mar 2009 22:03:08 +0000

I myself just finished going around in circles with Bank of America over a recently new account that they talked me into, they were supposed to give me a $60 incentive to open a checking with a $25 minimum and savings.
It appears that the checking has a $5.95 maintenance fee with zero interest.
The savings as a three dollar maintenance fee with a 0.02% interest. This entire episode has been nothing but a big joke.

By: Mike M

Mike M — Sat, 28 Mar 2009 19:08:47 +0000

Good grief. My local bank interest isn’t much better.

But what fool would put their money with one of these banks at those rates when federal government debt can yield you 300 TIMES that interest over the course of the year?

By: Jimbo

Jimbo — Fri, 27 Mar 2009 16:51:40 +0000

Amen! It’s been all fees and no return at Chase for a while now. The local branch managers seem to actually care but the corporate office is all about finding new creative ways to charge fees. I’ve been moving money to other banks and closing accounts for a while.