Tuesday, July 05, 2005

Horrendous I-Account!

It is not so much the pathetic interest rates that got me griping today. It is the bank's policy revision that has caught me unaware. Anyone has a checking account? If yes, well, you have to take note.
I was looking through my online statement today when an entry puzzled me. I was levied a charge of $2 at the end of the month. And it's not as if my account has fallen below the minimum amount required. Flabbergasted, I called up UOB. Waited for around fifteen minutes for them to get a customer service officer to speak to me. =( Apparently, the bank has revised its policies as of June, and all i-account holders have to pay $2 per month--administrative charges.

I asked about other alternatives: The bank officer told me that there is a current account option whereby there's no monthly charge. The CATCH is that there is also NO INTEREST given. So, if you want to issue cheques, you have to choose between the devil and the deep blue sea.

My reaction? I started giggling into the phone. I found it so ludicrous that I have nothing to say. And when something so absurb happens, the only thing I would do is to laugh it off. Muahahahahaha. I think the bank officer was rather surprised. She simply waited for me to finish laughing.

For your information: The interest for a UOB i-account is 0.125% per annum for the first $3,000. And 0.325% per annum for the next $47,000. So, woe betide the fella who has less than $3,000 in his i-account. He gets around $0.30 a month and still needs to pay the bank $2. Might as well stash the cash in a tin and hide it under the bed. Duh…

Still, even nobody feels good if they have to pay right? Even though you get interest which can cover for your administrative charges. I am so going to cancel on this account and think of something to maximize my cash. Why should I pay the bank when it profits from my money and use it for investing, then levy a charge for me using its services? So, better take note and do likewise, people. Either that, or tell me about other better deals in town, alright? Wealth management is always one of my favourite topics. ;-)

Daily Trivia: (Since we are on the topic of $$... remember the jokes abt needing more Vitamin M (as in money)???
Vitamin M exists!
Vitamin M: Popularly known as folic acid, vitamin M belongs to a family of water-soluble compounds and hence excesses are excreted in the urine. This vitamin needs the help of vitamin B12, niacin, and vitamin C to convert it into a biologically active form in the body. Its main purpose is to maintain the genetic code of the cells and transfer inherited traits from one cell to another.
The richest dietary sources of vitamin M are: avocados, barley, beef, beets, bran, brewer's (nutritional) yeast, broccoli, brown rice, cheese, chicken, dates, green leafy vegetables, lamb, liver, milk, mushrooms, orange juice, pork, tuna, wheat germ, whole grains, and whole wheat.
From the list, we do derive a good dosage of Vitamin M from our diet. =)


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