We received a small check yesterday from Schwab. We have closed our account with them. Back in 2001 we opened a brokerage account with an attached money market checking account. They have an office within 10 miles of our home and their fees were reasonable.
About 2 years ago we noticed on our Schwab statement that the checking account was making very little interest. In fact, our $ there was making less than our local bank passbook account.
After a phone call informing us that the account was not a money market account but rather a holding account, we moved most of the $ out. Within 3 months we had another brokerage account established at Vanguard and transferred our stocks out of Schwab. Yesterday's check was to legally close the account.
Shame on us for not noticing the interest rate.
When your quarterly statements begin to arrive the first 2 weeks of July, take a close look at what your $ is actually making and doing for you. No one can care about your $ as much as you can.
This ia also a good time to examine all of your holdings and to rebalance your portfolio in regards to stocks versus bonds.
'til later
Bargain Barb
- Bargain Barb
- Naperville, Illinois
- Greetings! I have years, no decades, of financial experiences to share. I have a passion for education. I am a control freak in that I need to know where my $ goes. I continually ask myself do we need that, what risks are we taking with that investment, how/when can we get at our $, and just how much does Uncle Sam demand of our every earned $. Stay tuned to my life choices now and my references to life choices/experiences from my past.
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