It costs my bank more to mail me the monthly statement on $500 I have in a savings account than it costs them to have my 500 bucks.
I get dual bills mailed to me from our doctor's office every month... one with my name on it, and one with my husband's. When I asked them if they could stop, because we know what we owe and pay on a plan anyway, and it was kind of a waste... the office girl told me she realizes it's wasteful, but they can't stop it because it's an automated process. I think it's a complete waste of resources.
But somebody somewhere is making money from that automation and waste of resources, so... it won't stop.
I say "good morning" every day to the secretary of a printer I use in the same building. She mails me my bills. When I catch Eric, the postman, talking to her in the front office I go out and oftentimes he hands me my bill.... from her.... while chatting with her. Very efficient..... sometimes I even open the bill and give her back the inner envelopes so she can reuse them.
Good. That's the first time I've ever heard of a bank losing.
Here, unless you have the right account, that $500 would be whittled away by service charges.
That's very true, Nina... most banks do charge a service fee. Some insurance companies also charge a service fee for paperwork if you pay monthly, as opposed to every 6 months or annually.
Every quarter since 2002, I've been getting a brokerage statement in my deceased father's name in the amount of like 44 cents - and the darned thing occasionally varies by a penny or two. It was "something caught" in the tranfer of assets from one trust to another.
A couple of phone calls resulted in nada - more costly to close it out than sending the statements. So somewhere in the world I know I've got, maybe, the current price of a first class postage stamp floating around.