April 11, 2007
Bad Economics
My college bank, Key, does not have a viable business presence in the Silicon Valley, and, after setting up accounts at a different institution, I needed to close my Key accounts. After being told that I could wipe out of the balance of the accounts via transfers, credit card payments, etc, I eventually wound up with $0.00 balance in my accounts. After closing both accounts (it took a little longer than expected because they assessed a fee for being below minimal balance between the time I called to close the account and the time they actually closed it), I thought I was all set and Key was part of my past.
Imagine my surprise when I brought in the mail, opened a letter from Key, and pulled out a check for $0.02! That's right, two cents-- approximately 5% the cost to mail a single parcel in the United States. I sure hope they are bound by regulations to send me this check, because if I was in charge of a bank, I wouldn't be transferring amounts of money that are less than the overhead to do the transfer itself.
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