Victor Roberts wrote:

- quote -

That's my take on it, yes, as a 60$ deduction.

Piece in paper this morning about local bank with many, many
branches, and about how they intend to "grow their
business". Seems they haven't been putting enough emphasis
on maximizing net profit on their consumer banking sector;
commercial is just fine of course. So they're going to
concentrate on increasing return on investment relative to
the consumer aspect.

Translation: They're a fixin' to raise fees on poor customers!

Glad I sold my stock in that particular bank.

ChEAr$,
Harlan Lunsford, EA n LA

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xxx[at]lighting-research.com (Victor) wrote:

- quote -

I'm afraid that's correct.

- quote -

volunteers had recommended an IRA last year, to reduce tax obligation
and provide some future retirement security.

- quote -

"starter" IRA deposit in a _standard_ savings account rather than a CD.
Thus, income was credited at something like .5 APY for the 9 months of
2004 -- producing a return of about $4. _But_ the bank assessed a fee
of $15, so the outraged TP complained that IRAs were a ripoff, and we
had given her bad advice.

- quote -

individual banks/brokers, I was able to point out that the vast majority
offer "no-charge" IRA accounts, and named half-a-dozen banks within
several miles of our site, any of which would be happy to arrange a
trustee-to-trustee transfer of her existing IRA, and would charge her no
fee.

- quote -

current rates, and above 5% in some select cases.

- quote -


Bill

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Victor Roberts wrote:

- quote -


MTW

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My local bank offers a high yield savings account with a
$5.00 monthly fee. The bank confirms that when they issue
the Form1099-INT they report the full amount of interest
earned, not the interest less the monthly fee. Am I
therefore correct that the $60 per year fee can only be
deducted as Investment Expense on Schedule A, limited by the
2% AGI threshold?

--
Vic Roberts
Replace xxx with vdr in e-mail address.

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