Some Problems with my Money Market Account

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It looks like my money market account’s interest is finally stabilizating at 4.50%, which is .4% lower than the last time I had mentioned my money market account which is over at gmacbank. Which is okay with me, not like I’m happy that it went down but the amount of money in my account right now doesn’t make any significance difference losing that .4%. Losing the interest rates is all handy and dandy but today I encounter something that was more of a worry than just losing some interest rates.

For the most part, I try to stay away from checking my investment accounts as much as possible because then I would not be inclined to touch or do anything with the account but yesterday I checked my account and I’m glad that I did. As I was going over my account summary, I realized that there has not been to much activity going on in the account. Thats mainly because I haven’t been putting any thing into my account, so the only thing in my statement was my interest rates that were credit into my account for the past 4 months. While looking over the statement, it made me realize that I was actually making some decent money and I thought to myself, “wow, I’m glad that I had started this account a while back. Look at all this interest it’s making and how much I would have been missing out on”. But thats when I realized and said, “wait a minute, these numbers don’t seem to be adding up right”. Then after careful review of the account summary, I was right, they weren’t adding up right. Each month was credited some money from the interest rate but was not the full amount that month had earned.

Now what I am to think. There has got to be an explanation right? I mean, gmac bank is a pretty big online banking firm and I doubt that they’re trying to cheat me out of my money so I decided to give them a friendly call to see what the problem was. Maybe it was some kind of a monthly fee I didn’t know about?

So I called them up and this woman answers. The conversation was pretty quick, after giving her all my account info and my security questions, the conversation went something like this:

Me:” So I was looking over my account summary for my money market account and noticed that my interest rates weren’t adding up, whats the issue here”?

Gmac representative: “Okay, let me take a look at it.”

(Silence and some keyboard tapping noises…)

Gmac representative:”Hmmm…this is pretty interesting. I’m not exactly sure what’s going on here. Let me take out a calculator to verify that they’re not adding up.”

now I’m thinking…wow. Its an obvious miscalculation, I mean you can look at the credited number and see that it doesn’t add up ( kinda like you know 1+1 is not going to be a two digit number)

me:” …ok”.

(more silence and some calculator tapping noises…)

Gmac representative:”wow, you’re right. It doesn’t add up. I’m really not sure what’s going on here.”

Me:”So it’s not any kind of fees that maybe you’re deducting each month?”

Gmac representative:”No, when we deduct fees, we list them as such. What we’ll have to do is put in an investigation ticket in and someone from the department will contact you within 2-3 business days”.

Me:”…oh…ok”.

Gmac representative:” Is there anything else I can help you with”?

Me:” No”

So that was pretty surprising. I mean, even if the interest rates don’t add up to that much, its the trust thats the issue here. Whether it’s two dollars or two hundred dollars, money is money. I’m not sure what would have happened if I didn’t call them about this issue. How long would it have taken until it was fixed or would it ever have gotten fixed? I’m not so sure.

I’m curious, has anyone else experience anything like this before? Maybe you might want to check your investment accounts and see if your interests are adding up.

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