Some more fine print

Now this is just insulting… I received a huge promotional postcard from an area bank, touting its 5.01% APY checking accounts. No minimum balance! No monthly fees! Seemed pretty good, until I read the fine print.

We may change the APY at any time after the account is opened.

And as I discovered on the bank’s website, there is a $15 fee if you close your account less than 6 months after you open it. So if you open the 5.01% checking account on Monday and the bank changes its APY to 0.20% on Tuesday, you’ll have to pay $15 to move your account to a different bank offering a better interest rate on Wednesday.

Speaking of financial fun and games in America, Dave B. considers the economic sins and crimes of the Bush administration (and a few other people as well) over at Catboxx.