I can remember way back when I was in the 5th grade my teacher initiated a project whereby every student opened up a savings account at a local bank. We were encouraged to "save" by putting in 25-cents every week. Sometimes it was hard for an 11 year old to do, but most of us participated every week. She collected the money and the bank books, did the banking for us on a Friday (what a chore that must have been) and redistributed the bank books to us in class on Monday so we could see our savings account grow. It was a math project. We learned about banks, about interest, and how saving money was a good thing. I have never forgotten the lesson.
One of the clubs for whom I am treasurer has a savings account. It doesn't earn much -- about 49-cents a month -- but it is earning something which is better than nothing.
Until now. I just got a notice from the bank that effective Aug. 5 there will be a monthly service charge of $5 to have a savings account -- no matter the balance.
I will be calling on Monday to confirm that they will be charging our non-profit club $5 a month. If they tell me that is the case, I will be closing out the savings account.
Sad isn't it how things have changed.