It’s no wonder the banks are in trouble

As you may be aware from some of my other blog posts, I refinanced my mortgage with Suntrust earlier this year.

At the end of the process I received an offer for $150 if I signed up with their Surepay system. Basically just an automated drafting service to ensure that your mortgage is paid promptly each month.

I just received my 1099-INT from them a few days ago. From my checking account I received a *whopping* $1.81 in interest (I’m still trying to decide how to spend it). But there was this item, listed as “Premium” under Account Type that showed $150 in interest income.

It took me several moments to realize where that entry was coming from. After all, at the sorry .1% interest rate that the banks are paying these days I’m sure I would have noticed the extra $150,000 hanging around in my checking account. (BTW I had to calculate that interest rate since they’re so ashamed that you can’t get it off their web site, the little rate window just blanks out after you put in your state).

I must say that this is the first time I’m going to be nailed for taxes for receiving this kind of incentive. Probably to the tune of around $35.

I just bought an alienware computer and managed to score a $300-off deal for it. I wonder if I need to look out for my 1099 form for *that* next year…

BTW, if you’re reading this as a facebook note, click through to my blog in order to see any pictures/links that I refer to.

Posted under Opinions, Retail Experiences

This post was written by Marc
on January 28, 2010 at 7:38 am

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