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The ups and downs of trying to accumulate a seven-figure net worth on a five-figure salary, loose weight, get fit, do a post-grad course and launch a financial planning business - while working full-time.
Saturday, 19 July 2008
Makes you wonder about all the mistakes they don't fix up
DS2 has a retirement (superannuation) account with ING that I opened on his behalf in November 2006. There haven't been any transactions on the account since the initial $1,200 deposit, and the value of the account had only increased slightly to $1,289.48 by 30 June 2008. It was therefore a bit of a surprise to get a letter from ING yesterday stating that a recent "review [of] our processes, controls and systems" had "identified an additional value" of $26.80 that will now be credited to the account as an adjustment. While I'm glad that they've apparently found a mistake and are rectifying it, it's a bit of a shock that the required "adjustment" is over 2% of the account balance! It makes you wonder how many mistakes by professional investment managers go undetected.
Happy blogoversary!
ReplyDeletethats worrying just think how much interest is lost to all those little bits of money which are not accredited to all those customers.
ReplyDelete