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Ohio Woman Has Had Same Bank Account For 98 Years

Saturday, June 4, 2011 - 8:23 AM
In January of 1913, a man in Ohio opened up a passbook savings account for his baby daughter with $6.11. And in probably the lengthiest example of customer loyalty, that girl — now a 100-year-old woman — has continued to use that same account ever since.

Ohio Woman Has Had Same Bank Account For 98 Years - The Consumerist
4
ShorebreakShorebreak2,362 posts since
Apr 6, 2010
Rep Points: 12,562
1. Saturday, June 4, 2011 - 10:39 AM
Cheap bank, should have raised the interest rate to 5% for at least 100 months, not 100 days.
3
51hh51hh1,460 posts since
Jan 16, 2010
Rep Points: 6,346
2. Saturday, June 4, 2011 - 7:26 PM
This lady lives in Chillicothe, Ohio.  Using the city's zipcode (45601) in the bank's ratefinder, the rate paid on balances up to $2499.99 for Premier Savings and Money Market accounts is 0.05%.

The bank must have multiplied that rate by 100 (in honor of the nearly 100-year association) to arrive at the 5% rate. 

I'd wager that the current 0.05% rate is approximately what the account was earning in 1913.  However, this is admittedly a SWAG since I haven't found a definitive source for average interest rates at that time. 

51hh I agree with you that it would have been appropriate for the bank to give her that rate for 100 months.   That would be a wonderful opportunity for her to launch a massive reallocation of "all other resources" at her disposal to that account   ;-)
3
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,954
3. Saturday, June 4, 2011 - 8:38 PM
Cheap bank, should have raised the interest rate to 5% for at least 100 months, not 100 days.

 

Whadda ya mean cheap?  They gave her a party with cake AND balloons!  There's also a rumor they promised to give her a 5% rate for 200 days for her 200th birthday {;-)
3
StewieStewie56 posts since
Jan 18, 2010
Rep Points: 315
4. Sunday, June 5, 2011 - 10:58 AM
Well yes, cheap.  If they wanted to do things right, they would have provided ice cream too.   ;-)

OTOH, they didn't charge a "research fee" to confirm that she had indeed been a loyal customer for almost a century.
4
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,954
5. Sunday, June 5, 2011 - 1:09 PM
Cheap bank, should have raised the interest rate to 5% for at least 100 months, not 100 days.

 

Whadda ya mean cheap?  They gave her a party with cake AND balloons!  There's also a rumor they promised to give her a 5% rate for 200 days for her 200th birthday {;-)
As in the movie, I would do the cool dance: SHOW ME THE MONEY!  SHOW ME THE MONEY!:D
2
51hh51hh1,460 posts since
Jan 16, 2010
Rep Points: 6,346
6. Sunday, June 5, 2011 - 11:18 PM
Cheap bank, should have raised the interest rate to 5% for at least 100 months, not 100 days.

 

Whadda ya mean cheap?  They gave her a party with cake AND balloons!  There's also a rumor they promised to give her a 5% rate for 200 days for her 200th birthday {;-)

That's pretty funny! : )
1
ninissniniss59 posts since
Sep 22, 2010
Rep Points: 153
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