22 May 2009

Where does the money go?

Yesterday I received a superannuation cheque. I wasn't expecting it, but it was what was left over from when I retrieved my complete super last year...just before the markets crashed, thankfully.

Anyway, this cheque was for $28 and some cents. When I looked at the breakdown, the original amount was just under $100. Over $70 was for "accounting fees". Then there was a disclaimer at the foot of the page saying something like "for any balance under $1000, we ensure our fees do not exceed your balance."

As far as I'm concerned...why bother? The super company may as well have kept it. Still, I guess I could earn some interest on it...my bank does actually pay interest.

As this amount was employer contributions forwarded about the same time I accessed my super, you would have thought the super company would have just sent it on to me. No, it doesn't work like that. It was invested for a whole year (I made 3c interest...wow), then the fees were deducted and the residue sent to me...$28+.

Good way to make money, eh?


Gattina said...

I don't know exactly what a super company is, but that doesn't matter, I also had a joke, I got a cheque from the UK for 40 € and when I wanted to cash it here in Belgium they asked me for 15 (!) € costs ! I didn't cash the cheque of course, I opened a paypal account and had the amount sent there without any costs ! Unbelievable sometimes !

Sometimes Saintly Nick said...

$70 in "accounting fees"? That's absurd!

Angelo said...

that's crazy! You're right what is the point of investing it with them if they're just going to take most of it.

Gledwood said...

$28 for superannuation... isn't that a bit of an insult? surely you should get $1000s not $1s..??!?!????


Liz said...

I took some money out of the hole in the wall yesterday and then used it for food: isn't food expensive?! When I pay by card it doens't seem so much like real money.

TorAa said...

Blowing in the Wind - - -

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