Common Cents


Two years ago, I consolidated all my 401k and retirement accounts into a single account so I could watch it not grow more easily.  That included transferring the money I had in a Charles Schwab account.   The following month, I got a statement from Schwab that said the balance in the account was one cent.  That’s right.  $00.01.  I can only assume that some instantaneous computer-driven interest-calculating program granted me a “dividend” at the very moment I took out all my money.  So I did what most self-respecting, lazy procrastinators would do – I ignored the statement and threw it out.

I have continued to receive statements every month showing my balance of one cent.  To be honest, after 24 months, you’d think it would have grown to two cents, but such is the state of our economy I suppose.

But wait…

Last week, I got a letter from Schwab informing me that the State of Michigan requires them to send me paperwork that I have to fill out and return, indicating that I wish to keep the account open.  If I do not respond by May 11, they will turn over the “assets” of the account to the “unclaimed property department of the State of Michigan.”  As hard as any of this is to fathom, I am not making it up.

As much as I wanted to do nothing (see self-characterization in paragraph 1) guilt got the better of me and I called Schwab, asked the nice person who answered to close the account, and I also let them keep the penny…

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So here’s the thing.  Between all the people and computers in the state of Michigan AND at Charles Schwab, don’t you think someone would have recognized the ridiculousness of the situation and put a stop to it, if for no other reason than doing some simple arithmetic around spending 40 cents every month to send me a letter to tell me I still had a penny in an account I had liquidated?  But no one did.  And here’s why…

Because it’s not their money.

As a leader in a small, mid-sized, or God forbid large organization, are you still capable of thinking about expenditures as if it were your money?  Do the teams you lead think that way?

If you don’t or they don’t, maybe you should Talk to Chuck…

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2 Comments on “Common Cents”

  1. Jason Says:

    First, I agree with what you’re trying to say. Unfortunately I think fear of lawsuits was the driving factor behind making sure your statements were mailed and proper procedures were followed before turning your “assets” over to the state. In our litigious society, I’m sure there are truly despicable persons who would sue Chuck if that penny had simply vanished.

    • mgtstr8talk Says:

      Good points! There’s no question that much of this gets driven by rules and blind compliance thereof, no doubt driven in part by the fear of litigation. I just feel like, in an era when every state in the union is cutting real budget dollars that fund teachers, schools and healthcare, things like this that we’d all laugh off in the past are a bit more serious…


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