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4% Interest Savings Account: Deal or No Deal?

A Massachusetts credit union is advertising what appears to be a great rate on savings accounts — 4% interest. On top of that, they promise rewards for every debit card purchase, and to reimburse you for other banks’ ATM fees.

Metro

How can this little credit union beat the big online banks?  The simple answer is they can’t.

*MOUSE PRINT:

Metro disclaimer

Only 0.25% interest on amounts over $3000? Thanks for nothing. If you make any sizeable deposit over $3000, your effective rate of interest will be far below the big online banks. (HSBC, for example, is paying 3.50% interest on up to $2,000,000 in deposits, until August 15.)

We won’t even get into the other fine print that requires that you also open a checking account, and only get back three cents per purchase as a reward.

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How a $1 Ticket Becomes a $6.75 Ticket

A local Boston television program promoted an outdoor rib fest where chefs from around the country let you taste their version of barbeque ribs, chicken, etc. The price for admission to the event was $5 to $10 at the door (not including food), but discounts were offered at various locations and online.

In fact, if you bought tickets online, the price was only a dollar weekdays.

bbq

Note the absence of any fine print. However, when you go to buy the ticket, two surprises await.

*MOUSE PRINT: [click graphic for larger format]

bbq

Service fee of $3.00?  Shipping fee of $2.75?  A shipping fee when you print the tickets on your own printer? How could they advertise tickets for $1 when the actual price was nearly seven times that?

The CEO of the event responded to MOUSE PRINT* by saying, in part:

This is being fixed to $8 total for two online tix (everyone buys at least two). This was our arrangement per contract.

[Other places to buy tickets for less than $5 listed]

My company pays for the printing of the tickets and all costs associated with Will Call, which are significant for a 65 hour event.

My company does the best we can to give Phans as many options to get tickets as possible, especially since a lot would rather buy online for convenience and to avoid paying for gas.
 

While not particularly apologetic for charging a $2.75 shipping fee to print tickets on your own printer, the response Mouse Print* received subsequently from the actual ticketing service provider left no doubt that the home ticket printing charge was intentional:

Thank you for your e-mail. We can understand your concerns.

Ticket buyers who choose print at home tickets enjoy the convenience that this option offers and the easy and anytime-access to their tickets minimizing the potential loss of physical tickets by the carrier. The fee covers the technology and personnel required to make this option available at all. The fact that you use your own printer and paper is not factored in the $2.75 print at home fee.

Our fees reflect the percentage charges of the total amount we incur from the credit card company to charge/credit your account when you place the order. They also reflect the costs associated with providing online ticket sales. We cannot refund these fees if the show is cancelled or postponed as per the user agreement on the ticketing web page. — Musictoday, LLC

It appears that the ribs are not the only thing that could be burned at this event.

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Tropicana: Please Don’t Squeeze the Customer

Manufacturers are rushing to downsize their products as a sneaky way to raise the price without the customer realizing it many times. As this proliferates, we are going to see fewer and fewer standard size products on supermarket shelves.

The quart of mayonnaise has gone by the wayside, as has the three pound tub of margarine. Now it is orange juice’s turn. Typically sold by the quart, half gallon, three quart jug, and gallon, we are beginning to see oddball sizes replace the old standard ones.

Tropicana is the latest to downsize just in the past few weeks. Their three quart jug no longer holds 96 ounces.

*MOUSE PRINT:

tropicana

Seven ounces are gone from the jug. Side by side, the difference in jug shape is obvious, but consumers rarely get to see the old and the new together on a supermarket shelf. While they may notice the shape is different, they may not realize they are getting almost a cup less of oj. According to one supermarket dairy manager, the price has stayed the same.

And as is often the case when a product is downsized, the manufacturer diverts your attention away from the net weight statement by pointing out something new. In this case, they discontinued the old screw cap and added a new flip top one. On second thought, maybe the company just found a new way to screw customers.

A Tropicana customer service representative explained the company’s position:

The downsizing from 96 to 89 ounces wasn’t a decision we took lightly. As you are aware, oil costs have skyrocketed. Oil is used to make plastic bottles, fuel our factories, and ship our juice across the country in refrigerated trains and trucks. We had the choice to either increase prices or to downsize the bottle. We chose to downsize the bottle but add value through the innovation of the SNAP cap and new bottle, which consumers were seeking.

Although you may not agree with our decision, we hope you can appreciate that they were made in the best interest of our consumers and shareholders.

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