A few years ago we started these accounts for our kids. We did it because of some tax incentive and the accounts are very small. The amounts that could be added had limits. We have 3 (one account per kid; roughly $1200, $4,100, $3600 respectively).
Yesterday I received notice from Wachovia (they purchased AG Edwards where we have/had the accounts) informing us that they are now charging a $20 service fee quarterly!
Clearly they are trying to get rid of these small accounts. There is a 10% penalty for withdrawing these funds early (as in before they go to college, which is 4 years away for the oldest one).
Does anyone know where I could transfer these accounts to avoid the service fees?
Any comments or suggestions are very welcome. thanks!
Yesterday I received notice from Wachovia (they purchased AG Edwards where we have/had the accounts) informing us that they are now charging a $20 service fee quarterly!
Clearly they are trying to get rid of these small accounts. There is a 10% penalty for withdrawing these funds early (as in before they go to college, which is 4 years away for the oldest one).
Does anyone know where I could transfer these accounts to avoid the service fees?
Any comments or suggestions are very welcome. thanks!
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