Redemption confusion over mutual fund sale and repurchase
A reader asks about a December sale of mutual fund shares set at 14.76 dollars, later redeemed at 11.22 dollars after a broker insisted on mailed documents. The letter explores broker negligence, fund sponsor role, and possible churning risks, with advice on alternatives and arbitration prospects.
MENTIONED IN THIS ARTICLE
Susan Bondy
Susan
The
Gazette
Third Ave. SE
Cedar Rapids
Iowa
Sbondyagtii.com
Small bills fade from Eastern Iowa ATMs
Banks in Cedar Rapids area ditch the $5 bill and sometimes the $10, stocking more $20s to cut cash handling and servicing costs. The trend, seen at Farmers State Bank and Norwest/Wells Fargo, is driven by ATM fees and lower replenishment needs, though some institutions like Firstar keep small-denom capabilities.
MENTIONED IN THIS ARTICLE
Wells Fargo
Lynn Ciha
Farmers State Bank
Ciha
Farmers State
Cedar Rapids
Chris Thomas
Johnston
Iowa
Firstar Bank
Thomas
Open IPOs Face uphill battle amid investor pushback
Hambrecht's Dutch auction IPO faces resistance from executives and analysts despite lower fees and a model favoring individual investors. Critics doubt its track record and analyst coverage, while supporters cite fairer pricing and growing long term ownership. Hambrecht cites Palm Inc as an example of volatility and market distortions in traditional offerings.
MENTIONED IN THIS ARTICLE
Mimuch Hambrecht
O'Donnell
Hambrecht
Goldman Sachs & Co
Craig Columbus
ScoreLab Inc
San Francisco
Hambrecht & Quist
Palm Inc
Palm
Doug Atkin
Instinet
WR Hambrecht
Salon
Scott Ryles
Epoch
American Express
Scudder Kemper
SightSound.com
Aristotle
Money fund yields tick up on week as rates hold
The week ending Tuesday shows a small rise in money market fund metrics led by a seven day average yield of 5.96 percent and a 30 day average of 5.95 percent. Compounded yields rise to 6.14 and 6.13 percent respectively while average portfolio maturity remains 51 days. The Bank rate.com APY on money market accounts moves to 2.12 percent. interest checking falls to 0.82 percent.
MENTIONED IN THIS ARTICLE
New York
Money Fund Report
Money Funds
Bankrate.com
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William Hambrecht
Freddie Mac
Federal Home Loan Mortgage Corporations
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Janet Wegner
Dennis Mulherin
Robert Milbrath
Mark Clark
Brent Hayes
Andy Wooldridge
Ann Paisley
Mike Westle
Edwardjones.com
Edward Jones
Linn
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Surrounding Counties
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Blairs Ferry Rd
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Marion
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