Kiplinger’s Personal Finance — September 2017

LETTERS

8 KIPLINGER’S PERSONAL FINANCE^ 09/

FIGURES DO NOT ADD UP TO 100% BECAUSE OF ROUNDING. SOURCE: POLL SURVEYED 244

KIPLINGER’S

READERS.

Your article was great,
but I would nominate PNC
Wealth Management as
the best bank for high-net-
worth families (“The Best
Bank for You,” July). PNC
extends perks to my daugh-
ters, who would not nor-
mally qualify for them. Plus,
it hosts events on investment
and wealth management,
and it invites clients to con-
certs and other fun events
(such as the Kentucky
Derby).
Mark F. Wood
Louisville, Ky.

I had a savings account at
Capital One 360, which you
named runner-up for best
bank for frequent travelers.

But the bank would not

allow me to name benefi-

ciaries for a savings account.

My brother, who also had

accounts there, called and

got the same answer. We

both closed our accounts

and found alternatives that

allowed for beneficiaries

and paid higher rates.

Sam Kahn

Westfield, N.J.

EDITOR’S NOTE: Capital One 360

customers cannot name a benefi-

ciary, but they have the option of

adding a joint account holder.

As a retired bank auditor,

I am dismayed when I read

articles comparing banks

with credit unions. Banks

cannot compete with credit

unions. Even small commu-

nity banks pay a minimum

of 35% federal income tax

on every dollar earned;

credit unions pay nothing.

They are also much less

heavily regulated and thus

need fewer employees.

Jane J. Grant

Bedford, Va.

Go Costco. I think it is fool-

ish for Costco to be worried

about Amazon (“Surviving

Amazon,” July). There is

extremely little overlap

between the two giants.

I can’t get 99% of the stuff

I buy at Costco on Amazon,

and for the things that

would overlap, I am going

to buy them at Costco be-

cause of its excellent cus-

tomer service.

Ken R.

via e-mail

EDITOR’S NOTE: For our take on

how Amazon’s purchase of Whole

Foods could change the retail

playing field, see page 62.

Feeling her pain. I appreci-

ated Kathy Kristof’s column

on how one bad year hurt

her portfolio’s results (“Prac-

tical Investing,” July). I

learned that lesson myself

during the 2000 tech wreck.

It was refreshing to see

someone discuss her mis-

takes so that others can

learn from them. I remind

people all the time that a

50% decline in the market

wipes out a 100% gain.

David Greene

Arnold, Md.

Danger signal? I appreciated

Jeffrey Kosnett’s reassur-

ance that the outlook for

income investors remains

positive, and “the chances

of a 2008-like bonfire are re-

mote” (“Income Investing,”

July). But then the House

passed legislation to repeal

the Dodd-Frank Act, and I

can’t help wondering if that

bonfire just got closer.

Jacqueline Boynton

Monterey, Calif.

JEFFREY KOSNETT REPLIES:

I am not convinced that given the

freedom to resume the proprietary

hedge business most bankers would

do so. Some smaller, reckless banks

might, but we can hope the effects

wouldn’t be as sweeping as they

were in 2008, when some truly

vital financial institutions failed.

Two Cents on Best Banks

LETTERS TO

THE EDITOR

Letters to the editor may be

edited for clarity and space,

and initials will be used on

request only if you include

your name. Mail to Letters

Editor, Kiplinger’s Personal

Finance, 1100 13th St., N.W.,

Washington, DC 20005, fax

to 202-778-8976 or e-mail

to [email protected].

Please include your name,

address and daytime tele-

phone number.

READER

Q POLL

What is your main

source of investing

advice?

To learn about how robo advisers

are adding the human touch, turn

to page 56.

Periodicals, websites, other media

72 %

11 %Financial planner

3 %Stockbroker

<1%Robo adviser

14 %Registered investment adviser