If you thought the return in your money market fund was low, read this. I have had cash balances in the Bank of America Cash Reserves Daily Fund for some time. The rate of return was very low and eventually reached nothing.
I was just informed that that this fund has been charging me .75% in fees and expenses for the right to get a zero return.
I was never given any other option in regard to the cash in the account. I'm sure the bank would say, in it's behalf, that the details were spelled out in that little prospectus they send out every year. Do you read everything you get in the mail?