Sunday, April 28, 2013

Sequestration..NO PROBLEM: Feds spend $890,000 in Service fees on accounts with nothing in them

If you are a federal worker on furlough this week — or an airline passenger delayed by federal furloughs — you might want to save your blood pressure and go read another story. 
This one is about all the money the U.S. government spends on . . . nothing. 
It is one of the oddest spending habits in Washington: This year, the government will spend at least $890,000 on service fees for bank accounts that are empty. At last count, Uncle Sam has 13,712 such accounts with a balance of zero.
They are supposed to be closed. But nobody has done the paperwork yet. So even as the sequester budget cuts have begun idling workers and frustrating travelers, the government is required to pay $65 per year, per account to keep them on the books.
Read the rest HERE.

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