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Last minute Traditional IRA account deposit in a brick and mortar bank

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We had to pick up the partnership returns, and a partnership disbursement for filing by tonight, and the CPA wanted us to do traditional IRA accounts for 2016 to minimize our tax liability. What a trip. I remember 20 years ago on tax day with 20 people in line to make their last minute deposits, but this particular branch had five at drive in.....four sitting at desks who did not know how to fill out an IRA deposit. The lack of education, and experience was astonishing to my wife and I as we waited over a half hour as three of the girls had to brainstorm and call the main branch. I just struck me. Americans are out of money. Nobody is putting money into IRAs. Nobody has the money to deposit into savings accounts or retirement accounts. The banks have become automatic depositories for pay checks and debit cards. This particular branch once had a thriving commercial bank which the FDIC closed, and my bank took over the branch location. The parking lot was empty. The drive in was empty. I then went through two towns on tax day and found all the parking lots empty, no cars in driveways.....I have a very bad feeling that we have NOT seen the end of a downturn. People are out of money. Where are young people rushing to deposit their IRAs.......I have never seen anything like this, and when people do not even understand retirement deposits, it tells me nobody is saving for retirement.

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Next it was going to the post office. There were times when we owed that the post office had people outside on tax day collecting returns. The parking lot was empty. There were no lines.

It told me loud and clear that people had mostly gotten refunds, and that the absence of the last minute rush by those who owed money has been replaced by people making jack and getting earned income credits......tick tock.

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Since most people are working for others/companies, they have their IRA contributions deducted from their paychecks automatically, no last minute deposits needed.

As for the lack of people mailing returns last minute (I remember my father doing that), it's likely because many if not most returns are now filed online.

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Our accountant filed online, but payment vouchers have to be made on tax day. I am saying that 15 years ago there were 15 people in a line to talk to the IRA person on tax day. In this situation, three bank employees did not even know how to fill out a IRA deposit slip. I was shocked. No, I think there is something much more obvious which has happened since 2007. Americans have lost liquidity and wealth. I have heard as high as 17 trillion by some estimates with loss of equity in homes and savings. The funny part is that they wanted to lock up a cd for five years at 1.75%, while I asked for the shortest period IRA with the lowest rate......they looked puzzled. They do not even see that they are selling a rip off. 1% versus 2% at 65.....too funny.

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Heck, I can even recall my hometown's main post office plus a branch or two being open until midnight on tax day. Those days are gone away....

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