A while ago a client wrote a check for their IRA contribution. It was the last minute, and they mailed it directly to the custodian, which was Charles Schwab.
Then the client called me in a panic and said "I think I made a terrible mistake!"
I asked what happened.
The client said, "Well I made the check payable to Charles Schwab!"
"Right," I said, "that's what I told you to do."
The client said, "Well I was thinking — what if there is actually someone named Charles Schwab and then he takes my check and cashes it?"
I said, “Well, there is actually someone named Charles Schwab and believe me, he is not at all interested in your IRA contribution."
My colleagues and I have laughed about that for a long time.
Karen Van Voorhis, vice president in the wealth management group, Sapers & Wallack, Newton, Massachusetts.