Mutual funds also provide an array of investor services such as record keeping, tax information, check-writing privileges, and so forth. In effect, they take care of numerous details and send you a statement covering the funds' performance and the information you need to prepare your tax return with regard to this fund. These services, in total, are quite valuable to many investors. The ability to write a check against your money market fund as it continues to earn interest is valuable . The right to add modest amounts to your account from time to time is a useful feature. If you wish, most funds will automatically draft your checking account, thereby allowing you to invest on a regular basis without action on your part. Mutual funds keep you well informed about the details of your account, and you can typically access your accounts via the Internet and know on a daily basis where your investments stand. Lipper, a global company offering information and analysis to fund companies and media organizations, released a summary of a new study in early 2002 involving fund services. [6] The study stated that investors expect a wide range of services from their fund family, including a good Web site, helpful telephone representatives available day and night, and personalized statements. The study looked at shareholder- servicing expense data across fund families. For the average shareholder with $10,000 invested in a fund, the cost of these services was $28 in 2001.
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