Wachovia hypocrisy-bad timing alert

In the mail today, I get a flyer from Wachovia. I quote:

Celebrate a safe FDIC-insured savings option: a 3.75 percent APY Wachovia Money Market.

First, this had better be a money market savings account instead of a money market mutual fund; otherwise, Wachovia is lying out its FDIC-insured ass.

Second, the fine print:

The Annual Percentage Yield is in effect as of September 2, 2008. This is a variable rate and subject to change at any time after account opening.

First, I HIGHLY doubt it’s at 3.75 percent today. Let me check with Ben Bernanke or Henry Paulson first, including checking to see how much of Wachovia’s bad debt could get dumped on me the taxpayer.

Second, per further fine print, you gotta have $10K to qualify for that rate.