Banked On It

In 1976 I had a checking account at Franklin State Bank in New Jersey. The bank had a promotion deducting a voluntary amount from accounts to purchase bank shares. Before moving from New Jersey, I made 26 monthly purchases of $25, for a total of $650. Franklin was bought by United Jersey Bank, which became Summit Bank, which was purchased by Fleet Boston, which became Bank of America. Except for reinvesting dividends, I never added another penny to the $650. By 2004, the investment was worth nearly $50,000. Not a bad return! — Oscar F., Greenacres, Fla.

The Fool Responds: We should say not! Bank of America shares have plunged lately, amid our recent credit crisis and overall market swoon. But your profit is still north of $20,000, and you may still reach new heights by hanging on. Of course, remember that if and when you find more promising investments, it's often smart to move your money into them, as long as you're not trading in and out of stocks too frequently. Patience has made many investors wealthy.

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