Dedicated to Deposits: Deals, Data, and Discussion

4.11% 7-Month High Yield CD at Bank of America

POSTED ON BY

Bank of America
Update 8/01/08: The website now shows a yield of only 3.30% APY for the 7-month term. I've also confirmed from BofA that their branch-only 4% 7-month CD special has also ended. That 7-month yield is now only 2.94% APY.

Bank of America has just increased the rate of its High Yield CD to 4.11% APY for a 7-month term. This is a special online-only rate. The minimum deposit is $5,000. This is not the risk-free CD that BofA has been advertising. An early withdrawal will cost you 90 days of interest.

They state in the small print they may limit the amount to a total of $500,000. Interest is compounded and credited monthly. In the application it appears they allow funding by ACH transfer from your checking or savings account at another bank.

This rate may not be available for all states. You have to select your state to see the offer. I've verified the 4.11% APY for California, Florida, Illinois, New York and Texas.

Credit for this find goes to FW member thong123 who posted it on this FW thread. He mentioned that he heard this is planned to last for one week starting today. Bank of America's official line is that these rates may change daily.

For other Bank of America promotions, please refer to my Bank of America Checking and Credit Card Deals post and my latest Bank of America posts page.

Update 12:14 pm: There was some concern about the following sentence in the small print:
We may change this promotional APY at any time without prior notice.

Using the online chat, I asked if this meant it can change anytime before the CD is opened but not after. Here is the CSR's response:
Right, the rate can change at anytime but once you open the CD the rate would not change.

So based on what I've been told, this is a fixed-rate CD. There is some additional CD documentation in the Personal Schedule of Fees. I've also found a 2006 version of the Deposit Agreement and Disclosures.

I also asked about a hard credit inquiry. Here was the response from the CSR:
Due to your existing relationship with us, federal regulations require us to verify your identity when opening a new account. If the data on the application matches your profile on our system, no inquiry will appear on your credit report.

Update 7/26/08: You can get a 4.00% APY 7-month CD at Bank of America branches. Please refer to this post for more details.
  Tags: CD rates, Bank of America

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Comments
59 comments.
Comment #1 by Anonymous posted on
Anonymous
Is there a hard credit pull if you are an existing BofAm customer and open this CD online?

1
Comment #2 by Anonymous posted on
Anonymous
I was under the impression that BoA would be lowering rates because of the Countrywide deal and because of the deposit cap threshold.

However it seems like they are offering high rates now. I applied for a Wachovia CD but I never got a call back from them. I think the rate was 4% for a 6 month CD.

Due to the Bank Of America Countrywide deal and because they seem to be keeping up high rates, I have a feeling Bank Of America could wind up being a bank high rate depositors start using now.

I was using HSBC but now may switch if they keep up the high savingslink account and keep the high rate CD's and use Bank Of America as my main bank.

1
Comment #3 by Anonymous posted on
Anonymous
NOTE 7 Month APY of 4.11% is not guaranteed!

"We may change this promotional APY at any time without prior notice."

Bank Of America means that they can change this APY 1 month into the CD. It is not a guaranteed CD.

Bank Of America in their wordings is getting trickier than ever in order to bring in additional dollars. Avoid Bank Of America like the plague.

1
Comment #4 by Anonymous posted on
Anonymous
IF this CD is variable rate CD, then it should be advertised as such.

I didn't read the fine print,
but if it is so, it is a bad deal.

1
Comment #5 by Anonymous posted on
Anonymous
@ anonymous

"We may change this promotional APY at any time without prior notice."

"Bank Of America means that they can change this APY 1 month into the CD. It is not a guaranteed CD. "

You and the post below you are both WRONG. This fine print is standard. This CD has a fixed rate so once you open it you get the stated rate.

This is a very competitive rate, no need to discourage others with your stupidity and personal opinions.

1
Comment #6 by Anonymous posted on
Anonymous
"We may change this promotional APY at any time without prior notice."

Bankers hire lawyers to make the wording so difficult for its users so it puts the bank in the upper hand. This is the nature of how a corporation works.

With that being said: The promotional APY being offered is 4.11% for 7 months. With wording like that, whos to say they wont lower the rate during the term? The banks are NOT REGULATED to abide by such. In fact during the variable rate mortgage debacle, people trusted the banks with their low rate terms and wound up getting their homes foreclosed as the rates went from a low rate to a very high rate.

So who is to say that they will honor this CD's APY for 7 months? The wording is vague enough and suggests that the bank can legally change the terms and conditions because if you put 500,000 maximum in and got 2% instead of 4.11% thats a BIG DIFFERENCE of funds that will require you to enter into court to defend it but in the wording it seems as though there is a huge risk that they could do this and based on the wording it seems as though if you entered this agreement, you would lose the interest.

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Comment #7 by Anonymous posted on
Anonymous
Bankers only understand the rule of law.

I have been lied to on multiple deals with the banking system. You have to keep all records and documentation to make sure such is legally binding so they can't wiggle away from their legal obligations and take to court when necessary.

In this case, the wording makes all documentation one will keep irrelevant.

If this was a truly fixed rate CD the wording would say

"The interest rate and Annual Percentage Yield (APY) will not change for the term of the account."

Instead what we get is "We may change this promotional APY at any time without prior notice."

1
Comment #8 by bob (anonymous) posted on
bob
If one opened a 7 month 4.11% CD today, it CANT be changed by the bank, any bank on a whim the next day.

Thats just nonsense.

1
Comment #9 by Anonymous posted on
Anonymous
If anyone can find a set of terms and conditions which specifically state its fixed then let me know.

1
Comment #10 by Anonymous posted on
Anonymous
From BoA's footnote:

The Annual Percentage Yield (APY) is accurate as of 07/18/2008. This promotional APY applies only to the initial term of a new High Yield CD with an 7-month term that is opened online through bankofamerica.com. We may change this promotional APY at any time without prior notice.

The way I read it, this means that BoA can change the promo rate at any time, but if you've bought the 4.11% CD already, then that rate (4.11%) is locked in for the entire 7-month term. BoA may be sneaky, but it's pretty unusual to have a variable-rate CD without stating it as such up front, and they risk bad PR otherwise. In short, I don't understand the paranoia.

1
Comment #11 by Anonymous posted on
Anonymous
Confirm the Interest Rate You’ll Receive and How You’ll Be Paid – You should receive a disclosure document that tells you the interest rate on your CD and whether the rate is fixed or variable. Be sure to ask how often the bank pays interest – for example, monthly or semi-annually. And confirm how you’ll be paid – for example, by check or by an electronic transfer of funds.

It is either a fixed rate cd or variable rate cd. However the terms and conditions online seem to indicate its VARIABLE RATE and not fixed rate.

It has to say on the CD itself or in the terms and conditions. The terms and conditions make it seem like its a variable rate cd from what is posted on the net. In fact, it is a variable rate CD not Fixed.

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Comment #12 by Anonymous posted on
Anonymous
"We may change this promotional APY at any time without prior notice."

The banks have 2 types of CD's. Fixed AND Variable. HOWEVER if it is FIXED , it will say it is FIXED on the documentation of the CD as per the SEC. If it doesn't say fixed and says no alternative terms allowed, then my friends it is a VARIABLE CD as per the fine print.

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Comment #13 by Anonymous posted on
Anonymous
We seem to be getting into a symmantics game of fixed vs variable.

Fixed will specifically say fixed. When I did a WaMU CD, the terms specifically said the fixed rate term.

This does not. The wording is as follows:

"1The Annual Percentage Yield (APY) is accurate as of 07/18/2008. This promotional APY applies only to the initial term of a new High Yield CD with an 7-month term that is opened online through bankofamerica.com. We may change this promotional APY at any time without prior notice. The minimum balance required to open a High Yield CD is $5,000. We may limit the amount you may invest in one or more High Yield CDs to a total of $500,000. Alternative terms not allowed. Additional terms and restrictions apply. A penalty is imposed for early withdrawal."

Fixed will show fixed just like the Countrywide Fixed rate CD terms and conditions which I quoted from.

There is no terms saying

"The interest rate and Annual Percentage Yield (APY) will not change for the term of the account." which was featured in the Countrywide CD. The above does NOT indicate a fixed rate cd I am sorry to say as Fixed will say FIXED, not force you to click on something to get the terms and conditions in another section which differs from the intial page which uses the words "locked in."

False advertising at its worst.

1
Comment #14 by Anonymous posted on
Anonymous
The website mentions nothing of being "Fixed"

The magic word to look for in CD's is "Fixed rate"

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Comment #15 by Anonymous posted on
Anonymous
@Anonymous


Why is everyone still complaining. Everything is worded perfectly fine. What part of "This promotional APY applies only to the initial term of a new High Yield CD with a/an 7-month term that is opened online through bankofamerica.com" do you not understand!! You get the promotional rate for 7 months, depending what it is, which currently it is 4.11 APY, but it subject to change.


There should be a reading comprehension test given to people before they post comments.

1
Comment #16 by Anonymous posted on
Anonymous
Special online only CD rate - a locked 4.11 APY1

Then it brings you to fine print.

According to the SEC, there is either a Fixed or Variable rate CD.

Everyone BUT Bank Of America who offers a FIXED RATE CD.

Bank of America calles it a "Locked" on its website not fixed which every other Fixed rate bank offers.

Only Fixed = fixed. The fine print has variable terms. Therefore by default it can not be Fixed.

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Comment #17 by Anonymous posted on
Anonymous
A Fixed rate cd says "Fixed rate" in the contract terms. It has to use the word "FIXED"

Its like taking a mortgage, you have fixed or variable. There is no locked rate mortgage or inbetween. The contract terms must say "Fixed." If it doesn't use the word "Fixed" by default it is not fixed.

Locked is a marketting term and nothing more with intent to deceive amongst as to what actually happens. The SEC Enforces "Fixed." It will not enforce "Locked."

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Comment #18 by Anonymous posted on
Anonymous
Bank Of America's takeover of countrywide is troubling to say the least since the bank still plays games just like what happened to the subprime fiasco when the bankers misled people.

1
Comment #19 by Anonymous posted on
Anonymous
Anonymous can't read nor understand how the banking system works or is a banker with intent to mislead.

"You should receive a disclosure document that tells you the interest rate on your CD and whether the rate is fixed or variable."

A fixed rate CD will say "Fixed rate" in the terms and conditions.

It will not have any loopholes or other clauses.

Every bank other than Bank Of America uses the word "Fixed" for those who have truly fixed rate CD's.

Variable means variable. Fixed means fixed. Locked is a term which is vague and misleading.

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Comment #20 by FSC (anonymous) posted on
FSC
"I was under the impression that BoA would be lowering rates because of the Countrywide deal and because of the deposit cap threshold."

They are now over the 10% cap because of Countrywide. However, there is a loophole in the law that allowed this as CountryWide was a Thrift under the OTS. Therefore, they are in no need to reduce deposits below the cap. In fact, they can now grow as large as they want to organically. There will be no more mergers until the cap is lifted because they are pretty far over it in dollar terms.

1
Comment #21 by BOB (anonymous) posted on
BOB
Locked & fixed would seem to me to be the same thing.

I seriously doubt that a bank as big as BOA would be representing a variable rate to be fixed or locked.

The wording is simply so you cant capture the screen and come back 6 months from now if rates have dropped and insist you get that rate.

Normal fine print.

Clearly someone has a vendetta against BOA.

1
Comment #22 by Anonymous posted on
Anonymous
I just got of the phone with a customer sale rep. at BofA.

This is what is meant:

4.11% is guaranteed for the day you apply only. Since you may have to (mail a check, application, wire money or signature card), which will be received by B of A sometimes at a future day, the rate may change by than and it will be higher or lower then today's rate and the customer agrees to accept the rate posted on that day. The 4.11% is not guaranteed for tomorrow or any time in future, it is on the discretion of the Bank. Also, the rate will be locked after the CD is opened at some time in the future at what ever rate B of A post on that day.

Which means, you may not get 4.11% as expected, but at what ever rate B of decide to give you on that day.

1
Comment #23 by Anonymous posted on
Anonymous
This CD is 4.11% FIXED for 7 months.

1
Comment #24 by Anonymous posted on
Anonymous
To the poster at: 10:25 AM


"....We may change this promotional APY at any time without prior notice."...

Please read the post by anonymous at: 10:20 AM it may enlighten your thinking.

1
Comment #25 by bob (anonymous) posted on
bob
The question here is intent. Is this meant to be a bait and switch ?

The answer is no.

1
Comment #26 by Anonymous posted on
Anonymous
If you walk into the bank and open the 4.11% 7-Month APY CD, then that yield is guaranteed for the 7-month period.
That's it, now if you mail a check to open the account by snail mail and it doesn't arrive to the bank for several days, the rate may have changed by the time the CD is set up for you.
Plain and simple.

1
Comment #27 by Anonymous posted on
Anonymous
No bank gets my money unless it says "Fixed" in the agreement with the bank.

I hope customers in 7 months wind up getting a true rate. But the wording is way too ambiguous and in a court of law wont be upheld to be a 4.11% rate for 7 months if they lower the rate therefore

cavaet emptor

1
Comment #28 by Anonymous posted on
Anonymous
We should all be careful with BofA, they are known for trickery and deceptions.

I just applied online and I'm hopping that they will not change the rate while the application is processed.

Reason for the concern is that I had to click on the terms before my application is processed and I had to agree that "....the customer agrees to accept the rate posted on the day the application is approved and funds are received...",
which could be a delay of few day and since BofA deserve the right to:

"....We may change this promotional APY at any time without prior notice."

So, I hope they will not change the rate by the time they receive the funds.

1
Comment #29 by Anonymous posted on
Anonymous
I had to agree that "....the customer agrees to accept the rate posted on the day the application is approved and funds are received...",

Now why would any bank require you to do this?

Accept the rate posted on the day the application is approved and the funds are received

If I put in a deposit CD at countrywide the rate is a fixed rate and known.

BoA seems like it caught people in this trap.

1
Comment #30 by bob (anonymous) posted on
bob
why would any bank require you to do this?


Because its SOUND business maybe ?

BAC is too large to engage in obvious bait & switch tactics despite what the one or more BAC haters here say.

1
Comment #31 by Anonymous posted on
Anonymous
Sound business is taking away money from the customer. Not providing 4.11% CD's with ambiguious terms so that the customer gets less than the 4.11% rate he thought he was getting.

A clause which states "the customer agrees to accept the rate posted on the day the application is approved and funds are received." and telling the customer to approve it along with the promotional rate is subject to change clause means that they have locked the consumer up with no legal recourse in a court of law shall the rate turn out to be less than 4.11% for 7 months.

I don't deal with businesses like this.

1
Comment #32 by Anonymous posted on
Anonymous
Many banking promos are decent if you understand what you are getting into.

But with BoA all the promos from the 4.11% CD to the $75 for a new free checking account have clauses in them that make them not worth touching with a 10 foot pole.

1
Comment #33 by Anonymous posted on
Anonymous
Um, sorry to burst y'all's bubbles, but RIGHT ON THE MAIN PAGE it says:

"Open a High Yield certificate of deposit from Bank of America and get a guaranteed return on a short-term investment."

(emphasis added)

Print the page and save it if you don't trust 'em.

1
Comment #34 by Anonymous posted on
Anonymous
Now why doesn't countrywide make this offer? I have 4 cds with countrywide maturing in 2 weeks and they are only offering me a 12 month at 3.6% seems silly since they are being acquired by b of a

1
Comment #35 by Anonymous posted on
Anonymous
Countrywide has the same CD with 4.10% APY right now.

>Now why doesn't countrywide make this offer?

1
Comment #36 by Anonymous posted on
Anonymous
Beware of B of A . I was a brick and mortor customer with them for 5 years and decided to open a money market and CD online in Jan '08 and there has been nothing but problems. They are still unresolved as of the date of this posting. I contacted customer service 14 times and sent three faxes to resolve : not opening the account, wrong (lower) interest rate - occurred several times, incorrect interest credit, wrong statement etc. Unlike other banks, they have a complicated way to calculate and show the interest on your CD in the monthly statement. I notified customer service of an error in the interest calculation with the CD and still no response. With B of A is a combination of incompetence and shadiness. My next step is to contact the Comptroller of the Currency.

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Comment #37 by Anonymous posted on
Anonymous
The situation is a little complicated here (I just got off the phone with a Premier Banking Client Rep). You can't just open the account online or on the phone and then walk into your local B of A branch to fund it with a check from another bank. You have to deposit the money into your B of A checking account and then fund the new account from that the next business day, I'm told. If you're a Premier Banking Client, they'll make sure you get today's rate when you come back the next day. You can also wire them the funds to be guaranteed the current rate (and there will be no incoming wire fee). I think she also told me that at least $5G must be "new money," although it doesn't say that in the ad.

I would add that my local branch has its own 7-mo. CD special for which the terms are the same except that the APY is 4.00%. It may be worth doing that to get the CD started immediately and to avoid the hassle involved in doing things otherwise.

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Comment #38 by Anonymous posted on
Anonymous
Hey Banking Guy - how do I find and add to a recent/new Indymac thread? I've contacted the FDIC regarding Indy and they say if I have (which I do) a small CD then I really don't have anything to worry about.
However, I want to poll bloggers about options (stay and do nothing till term end, request closure and go elsewhere, etc.)

Thanks!

1
Comment #39 by Anonymous posted on
Anonymous
Quite a few comments here worried me enough to start a chat session with BofA. Incidentally, you cant start one from the 7 Month CD page. But if you go onto one of their checking pages and wait, you'll get a pop up asking if they can assist you. Here is my chat session. Please post back if you get conflicting information. As always, its good to have things in writing if something goes shady later.

Current Transcript of the Chat Session
Welcome to an online chat session at Bank of America. Please hold while we connect you to the next available Bank of America Account Specialist. Your chat may be monitored and recorded for quality purposes. Thank you for your patience.
We are currently experiencing a high volume of chat sessions. All Bank of America Specialists are currently assisting other customers. We apologize for any inconvenience. You are number 3 in a queue of 15. Thank you for your patience.
You are now chatting with Roberto V.. Welcome to Bank of America. How can I help you complete your online checking or savings application today?
Roberto V.: Thank you for joining our online chat for opening new accounts. My name is Roberto. I will be assisting you in choosing the appropriate account(s) to fit your banking needs. May I ask what type of account you are interested in?
You: High Yield 7 month CD for 4.11% apy
Roberto V.: Good! Glad to hear! In order to open an account with Bank of America online, you must meet the following:
Roberto V.: To be 18 or older
Roberto V.: To be a US citizen or permanent resident with a green card
Roberto V.: To have a US physical Address (not a P.O. Box)
Roberto V.: To have social security number(s)
Roberto V.: Do you meet these requirements?
You: yes. all of them
Roberto V.: Great! Would you like for me to send you a link of the application to complete or have you already started on it?
You: I have the application link. my question concerns one of the account disclosures. Specifically the one that states "We may change this promotional APY at any time without prior notice." Is this a fixed rate CD and am I guaranteed the 4.11% apy from the day I open the CD through the day the CD matures?
Roberto V.: Yes, that is correct. You are guranteed this rate for the term as it is a fixed rate. Once it has matured, the rate may go down, up or even stay the same.
You: Am i guaranteed the rate at the moment I open the CD online or at the moment Bank of America receives my initial deposit?
Roberto V.: You are guaranteed this rate once the application has been submitted online.
You: great. Thank you for clearing up that confusion. Thanks for your help.
Roberto V.: Not a problem. Go ahead and complete the application. I will stay online with you in case you have any questions. Please, do not close the chat box. Just let me know if you need assistance.
You: I will need to get my wifes drivers license number, SS#, etc as she will be on the account as well. I will have to leave the website and come back in about an hour. Thank you for your help though. It is much appreciated.
Roberto V.: You're welcome! Not a problem. It was a pleasure assisting you today! To close this chat session, please click on the close button in the upper right-hand side of the chat window. Thanks for choosing Bank of America! Have a great day!
Last text message received Thank you for chatting on bankofamerica.com. Your feedback is important to us. Once you close this window, please take a moment to fill out our survey and tell us how we did today. The survey takes only a few moments to complete.

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Comment #40 by Banking Guy (anonymous) posted on
Banking Guy
For the anonymous commenter above who asked about the Indymac thread, please refer to this latest one.

For finding other posts, the link to the last 25 posts are located in the finding-the-best-deals post which is located here (this is the link in the upper right on each page with the title "Comment here on latest deals")

1
Comment #41 by Anonymous posted on
Anonymous
Following is the fine print on the BoA site when opening the 4.11% CD.

"Rates are variable and may change at any time in the Bank's discretion without prior notice, before or after an account is opened. Fees could reduce earnings."

Hence looks like the rates can change after the account is opened during the 7 month period.

1
Comment #42 by Anonymous posted on
Anonymous
Countrywide 4.10% seems to be a better deal and it is a fixed rate in the account documentation!

1
Comment #43 by Anonymous posted on
Anonymous
Moral of the story: Use Countrywide 4.10% linked to savingslink and have fun!

No need to argue symantics. Countrywide has the rates right now.

1
Comment #44 by Anonymous posted on
Anonymous
Stay away from Bank of America ... nothing but trouble. It is just not worth it

1
Comment #45 by Anonymous posted on
Anonymous
Rate is FIXED at 4.11% for 7 months period. Just go to the BOA website and click on savings/CD's. It's there for everyone to see no speacial deal. The difference between the high yield and risk free is the risk free allows withdrawals without penalty.

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Comment #46 by ray (anonymous) posted on
ray
some info; went to boa branch yesterday and asked csr about boa acquiring countrywide (i have a m.m. account there presently paying 3.2 apy) she told me the rates would be reduced once transaction was over and accounts would be all boa then. said the rates would definitely would be in line with current boa rates. my take is boa will try to lure people like me with deposits at countrywide (80,000) not to jump ship since they need all the capital they can get for now. probably (just guessing) they fugure to offer this rate and then hope when the 7 months are up a lot of depositors will leave the money in and they'll surely lower rates then.

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Comment #47 by Anonymous posted on
Anonymous
"1The Annual Percentage Yield (APY) is accurate as of 07/18/2008. This promotional APY applies only to the initial term of a new High Yield CD with an 7-month term that is opened online through bankofamerica.com. We may change this promotional APY at any time without prior notice".
It means: RIGHT NOW if you open a CD account you will get a 4.11% rate ( it is FIXED rate for 7 month).If you open in the FUTURE, then cannot get this rate, you cannot complain why BOA do not give us this rate because BOA has said "We may change this promotional APY at any time without prior notice".

A lot of people need go back to school for reading class.

1
Comment #48 by Anonymous posted on
Anonymous
On a google search, I found a link to a web page indicating that this special will end on July 29:

http://promotions.bankofamerica.com/hycdpromo/?cm_mmc=DEP-CD-_-Google-PS-_-high%20yield%20cd-_-NationalMediumPerformance

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Comment #49 by Anonymous posted on
Anonymous
Sorry to say but most of the comments about the bank changing the rates mid term are STUPID! It just means that the rate for the 7 month term is subject to change for NEW accounts. I opened two 7 month terms at 4.11% APY. And it is a fixed rate if you will for 7 months. I have had MANY CDs with Bank of America in the past and currently have 5 CDs and never had any problem regarding rates and such

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Comment #50 by Anonymous posted on
Anonymous
Good luck if you have a Trust. They past me to 4 different persons and they still could not tell me where to send information on my Trust. Its been so long that I forgot why I changed banks years ago.... I just remembered :-)

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Comment #51 by robert (anonymous) posted on
robert
This promotional APY applies only to the initial term of a new High Yield CD with a/an 7-month term that is opened online through bankofamerica.com. We may change this promotional APY at any time without prior notice.

If interest is compounded monthly on this CD, then you are guaranteed 4.11% for that initial 'term' of one month.

At the start of the second month I see no reason why they could not change the interest rate to .005%.

If you want to whine and want to withdraw early, then I suppose they can collect early withdrawal penalties from you early (within the 7 month period) too, a much-needed boon to our banking system.

Look, banks are in trouble nowadays and the people should not whine, but rather they should dutifully submit to such practices because it would help to strengthen our weakened banking system.

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Comment #52 by Anonymous posted on
Anonymous
it is Fixed for 7 months guys... I called :-)

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Comment #53 by Anonymous posted on
Anonymous
Hey Ray,

Your $80k deposit is not considered capital. Your deposit is a (liability) on the bank's balance sheet. They may use your deposit to fund short term loans (assets)

Capital is equity fyi.

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Comment #54 by mk (anonymous) posted on
mk
My application of July 18 has not been opened yet. The trial deposits have been verified but the CD amount has not left my bank yet.

BofA CSR says that they are very backed up and that the rate is guaranteed and the CD will be back dated to the date of the application. Hope that happens, because if it does I get 3.5% MM rate on top of 4.11% that BofA will give for the overlap period.

Anyone else heard about backdating the CD to application date?

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Comment #55 by Anonymous posted on
Anonymous
The CSR said that the rate is guaranteed from the date the application was submitted.

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Comment #56 by mk (anonymous) posted on
mk
Update

They opened my CD as of 8/1 - applied 7/18. The money has not left my other account yet, but then 8/1 was a Friday.

They did not honor what the CSR told me that the CD will be opened as of the application date.

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Comment #57 by Banking Guy (anonymous) posted on
Banking Guy
Hope they honor the rate at the time of the application. I would be very disappointed in them if they don't. The rate was dropped on 7/29.

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Comment #58 by Anonymous posted on
Anonymous
test

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Comment #59 by Anonymous posted on
Anonymous
The High Yield 12-month CD now has an APY of 2.50% (up from 2.00% as stated in yesterday's post).

And there's also a "0.25% rate bonus if you open with $10,000 or more in funds not currently on deposit at Bank of America"

1