Comments For: Charter Bank Slashes the Rate on its Nationwide Reward Checking Account
Anonymous - #2, Tuesday, November 3, 2009 - 8:11 AM
I get more at Ally and I don't have to do anything!
Anonymous - #3, Tuesday, November 3, 2009 - 8:39 AM
This week was a real bad double whammy.... First First Arkansas cuts their rewards rate by a full 1% to 3.5%. And then Charter cuts their rewards rate to nothing.
Both were good runs while they lasted. Was busy today making new arrangements with other higher yielding banks for my rewards accounts deposits...
It certainly hacks me off a bit that in both cases, Charter and FABAT, they announced the rate changes to take effect immediately, giving their customers not even a month's grace period to make alternate arrangements.
OK, that just means I'll be transferring my FUNDS out of those institutions even FASTER....
Anonymous - #4, Tuesday, November 3, 2009 - 10:49 AM
What's even worse is that Provident NJ dropped their reward checking rate, and DIDN'T EVEN announce it.
Tried to quietly slip it by.
Anonymous - #5, Tuesday, November 3, 2009 - 10:56 AM
I have accounts in both charter and FAB&T. It is not a good week for me. Yes, I agree that both Charter and FAB&T should have given us at least one month before the new rates are effective. However, FAB&T's 3.5% is not so bad while Charter cut it 1.2%. Can its TurboChecking still be called rewarding checking???
Anonymous - #6, Tuesday, November 3, 2009 - 3:33 PM
Just logged into Ally to transfer out of Charter. Will close "Turbo" Checking once balance is down to zero. Sad to see it go since it was my first Reward Checking account.
There will always be some other bank that needs deposits to fix their balance sheet and will open such accounts. Unless FDIC gets involved in this like they have with Ally!
kow626 - #7, Tuesday, November 3, 2009 - 6:44 PM
some of you should be thankful of this as a friend of mine has charter and i know what those horrid debit cards look like. lol. you don't have to be embarrassed to make purchases anymore. :)
i found out about a chexsystems hit when i originally tried to open a turbo checking acct. since they refused me, i had to convince tristone community bank that i wasn't a risky customer and i was lucky that they accepted me. they're now first community bank and their backbone checking is holding strong over 4% for now. hope they dont plan on following suit with charter as they both came around at about the same time years ago.
Anonymous - #8, Tuesday, November 3, 2009 - 8:29 PM
I think, the big banks are pushing FDIC to crack down on the reward checking accounts out of pure jealousy and in need of more cheap money to fill their coffers.
Anonymous - #9, Thursday, November 5, 2009 - 6:46 PM
Well, big drop in requied debit card use. That's good. Big drop in reward checking account rate. That's not so good. The rate drop eclipses the drop in required debit card transactions, so why even call it a reward checking? You need to rename it to "low penalty checking".
Anonymous - #11, Monday, February 1, 2010 - 5:52 PM
Looks like we have another failed bank. I just received paperwork from Charter alerting account holders that the Office of Thrift Supervision has taken over the bank. Looks like the Turbo Checking account is no longer even structured as a rewards checking account, and the rate is listed as 0.25% APY.
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Anonymous - #1, Tuesday, November 3, 2009 - 7:34 AM
This was my first rewards checking account. It's been a good couple year run...Sorry to see it go ;o(