I'm afraid West Bank has notified customers of a big upcoming rate cut on its reward checking account. Effective July 26, 2012, the top yield will fall from 2.00% to 1.25%
for balances up to $30K. At least the bank is communicating this before the cut.
Thanks to the reader who emailed me the following notification he received:
*Courtesy Notice about your Reward Me Checking Account*
Beginning July 26, 2012, when you qualify the interest rate paid for
your Reward Me Checking account will be 1.25% APY* on balances up to
$30,000 and 0.15% APY* on balances exceeding $30,000. If you fall short
of your requirements**, you will earn .01% APY* on all checking balances
and your ATM fees will not be refunded.
We trust you will agree that interest rates on Reward Me Checking remain
among the most competitive in our market for funds held in a transaction
If you have any questions regarding your Reward Me Checking account,
please contact your banker or a Customer Service Representative at
*APY = Annual Percentage Yield (APY) is effective as of 07.26.12. Rates
are variable and subject to change. Fees may reduce earnings.
** Requirements to earn rewards:
* 12 Non-PIN point of sale debit card transactions must post and
clear per statement cycle.
* At least one preauthorized automatic payment or direct deposit
must post and clear per statement cycle. Does not include Bill Pay
* Ability to access your statements online