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Provident Bank NJ $Mart Checking Retroactively Dropped APY From 2.01% To 1.76% On 7/1

Wednesday, August 1, 2012 - 9:01 AMThe Provident Bank - Details
Did not get any notice of a rate change, and during the month of July, Provident removed the interest rate from their web site.

Today I get the following email:

Congratulations!

We are pleased to inform you that you have met your Provident $mart Checking qualification requirements for the statement period beginning 07/01/2012 and ending 07/31/2012.  By doing so, you have earned 1.76% Annual Percentage Yield (APY)* and a refund of all of your nationwide ATM fees.
4
bksavingsbksavings12 posts since
Sep 24, 2011
Rep Points: 40
1. Wednesday, August 1, 2012 - 10:20 AM
I understand your surprise and disappointment. But I doubt that was actually "retroactive." I expect it was simply a matter of not alerting you. Retroactive would be action they took at the end of the month to change the rate from the beginning of the month. I expect they actually took their action at the beginning of the month and simply did not alert you to it. But if you had called in and asked, they would have told you the new, lower rate.

But doing so, not alerting you, taking the rate off their Website so you would not blunder into it -- yes, kind of dirty tactics. Not the kind of people you want to do business with.
2
me1004me1004346 posts since
Jan 16, 2010
Rep Points: 2,369
2. Thursday, August 2, 2012 - 5:35 AM
But doing so, not alerting you, taking the rate off their Website so you would not blunder into it -- yes, kind of dirty tactics. Not the kind of people you want to do business with.
 

So many banks are doing this though.  Sigh...
1
ninissniniss59 posts since
Sep 22, 2010
Rep Points: 153
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