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Class Act FCU RCA (3%APY, $20K) To (4%APY, $5K) Effective 10/1/12

Saturday, September 29, 2012 - 8:06 AMClass Act Federal Credit Union - Details
The rate on the credit union's Honors Checking increased but the cap dropped significantly. 

RCA requirements (including total spending requirement of $200 or more per month) are unchanged. 

There was NO notification to accountholders other than a website update this morning.    Not a very "honor"-able way to conduct business, especially in light of the magnitude of the change.  
2
pearlbrownpearlbrown1,430 posts since
Nov 2, 2010
Rep Points: 6,246
1. Saturday, September 29, 2012 - 9:01 AM
Thanks for the update. Sorry to see such a big slash in the balance cap. I hope this doesn't become a trend.
1
Ken TuminKen Tumin5,467 posts since
Nov 29, 2009
Rep Points: 124,996
2. Saturday, September 29, 2012 - 10:11 AM
This was definitely an unpleasant surprise.  A trend along these lines (steep drops in caps) would probably result in a large drop in participation rates in RCAs. 

If one had only $5k to work with, then 4% at this insititution is not bad; otherwise IMO it's hardly worth $16.67/month to do 10 transactions (especially when the total spending must be at least $200) as there are better opportunities available. 

BTW Ken, DA shows the 3%/$20k (just in case you want to update ahead of the effective date of 10/1).
1
pearlbrownpearlbrown1,430 posts since
Nov 2, 2010
Rep Points: 6,246
3. Saturday, September 29, 2012 - 10:33 AM
DA should automatically update the rate on Monday. Once the rate is updated, I'll manually update the cap (please remind me if I forget).
1
Ken TuminKen Tumin5,467 posts since
Nov 29, 2009
Rep Points: 124,996
4. Saturday, September 29, 2012 - 10:41 AM
This sounds useless to most savers.
1
darkdreamer4udarkdreamer4u174 posts since
Jun 11, 2010
Rep Points: 632
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