Wednesday, November 14, 2012 - 8:59 PM
Another Step In The Wrong DirectionVision Bank N.A.
On November 5, 2012, we received an email notice from Vision Bank. It is provided below. Not only do we now have to charge a total of $250 per month, (use to be just 10 POS transactions), but their interest rate has dropped to 1%. Vision bank management has been making small changes to the interest rate for years (started out at 4%), and as a result, total deposits have dropped significantly over the last year. This illustrates how such managerial decisions have just the opposite effect than what is desired. Unfortuneately, management is taking another step in the wrong direction. Their latest decision will result in even lower overall deposits and stagnate growth -- if not decline and downsizing in the future.
IMPORTANT NOTICE ON
CHANGES TO YOUR VIVA CHECKING ACCOUNT
EFFECTIVE December 1, 2012
Your VIVA checking account is one of the best accounts to be found anywhere and we plan to keep it that way, however, given the historical low interest rate environment, coupled with the large additional expenses we will incur to comply with the new Dodd-Frank Banking bill, we must make some changes to this account. The changes outlined below will be effective December 1, 2012.
Presently, in order to earn the premium interest rate on your account, you must make at least 10 Point of Sale (POS) transactions on the account by the end of each month. This is being changed to a total of $250 in POS transactions per month. You will no longer be required to make the 10 POS transactions per month as long as the total of all of your POS transactions completed each month total at least $250.
As long as you meet the POS requirements, we have been refunding fees incurred for 5 transactions when using non Vision Bank ATMs. Effective December 1, 2012, we are placing a cap on the ATM fees refunded at $15 per month.
Finally, the interest rate paid on this account will be lowered from 2% to 1% APY.
1. Wednesday, November 14, 2012 - 10:01 PM
That (1% APY) will effectively eliminate any benefit of RCA; with the annoying $250 debit card transaction requirement.
It is interesting that they quoted D-F Bill as an excuse for interest rate reduction. I certainly hope that this does not become a trend.
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