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Kemba Credit Union (Cincinnati) Lowers RCA Rate

Monday, December 31, 2012 - 5:48 PMKemba Credit Union - Details
In an e-mail sent to all Get Green Checking account owners, Kemba Credit Union announced it is lowering its RCA rate from 3.50% APY to 2.50% APY, effective 2/1/13. Additionally, Kemba will no longer offer ATM refunds. The $15,000 cap remains unchanged.
3
ChadJack12ChadJack1217 posts since
Apr 22, 2010
Rep Points: 42
1. Tuesday, January 1, 2013 - 6:15 PM
Ouch - that is a $12.50 decrease in monthly interest ($150 over a year's time) assuming the account is always at max.  But kudos to the credit union for at least giving their account holders advance notice of the rate change. 
1
pearlbrownpearlbrown1,440 posts since
Nov 2, 2010
Rep Points: 6,279
2. Tuesday, January 1, 2013 - 10:05 PM
Not a good beginning for 2013.
1
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
3. Wednesday, January 2, 2013 - 7:23 AM
The Kemba CU website and the DA rate tables are already reflecting the change.  

I wonder if the date on the first post was accidentally reversed (2/1 instead of 1/2) - in which case not much notice to accountholders!
1
pearlbrownpearlbrown1,440 posts since
Nov 2, 2010
Rep Points: 6,279
4. Friday, January 4, 2013 - 11:38 AM
The effective date of the rate change is, in fact, February 1st.  I have copied and pasted the e-mail I received on New Year's Eve from Kemba.

Dear Kemba Member,

I’m writing to you today to share upcoming changes to Kemba’s Get Green Checking account. As you know, we are still in a period of historically low interest rates, and this economy necessitates a change to Get Green Checking. Effective February 1, 2013 Kemba will pay 2.50% Annual Percentage Yield (APY) on qualifying Get Green Checking accounts.

As you may know, many banks are charging a monthly fee for their checking accounts, while Kemba continues to pay you. This is just one example of how Kemba Credit Union “gives back” to you, the member-owner.

For your convenience, Kemba offers more than 40,000 surcharge free ATMs throughout the United States. On February 1, 2013 we will no longer offer ATM refunds on Get Green Checking accounts. Visit kemba.com for surcharge free ATM locations.

We thank you for your continued loyalty to Kemba Credit Union. If you have any questions, please call us at 513.762.5070 or visit us online at kemba.com.

Dan Sutton

Executive Vice President/COO
1
ChadJack12ChadJack1217 posts since
Apr 22, 2010
Rep Points: 42
5. Friday, January 4, 2013 - 1:29 PM
Thanks for confirming the effective date of the change.  The credit union has already updated the website to reflect the 2.50% rate.    Sorry about the lower rate, and am glad you had some advance notice to decide how you prefer to handle the news. 
1
pearlbrownpearlbrown1,440 posts since
Nov 2, 2010
Rep Points: 6,279
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