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Change In Caps And Requirements

Thursday, January 17, 2013 - 9:44 AMIndependent Bank (McKinney, TX) - Details
Independent Bank has changed cap/transactions from 25K/8 to 15K/12. I was not explicitly informed. I was informed today, after seeing the non-qualifying rate being applied that this was announced via a few sentences at the end ot the November statement:

Effective 12/21/12, the following terms for you Rewards Checking and RealSaver Accounts will change:
1) if qualifications are met, balances less than $15,001 will receive the highest rate; and
2) the number of POS transactions that must post and clear your account has changed to 12 per qualification cycle.
3
elarhelarh36 posts since
Jun 9, 2011
Rep Points: 102
1. Thursday, January 17, 2013 - 10:25 AM
Thank you for pointing out this change.  I missed the notice in the November statement too.  Since it is not an active account for me at the moment, I only confirm the balance online.

Sorry that your account didn't qualify for this month; maybe they will override that for you on an exception basis just this once. 
2
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
2. Thursday, January 17, 2013 - 10:29 AM
Just a follow-up. This is not the same bank as the "Independent Bank of Texas"
1
elarhelarh36 posts since
Jun 9, 2011
Rep Points: 102
3. Thursday, January 17, 2013 - 10:37 AM
Another follow-up. Cap also changed on connected RealSaver account from 25K to 15K
1
elarhelarh36 posts since
Jun 9, 2011
Rep Points: 102
4. Thursday, January 17, 2013 - 10:43 AM
Yes, the similar names can be confusing.  Both banks changed rate and cap requirements effective around the same time (12/21 and 12/22) but at least the rate at Independent Bank of Texas is higher. 
1
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
5. Friday, January 18, 2013 - 11:43 AM
I also had this same issue elarh. I don't read the actual estatements (which is where they presumable "notified" us of this change), but only check their website for my balance/transactions. Much to my chagrine, I was blindsided by this notification yesterday that I did not meet the qualifications for this past month because I had 11 transactions instead of 12. Had I been aware of this change, I certainly would've made another transaction. I'm going to see if they can make an exception for this month, but I doubt it.
1
thiseyethiseye3 posts since
Aug 19, 2011
Rep Points: 8
6. Friday, January 18, 2013 - 4:36 PM
That was quite sneaky.  I mean, it is one thing not to notify customers about changing rate/limit.  It is simply unlawful to not notify customers about debit card requirement changes.

I would (1) ask CSR for a one-time courtesy, noting that no notices have been sent, (2) if unsuccessful, write to the bank president, (3) if still unsuccessful, complain to CFPB (they love to penalize banks with misleading or wrongful practices toward consumers).

Good luck.
1
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
7. Wednesday, January 23, 2013 - 4:04 PM
I sent them a secure message with my complaint about these changes without proper notice. My local branch called me yesterday and recognized the confusion. They said as soon as they got the first complaint and looked at the inconspicuous notice on the statement that they had messed up. They were very nice and apologetic and said my next statement will include the difference for the earning that I should've had this month had I met their new qualifications. I applaud them for reaching out and crediting me the difference.
3
thiseyethiseye3 posts since
Aug 19, 2011
Rep Points: 8
8. Friday, January 25, 2013 - 9:24 AM
I just got a call this morning. They offfered the same solution for me.
2
elarhelarh36 posts since
Jun 9, 2011
Rep Points: 102
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