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Watch Out For Danversbank

Wednesday, June 2, 2010 - 9:15 AM
Watch out for Danversbank.  If you close your online savings account (which can only be done by mail and not electronically), they take the position that you forfeit all your interest accrued for that month.  So the real interest rate they are paying is quite a bit lower when they get their interest free loan from you for the month when you close your account.  I've never seen a bank do this before -- it's not a very good business practice.
AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,952
1. Wednesday, June 2, 2010 - 10:10 AM

Actually this is done for most banks.  Many banks have incorporated this policy in their T&C.
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
2. Wednesday, June 2, 2010 - 7:04 PM
#474 and 475: actually, I do not think that "most" banks do this. But some do. Over the years, I have only come across one that does it: Hudson City Bank in New Jersey. Still, it is yet another little detail you have to watch out for -- or you will get ****ed.
me1004me1004373 posts since
Jan 16, 2010
Rep Points: 2,598