Thursday, February 14, 2013 - 4:27 AMFirst National Bank (LA)
First National Bank based in LA has a Kasasa Cash rewards checking account that had been paying 3.05% with 12 required monthly POS.
Recently, and with the cycle end statement that arrived today, FNB had announced that they were raising the number of required monthly POS to 15. They also added new language limiting automatic ATM fee reimbursements to $4.99 per transaction, although fees of $5 or more still can be reimbursed by presenting the ATM slip in person at one of their offices.
However, what the bank did not announce, nor make any mention of in their monthly statement, was that apparently as of today, they've also reduced the qualifying interest rate on the account to 2.55% APY, although that's still valid on balances up to $15,000. I was going to post on the change to 15 POS, and only happened to notice the new interest rate when I went to their Kasasa Cash website.
The fine print at the bottom of the website page says the rate is accurate as of Feb. 13, 2013, which usually is a bank's way of saying that's the date on which they updated their rate information.
For me personally, this is the latest in a series of Kasasa state-limited rewards accounts that have had their qualifying rates fall from 3+% to around 2.5% in the past couple months. So it certainly seems like this is some kind of broader systemic change occurring with Kasasa accounts.
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