Harborstone Credit Union has sent letters to members informing them of changes being made May 1, 2013 to its Breakfree Rewards Checking Account. In summary, the balance cap is being slashed from $50K to $20K. The credit union is hoping a rate increase from 2% to 3% will overshadow this balance cap cut.
One reader emailed me this news, and another one commented on this (thanks to both!) Below is the reader's comment
which does a good job at summarizing the changes:
Just received a letter detailing the changes being made May 1, 2013 to their Breakfree Rewards Checking Account. Changes are:
- Now 3% on $20k vs. 2% on $50k
- Interest and ATM reimbursement awarded at end of month vs. following month
- (New) $3 minimum on debit/POS transactions
- (New) Sign into Online Banking once per month
- (New) Direct deposit or automatic withdrawl once per month
I love how their letter starts off with "Harborstone Credit Untion has some exciting news to share with you! We've improved your Breakfree Checking account." Where's that?