In the "Am I the only one who (literally) missed the memo?" category:
On 5/6 a Prosperity CSR stated, among other information, that all Coppermark RCAs had been converted to regular checking accounts at Prosperity as of the merger date
. I went to a branch today to close my accounts and was asked why I was doing so. I explained that it was primarily because the Coppermark Bank RCA had dropped to 1.25% APY prior to the merger and politely added that I was disappointed that Prosperity Bank had not done anything to welcome former Coppermark Bank customers.
"Not so", said the associate.
It appears that indeed the Coppermark Bank RCAs were converted to checking accounts at Prosperity Bank - but special ones, with unique account codes. The old RCA accounts have been grandfathered into a special arrangement which has no qualification requirements to receive the 1.25% APY other than to receive E-statements. No 16 debit transactions, no direct deposit, just continue to receive E-statements and you continue to earn 1.25%APY on balances up to $25k per account
. As is customary, the APY can change at any time. This special account type is unique to former Coppermark Bank customers and is not offered to current Prosperity Bank customers. So, for all intents and purposes, a 1.25% account with no transaction requirements for as long as it lasts.
I later confirmed the information with the Customer Service phone associates and they repeated the same thing. The special accounts are grandfathered until the customer closes the account or is notified by Prosperity Bank that the account is being eliminated.
The CSR went on to state that letters had been sent with this information, although she admitted that the information about the reduced requirements was not specifically mentioned.
I would be curious if other (former) Coppermark Bank RCA customers received such notification, as I did not.