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To Anonynmous # 257 Connexus Only Lists The Highest Rate On Their Chart Which Is Misleading When

Friday, March 12, 2010 - 5:15 PM
To Anonynmous # 257

 

Connexus only lists the highest rate on their chart which is misleading when balances are under the rate eligible for the higher rate.  You have to ask them for the tiered balance requirements. it isn't on their website.  I think this is partially deceptive, IMHO.
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AnonymousAnonymous2,282 posts since
May 9, 2010
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1. Friday, March 12, 2010 - 6:43 PM
To #266.  Yes, I know that.  However, the issue is that Connexus did not honor the posted rate on that higher tier.   As I noted in #252 and #257, credit unions are not legally obligated to honor their posted prospective rates on non-CD accounts. This is from NCUA regulations (12 CFR 707.3).

The only situation that I could find where a credit union did not honor a prospective rate was where NCUA took over an insolvent credit union & then did not pay out accrued dividends.  That's because an insolvent credit union can't pay dividends.  Connexus is not in that situation.  They have relatively strong ratings--4 stars at both Bauer & Bankrate.

I'm still wondering if anyone knows of any other credit union that has failed to honor their posted prospective rate

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AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,911
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