1. Wednesday, March 10, 2010 - 11:49 AM
To #255: Connexus Credit Union. They post rates online each day with the notation "Rates effective (today's date)." For most of February, the APY was posted online as 2.00%. Late in February, the APY posted online was reduced to 1.75%. The rate actually paid for the entire month of February was the lower 1.75% APY, which apparently was the official declared rate. They consider the 2.00% APY to be only a prospective rate, which they are not legally bound to honor. As I understand it, they can pay any rate that they want at the end of the month.
One other thing to note is the footnote in their rate sheet: "Accounts may be subject to minimum balances and other requirements." The posted rate only applies to balances over $100.000. Banking Guy notes this clearly. Unfortunately, the credit union does not.
They are really nice people at Connexus, but their policies do seem a bit unusual to me. I wonder if anyone else has heard of any other credit union not honoring their propective rates.
One other thing to note is the footnote in their rate sheet: "Accounts may be subject to minimum balances and other requirements." The posted rate only applies to balances over $100.000. Banking Guy notes this clearly. Unfortunately, the credit union does not.
They are really nice people at Connexus, but their policies do seem a bit unusual to me. I wonder if anyone else has heard of any other credit union not honoring their propective rates.
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