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To Anonymous 252

Wednesday, March 10, 2010 - 9:53 AM
To Anonymous 252: Which credit union was that? We haven't had any listing at 2.0% APY on savings accounts other than Alliant, but they actually paid 2.0. They paid 1.75 on their interest checking.
3
me1004me1004370 posts since
Jan 16, 2010
Rep Points: 2,572
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.
4
AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,924
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