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Reward Checking Rate Cut Announced At Great Lakes Credit Union

Monday, September 16, 2013 - 6:42 PMGreat Lakes Credit Union - Details
A DA reader mentioned that he received a message from Great Lakes CU informing him that the reward checking APY will be falling from 4.00% to 3.00% effective 10/1/2013. Here's an excerpt of the email he received:
Effective October 1, 2013 all of GLCU's Ultimate Checking accounts Dividend Rates are changing to 3.00% APY. We will also then require 10 Debit Card signature (non ATM or PIN transactions) purchases totaling $100 per month or more. These updated requirements along with the same direct deposit, e-Statement and Mobile Banking/Bill Pay requirements, will be required on all new and existing Ultimate Checking Accounts if you plan on earning the rewards. We will also like to inform you that our IS team is in the process of updating the account summary page and should be in effect by October 1st.

9
Ken TuminKen Tumin5,467 posts since
Nov 29, 2009
Rep Points: 124,996
1. Monday, September 16, 2013 - 7:52 PM
Thanks, at least they gave advance notice.
3
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,425
2. Monday, November 4, 2013 - 11:56 AM
I just got stiffed my October interest because of this new requirement. For the record, I never received the e-mail that Ken posted above (I never delete any of my e-mails and did not find it). Here's is the only change I was notified of, placed at the top of my September statement:

"GLCU's Ultimate Checking account APY is changing on October 1, 2013 to 3.00% APY. Please see requirements at www.glcu.org/ultimatechecking. The dividend rate and APY may change at anytime."

Pretty ridiculous, if you ask me. The new requirement is even hidden in the fine print on the signup page. I've complained but to no avail. Do we have any legal recourse for something like this (like a class action)? Or does the statement "rates and terms may change at anytime" mean that they can change the requirements without specifically notifying us?
1
iamlost26iamlost264 posts since
Jun 14, 2010
Rep Points: 5
3. Monday, November 4, 2013 - 1:01 PM
#2: The new requirements are in the footnote of their RCA offer.  It is unfortunate that you did not notice it.  I would ask them for a one-time courtesy since it is the first month of their requirement change.  Good luck.
2
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,425
4. Monday, November 4, 2013 - 4:07 PM
Yes, I see the footnote now when I go to the page, but I find it INCREDIBLY misleading for them to make a message saying "The interest rate changed! The requirements are on the website". The requirements changed by ONE SENTENCE in a footnote, and I do not think they should reasonably expect me to read through all the "fine print" again, especially since there was no indication that the requirements had changed. How hard would it have been for them to write "The interest rate and requirements have changed." on my statement? I can only come to the conclusion that they did this on purpose.

In any case, I've called them and sent a message. In both cases, they told me they understood that it wasn't very well communicated, and that they're trying to weed out the low earners. They've also been instructed by the higher ups not to reimburse any interest for October because of failed requirements. This type of response is an automatic account closure for me.
1
iamlost26iamlost264 posts since
Jun 14, 2010
Rep Points: 5
5. Monday, November 4, 2013 - 4:36 PM
#4: I think that you have a case against them, especially when they admitted themselves of the lack of communication to their members (maybe deliberately).

I would start with Consumer Finance Protection Bureau (CFPB) since it is not a federal credit union.  They will refer you to the state overseer for this credit union.

It is a fight for the principle/complaint you expressed; not only for the money.  I once fought against the Plus4 Credit Union for keeping/robbing my $5 in the savings when I closed my account with them; and won.

Good luck!

P.S., if you want to close the account, close it and withdraw all the money first before you launch the formal complaints.  And watch out for early closure fee.
4
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,425
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