Saturday, January 23, 2010 - 2:15 PM
CNBT in Texas have no maximum limit to earn 2% but they told me that they charge money to receive Wire Transfer. I know most bank s do charge to send Wire Transfer but I was surprised how many little things one has to inquire because they do not disclose these to you on their own. I could not believe it.
Fayetteville Bank has a good Reward checking account -maximum 50k, but they put a hold of 5 business days on your check deposit in order to earn to earn interest. Thank God, I have banking background and I know what questions to ask, my husband does not know any of these tricks. I can understand that Banks put a hold on your deposit for you to take it out but I did not know that the banks could legally hold money in your account before you could actually earn interest on those funds. My CU told me that it is illegal to hold money in my account to earn interest. They have to deposit the day they receive it and must earn interest from that day onward.
2,281 posts since
May 9, 2010
Rep Points: 3,697
1. Monday, January 25, 2010 - 3:08 PM
#85: On Bank of Faye. hold: "bank check-holding policy is different from daily interest earning. Most banks receive checks and start accrue interst on the same day (as long as it is deposited during business hours). Some start crediting interest the next day. Holding checks mean the check amount is not available, but the daily interest is still credited the same (or next) day. I have not heard any banks actually not crediting daily interest while the check is being held. There were some rumors/confusions about some banks on this point, but it turned out to be the false statement due to CSR ignorance. I would serious doubt that Bank of Faye. is the exception to this rule. Please doubt check with higher management on this issue.
1,452 posts since
Jan 16, 2010
Rep Points: 6,306