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CD Rate Increase

Wednesday, May 14, 2014 - 11:09 PMGE Capital Bank - Details
To soften the blow of iGOBanking trashing its 5-year CD rate, GE Capital Bank just increased its 5-year rate from 2.10% to 2.25% APY. 
OldGuyOldGuy49 posts since
Jan 23, 2013
Rep Points: 813
1. Thursday, May 15, 2014 - 6:19 PM
EverBank also raised its' 5 year
CD APY (from 2.23%) to 2.29% today.
cumuluscumulus358 posts since
Jan 16, 2010
Rep Points: 1,675
2. Friday, May 23, 2014 - 1:28 PM
Are we being so concerned with getting a bit higher CD interest rate that we are overlooking some of the terrible problems people are having with many of these banks which are so highly promoted on DA.  I checked reviews on DA, BBB, and other bank reviewers and people  were very angry with what has happened to them and their money once allowing many of these banks to do ACH transfers etc.  I know the old saying goes " you only hear from people who are having problems"  but would I want to be one of those people?    If I want them to withdraw 25M out of my checking for a CD and then find out they did it twice like I am reading about and it took weeks for them to undo their errors, I would not be a happy camper. It is chilling to read these reviews and I have X'd out all but ONE off of my list!  Maybe it should state "Buy at your own risk!" by most of the names but all we focus on is if the interest rate is a bit higher than others.  I think I will take the lower rate and go with the only one I have found which isn't giving me "review heartburn".   Doing a google on "Problems at ___________________________Bank" and it is enough to make you give up on CDs and looking for those with higher rates.  Maybe they have the higher rates because they are losing so many customers with their horrible customer service and people handling tons of money who don't know how to do their jobs.  I have been calling my list with the same questions all week and each rep gives me different answers or tells me they have to have someone else call me back.  If they can't answer the simple questions, how can I entrust them with thousands of our savings?
paoli2paoli21,401 posts since
Aug 10, 2011
Rep Points: 6,135
3. Friday, May 23, 2014 - 5:02 PM
Note to my earlier post:  I just got off the phone with a Supervisor at one of the banks I was considering and he spent over an hour explaining to me how their system works and how those double withdrawals can happen if the customer doesn't understand the system.  I was very impressed with the answers I got to all my questions and the help he gave me in understanding how to use their online application.  I must say "he" gave customer service a new meaning and I do hope I can do business with them when my funds arrive.   
paoli2paoli21,401 posts since
Aug 10, 2011
Rep Points: 6,135
4. Sunday, May 25, 2014 - 7:39 PM
 #3) OVER AN HOUR to explain how their system works !!!  That's ridiculous.... and has  "STAY AWAY" plastered all over it.  You really want to help people , you'll post the name of the bank so we don't fall victim to them.
diamondxdiamondx72 posts since
Jan 19, 2011
Rep Points: 170
5. Sunday, May 25, 2014 - 9:27 PM
#4  If I thought they should be avoided why would I have posted I was willing to do business with them?  Just because he spent so long in explaining the system to me doesn't mean it will take that long for someone to access it and do an online CD.  I am just new at this online CD stuff and was taking notes so I can type the info up for my own use.  Others may have understood the information quite quickly and easily if they have done online CDs.  It's a special process they have to make sure the account we give them to ACH is really ours and they do about two "sample" withdrawals of less than a dollar etc.  It just confused me but doesn't mean it would be a problem for others.  I don't think it would be fair to give you their name now since you seem to take my post in a negative way.  It is the only one I contacted which does the two "sample" ACH test withdrawals if that gives you a hint.  Ken gives them a good rating and so does Bankrate.
paoli2paoli21,401 posts since
Aug 10, 2011
Rep Points: 6,135