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Mutual 1St Federal CU RCA (3.01%APY, $15K) To (2.21%APY, $15K)

Tuesday, June 24, 2014 - 10:08 PMMutual First Federal Credit Union - Details
The credit union did not give its customers any notice of this change other than through an update of its website.   Fortunately, I learned of the rate drop through a bank alert notification from DA on 6/22. 

While this "website update is the only notification" approach has almost become the norm for many financial institutions, in this case it is especially frustrating because the change was effective as of 6/1 according to the credit union's website.  So, it appears the credit union did not even update the website in a timely manner. In fact, as recently as my last login on 6/19, the account was still being advertised with the 3.01% APY. 

This account has been on my back burner for the last few months, with only minimal activity.  Otherwise, given the late notice, I would strongly consider asking for a one-time courtesy adjustment of the rate after the current cycle closes on 6/29. 
4
pearlbrownpearlbrown1,474 posts since
Nov 2, 2010
Rep Points: 6,407
1. Wednesday, June 25, 2014 - 2:54 PM
Following up on my post, I just spoke with a supervisor at the credit union and expressed my concern at the late notice of the change.  Her first response was "Well, rates can change at any time during the month."  When I agreed but pushed back challenging the retroactive nature of the change, she stated that they had been notified by senior management of the rate change on/about 6/22 and immediately arranged for the website update.   
2
pearlbrownpearlbrown1,474 posts since
Nov 2, 2010
Rep Points: 6,407
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