Friday, June 11, 2010 - 11:24 AMCountybank
Got this today:
Dear Kasasa Customer,
When we began our Kasasa roll-out in the spring of last year, we were unsure of the response our program would generate from outside our local communities in South Carolina. We also priced the account anticipating that the general economy would improve over time.
Unfortunately, due to the lack of anticipated improvement in the economic environment since the introduction of this product, we find that despite some of the tweaks we have made to the program to make sure it remained competitive and still a positive for us, we must make further adjustments to the account.
What this means is that we are making the following changes to Kasasa Cash, Cash with Saver, and Saver accounts based outside our home territory of upstate South Carolina effective June 11. The below cap rate (the rate paid on your balance up to $15,000) will be .75% APY, and the above cap rate (the rate paid on the portion of your balance above $15,000) will be .20%.
We know this will be disappointing news, so we are providing you this notice because we feel it is only right and that you deserve to know why we are doing what we are doing. We also want to assure you that as a variable rate checking account, your interest is subject to change. We realize that there are now higher rate options in the marketplace for you, and if you would like to research your options, we recommend these web sites – checkingfinder.com, Kasasa.com, or bankrate.com – as possible research tools to assist you with locating a higher rate checking option.
Thank you for the opportunity to have served you.
The Kasasa Team at Countybank
Shucks! Oh well, on to the next best...
1. Friday, June 11, 2010 - 12:40 PM
As Ken stated early this year (1/29/10 post):
"They slowly cut back the availability. First to be excluded was the Westcoast. Then it was reduced to just 5 Southeast states. Now it appears to be just South Carolina..."
And now the "normal rate" is limited only to "home territory" of upstate SC. A slow but definite shift.
1,476 posts since
Jan 16, 2010
Rep Points: 6,427
2. Friday, June 11, 2010 - 1:42 PM
It should also be noted that Countybank had a $1 million loss in 2009 with a -5.38% return on investment according to Bankrate.com. Their Bankrate rating has dropped to 2 stars with a - (decline) predictive indicator. It was at 4 stars when Ken wrote his first review in May, 2009. This is a troubled bank.
136 posts since
Jun 11, 2010
Rep Points: 413
3. Friday, June 11, 2010 - 1:47 PM
Well, just this past week I had moved the balance from there to WTDirect (ya know, the 3-months special) - after that special is over, I won't go back to County Bank, for sure!