Wednesday, July 28, 2010 - 12:56 PM

Stay Away From This Bank.

(1 stars)

We opened accounts and less than a week later they changed account types. They knew ahead of time but opened the accounts anyway. Now we are out all the $$ for our new checks much less the almost 1.5 hours it took to get each of the accounts set up. They have a nice small town feel but no morals. They will lie right to your face.

villagegeek1 posts since
Jul 28, 2010
Rep Points: 4

1. Wednesday, July 28, 2010 - 9:00 PM

Thanks for the comments about this 5% (RCA) bank. Would you be more specific about how and why they changed account type on you (is it from Loyalty to a low-rate account)? Thanks again.

51hh1,139 posts since
Jan 16, 2010
Rep Points: 5,053

2. Thursday, July 29, 2010 - 5:46 AM

A reader forwarded me a letter that this bank had sent which explains the change. Below are excerpts of that letter:

Our goal when offering the Loyalty account was to gain customers for Farmers State Bank that would be customers for life, and to reward our current customers. We have been surprised at the popularity and success of the account. Due to the popularity of the account we are restricting the availability of this account to our local trade area going forward. Our trade area includes Black Hawk and Buchanan Counties in Iowa.

In order to continue to offer this product to our customers we have chosen to make some changes to accounts that are outside of our trade area. Beginning August 1, 2010, we will be converting your account to our FSB Ultimate Checking Account. This is a Free Checking account with no minimum balance requirements and which pays no interest.

It does seem unfair to change the accounts of existing customers especially those who recently opened the account.

KenBDG5,178 posts since
Nov 29, 2009
Rep Points: 117,676