Suburban Bank & Trust In Chicago Cuts Reward Checking Balance Cap

Suburban Bank & Trust recently reduced its reward checking balance cap from $25K to $15K. At least they maintained their 4.02% APY. Now only the first $15K can qualify for the 4.02%. The rate for balances over $15K has also been cut (1.00% to 0.15%).

With reward checking accounts, a cut in the balance cap can be as bad as a rate cut.

Sold Out - I just noticed the bank has a "sold out" note at the reward checking page. They do have a reserve button so it looks like they plan to open it up again for new accounts some time in the future.