Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

FNCB Slashes Its Nationwide Reward Checking Rate

Monday, September 20, 2010 - 7:05 PMFirst National Community Bank (PA) - Details
FNCB's nationwide reward checking rate plummeted from 3.04% APY to 0.75% APY. This applies to balances up to $25K.

It's rare to see banks slash reward checking rates by this much. Some banks that have made such cuts had been required to stay below the FDIC rate caps. The current rate cap for interest checking is 0.86%. These rate caps are typically only for banks classified as less than well capitalized.
Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708
1. Monday, September 20, 2010 - 8:47 PM
Or the bank suddenly came to its sense (smart up) that reward checking is really not making any money for them.
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427