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 Tumin5,442 posts since Nov 29, 2009 Rep Points: 123,702
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.
51hh1,461 posts since Jan 16, 2010 Rep Points: 6,351