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First Clover Leaf Cap Dropped To 15K, Rate To 3.85%.

Wednesday, September 29, 2010 - 9:49 AMFirst Clover Leaf Bank
info from their website
mariafaltermariafalter57 posts since
Jun 6, 2010
Rep Points: 222
1. Wednesday, September 29, 2010 - 9:59 AM
Fast result (in such a change) when announced nationwide availability.
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
2. Wednesday, September 29, 2010 - 1:33 PM
Plus you can no longer apply for an account on-line.  You have to make a branch visit. 

In the past we've seen banks that offered high rates nationwide, quickly switch back to making the RCA available locally only when they got inundated by out-of-state applications.  And there is often a pattern in such cases.  First, make the account only available statewide or just locally; second, after a while, reduce the interest rate; and third, in some cases, reduce the cap on receiving the highest rate.  We've seen step one on several recent occasions happen quickly, a couple times in less than a week.  But steps two and three usually take place over a matter of months.  All three steps occuring at once in just two weeks is a unique reaction on the part of First Clover Leaf.
dunkerdunker136 posts since
Jun 11, 2010
Rep Points: 414
3. Wednesday, September 29, 2010 - 1:50 PM
As I think further about this turn of events, the good news is that I didn't even have time to fund the account beyond the initial $100.
dunkerdunker136 posts since
Jun 11, 2010
Rep Points: 414
4. Wednesday, September 29, 2010 - 3:15 PM
Actually, it's only $25. And considering I already made a few pennies off test deposits, I got over a 10% return off my measly $25 investment.  Thank you Clover Leaf. Bye.
RedCobraRedCobra11 posts since
Aug 7, 2010
Rep Points: 26
5. Wednesday, September 29, 2010 - 5:39 PM
CloverLeaf has the slowest application and new debit card processing of any bank I have dealt with in the past.  It was a complete waste of time to open a reward account here when they decide to slash the interest rate and the upper limit of qualifying deposit on their reward checking, just 2 weeks into the nationwide online market offering. I agree with others on here. The best statment depositors can make to this kind of behavior is to pull out all but a dollar of their deposits. Shame on First Clover Leaf Bank.
CandyCaneCandyCane13 posts since
Sep 29, 2010
Rep Points: 76