Watch Statement

When the account was first opened in July 2010, the rate given for Rewards Checking was close to the Rewards Plus checking - about 4.76% and 5.01%, but the day after opening the account the rate for the Reward Checking dropped to 2.76% with no notification. The first month was to have no restrictions, but it was only one day, as the cutoff for this bank falls in the middle of the month.  Reward was not paid for Aug 2010, so we called and they said it was a mistake and made the interest payment, as the 3 bill pay and 12 debit and online statement requirements were met. Reward was not paid for Sept 2010, so we emailed and got a response that they made a mistake again & paid the interest on the first $25,000 in the account. Good news is that today we got msg that statement was available and the interest was paid for Oct. 2010 statement. There is also a provision in the contract that if the account is closed within one year, there is a penalty of most of the interest paid. So, we'll probably have direct deposit transferred to this account to qualify for 5.01% APY, which is the only added feature needed to upgrade the account. In all, they have paid interest, but mistakes can happen and need to be corrected. *Dates, figures and amounts are to the best estimates and are not provided for any short or long-term comparisons to this or other banks providing interest bearing accounts.