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Received Notice Of Rate Change Effect Of Nov18 From 3.25 Apy To 2.74 Apy For Platium Rewards Accounts

Monday, November 15, 2010 - 4:19 PMFarmers & Merchants Bank - Details
Cap remains at 50,000 with apy of .74 on overages. Reduced from 1.04apy
4
leyrretleyrret3 posts since
Nov 15, 2010
Rep Points: 19
1. Saturday, May 28, 2011 - 4:55 PM
(2.51%, $50K) now.

One concern is the one needs to come in the branch to sign affidavit should a fraud occurs on one's debit card.  How can grand-fathered out-of-state account holders do that should a fraud occur?
1
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
2. Saturday, May 28, 2011 - 8:10 PM
(2.51%, $50K) now.

One concern is the one needs to come in the branch to sign affidavit should a fraud occurs on one's debit card.  How can grand-fathered out-of-state account holders do that should a fraud occur?
I suspect they would accept a notarized affidavit from out-of-town account holders.

I also received an email that the bank is no longer allowing their debit card to be used in drug stores, groceries and gas stations in California. F & M says that there has been increased fraudulent transactions in California by card holders of all banks, not just F & M.

I also just looked at my 5/18 statement and they state at the top (as 51HH pointed out) that "Effective 5/19/11 the interest rate for Platinum Rewards will be as follows if requirements are met: 2.51% APY up to $50,000, .51% APY over $50,000. .10% APY non-qualified rate".

Unfortunately, they're the only place I can get even that rate on $50K for only 10 purchases.  I still have two $25K accounts that I'm not using where I can get 3%, but that would require an additional 12 purchases a month.  I'm not sure the extra $20 a month in interest is worth the effort.  And who knows how long both banks will keep the 3% rate (one of them is the recently bought-out Danversbank).
2
dunkerdunker136 posts since
Jun 11, 2010
Rep Points: 409
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