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Randolph Bank New (January 2011) Interest Rate: 2.5% APY (Dropped From 4.75%) Still $25K

Tuesday, December 21, 2010 - 9:14 AMRandolph Bank & Trust Company - Details
(4.75%, $25K) to (2.5%, $25K) - fact, just as rumored by several CSRs in the past few weeks.  Time to do rate-hop ... again.
10
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
1. Tuesday, December 21, 2010 - 11:57 AM
I was exopecting maybe a 1% drop, but this is beyond my wildest fears.  Now I have to find new homes for $50K.

With so many of the high yield RCAs dropping their rates on Jan 1, it seems appropriate to hold off rate hopping until the dust settles and we see where the rates land at each of the other banks many of us have been holding in reserve.
5
dunkerdunker136 posts since
Jun 11, 2010
Rep Points: 413
2. Monday, December 27, 2010 - 8:17 AM
51, you're a great contributor to this forum, and we post re the same banks many times...

But I'm a Randolph customer as well. And while I got their notice about reducing the number of required monthly debits to 6 of at least $20, even as late as today (12/27) I haven't received any communication from the bank or seen anything on their web site referencing what their new interest rate will be.

What was the source of the interest rate cut info???
1
thaiguyinlathaiguyinla14 posts since
Dec 27, 2010
Rep Points: 33
3. Monday, December 27, 2010 - 8:44 AM
You can see the new rate on an application for new accounts.
3
mariafaltermariafalter57 posts since
Jun 6, 2010
Rep Points: 222
4. Monday, December 27, 2010 - 9:42 AM
I confirmed the rate drop with a CSR at Randolph this morning and she said that the bank will be sending out an email detailing the rate drop this week.
1
dunkerdunker136 posts since
Jun 11, 2010
Rep Points: 413
5. Tuesday, December 28, 2010 - 3:38 PM
If you were Randolph Bank, of course you want to keep this huge rate reduction news as late as possible so that customers have little time to switch:D

BTW, a friendly warning: Think twice before you close the Randolph Bank Account(s).  There is a $20 early account closure fee (i.e., closed within six months of account opening) and $5/month for dormant account. 
4
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
6. Tuesday, December 28, 2010 - 8:00 PM
Randolph Bank has a very reasonable $15 outgoing wire transfer fee.  Cut-off time for the transfer is 3pm Eastern Time.  You can call or e-mail them for the wire transfer from, which they can either fax or e-mail back to you.  Upon completion -- there's also an authorization form for signatures of those authorized to transfer funds out of the account -- you can fax the completed forms back to Randolph Bank.

You should allow for some processing time before the 3pm cut-off.
3
glxpassglxpass38 posts since
May 2, 2010
Rep Points: 240
7. Saturday, January 1, 2011 - 4:43 AM
I got my Randolph Bank December statement email and month end interest credit today (1/1).

I see their web site has now been updated the reflect the new and lousy 2.5% interest rate.

But I've still yet to get any email from the bank disclosing the interest rate change, and the monthly statement made no mention of it, as far as I could see.

My ACH transfer business was quite busy for the new year... so many year-end interest rate cuts and so many accounts to pull the funds out of. Sorry, I should have said... and leaving a $1 balance in each to keep them alive pending any future decision to close the account.

I'm actually glad now I haven't been closing my unused RCAs (unused after prior interest rate cuts). Some of those, that had been sitting with just a placeholder deposit, have now popped up to the upper end of interest rates among my available accounts... so I'm putting money back into them for the time being.
4
thaiguyinlathaiguyinla14 posts since
Dec 27, 2010
Rep Points: 33
8. Saturday, January 1, 2011 - 11:39 AM
I got my Randolph Bank December statement email and month end interest credit today (1/1).

I see their web site has now been updated the reflect the new and lousy 2.5% interest rate.

But I've still yet to get any email from the bank disclosing the interest rate change, and the monthly statement made no mention of it, as far as I could see.

My ACH transfer business was quite busy for the new year... so many year-end interest rate cuts and so many accounts to pull the funds out of. Sorry, I should have said... and leaving a $1 balance in each to keep them alive pending any future decision to close the account.

I'm actually glad now I haven't been closing my unused RCAs (unused after prior interest rate cuts). Some of those, that had been sitting with just a placeholder deposit, have now popped up to the upper end of interest rates among my available accounts... so I'm putting money back into them for the time being.
 

 

Agreed with all of the above, incl. the bit about formerly unused RCAs.
1
darkdreamer4udarkdreamer4u178 posts since
Jun 11, 2010
Rep Points: 638
9. Saturday, January 15, 2011 - 10:15 PM
51hh:  what is the $5/month dormant account fee?   I am in the position of many others here - I want to transfer my Randolph account to somewhere with a higher rate, but wasn't aware of the dormant account fee or the account closure fee.

thanks

E
1
elioa6elioa64 posts since
Jan 15, 2011
Rep Points: 4
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