Wednesday, January 5, 2011 - 8:17 PM
Commonwealth Bank Lowers Rate Cap To $15KCommonwealth Bank & Trust Company
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I just received a letter in the mail today from Commonwealth Bank informing me that effective Feb 4, the Extreme Checking account will have a tier structure from .01 to $15000 and $15000.01+. The rate for Tier 1 balances will continue to be 3.25%, but there's no mention in the letter what the Tier 2 balance will be, so I'm betting it's not good.
They also included a letter with qualification dates for each month of 2011. The cycles will continue to close on the 16th each month, but debits must be fully posted to the account sometimes as early as the 13th, depending on the month, due to holidays and weekends. This means that purchases should be completed by at the 10th at the latest to allow time for processing.
1 posts since
Jan 5, 2011
Rep Points: 8
1. Wednesday, January 5, 2011 - 9:26 PM
Changed from $25,000 Limit.
To save pople from checking back and forth, it is always good to state the RCA change as: From (xx APY, $xx Limit) to (yy APY, yy Limit).
1,044 posts since
Jan 16, 2010
Rep Points: 4,762
2. Friday, January 7, 2011 - 11:17 AM
The website now shows the $15k cap. I'm assuming that it is effective immediately for new account, but not until February 4th for current account holders who are getting the letter.
*Extreme Rate 3.25% Annual Percentage Yield (APY) paid on balances between $0.01 and $15,000, and 1.00% APY paid on all amounts above $15,000 each cycle the minimum qualifications are met. If you do not meet the qualifications per cycle, your account will still function as a free checking account earning Base Rate 0.10% APY; however, it will not receive ATM fee refunds for that time period. Rates as of January 7, 2011.
13 posts since
Sep 8, 2010
Rep Points: 37