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Anybody In NJ With Rewards Checking At Grand Bank? - Interest Posted On 1/14/11

Saturday, January 15, 2011 - 10:03 AMGrand Bank, N.A. - Details
Does any one have an Reward Checking account with Grand Bank in NJ?  I wanted to know your expereince with this statement closing and interest posting.  Their statement runs from 15 to 15th of every month.  Today, the statement closed and I noticed that they did not count my signature based transaction which posted on December 15 and consequently did not get the higher interest rate.

Have been doing this for almost 1 year.  The transaction posted on the 15th always counted towards next month cycle.  I going to call them Monday to get this resolved.  But was trying to see if anyone else had the same expereince if I get  hard time from them

20. What is the cycle for Rewards Checking?

The cycle begins on the 15th of each month.

21. What is the qualification cycle?

A period beginning one business day prior to the current statement cycle through one business day prior to the close of the current statement cycle

Anybody with any expereince with them, would appreciate your feedback...
3
dakkarsdakkars8 posts since
Jan 3, 2011
Rep Points: 20
1. Saturday, January 15, 2011 - 4:40 PM
Sorry, when I first read your post, I didn't see that the transaction posted on Dec. 15.  It should have qualified in the last cycle.
1
dunkerdunker136 posts since
Jun 11, 2010
Rep Points: 414
2. Saturday, January 15, 2011 - 5:59 PM
The transaction in question is the one in the beginning of the cycle.  The transaction posted on December 15 should be counted in the next cycle as you rightly pointed out that transaction posted on Jan 15 is too late for the current cycle.  As it clearly says "A period beginning one business day prior to the current statement cycle"

I have had no issues with this before with the same bank.  I looked at all my past statement, the transaction posted on 15th always counted for the next cycle.  But apparently they did not count it in this cycle.  I believe this is an error.

But I am really curious to know if same thing happened to others in NJ who have an account with them and if they missed interest because of this.
1
dakkarsdakkars8 posts since
Jan 3, 2011
Rep Points: 20
3. Saturday, January 15, 2011 - 7:25 PM
Generally I go this way about it: IF I have been cutting it close re. a transaction at the beginning of a cycle (say I use the debit card on the 14th and it usually takes 1-2 of days to post, so in your example if it posts on the 15th) I always check back online. If the transaction posts after my monthly interest was credited, I'm fine. If it posts just before they credit the interest to my account, then I simply make another purchase - better safe than sorry.
1
darkdreamer4udarkdreamer4u178 posts since
Jun 11, 2010
Rep Points: 638
4. Saturday, January 15, 2011 - 7:42 PM
darkdreamer4u, you are right - better safe than sorry.  Obviously I will do that on the future.

With this account, transactions post on the next business day.  Thereofore I always start using their debit card from 14th of every month knowing that they will post on 15th (if it is a business day) and in last one year they have always counted for the next cycle and never had problems.

Obviously this statement cycle, something was little different.  Do you have an account with them?
1
dakkarsdakkars8 posts since
Jan 3, 2011
Rep Points: 20
5. Saturday, January 15, 2011 - 7:49 PM
No, I don't have an acct. with them. But just to reiterate my rule of thumb: if a transaction posts after the interest is credited, you should be fine - if it posts before the interest is credited, don't trust it and make another transaction just in case.
1
darkdreamer4udarkdreamer4u178 posts since
Jun 11, 2010
Rep Points: 638
6. Saturday, January 15, 2011 - 9:04 PM
I would leave some room at the beginning and the end of the monthly cycle.  That is, start my debit transactions 1-2 days after the post of interest and leave a week before the statement closing date.  It is always good to double check the actual fullfilled ACH/debit card transactions against each requirements several days before the closing date (i.e., those transactions after the post of last-month interest). 

Each bank/credit union has its own ways to start and end the montly cycle, it is prudent to ensure requirements in the definite assured period (usually the middle of the month).   
1
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
7. Sunday, January 16, 2011 - 7:42 AM
Got the message that it is always better to do the transaction in the middle of the cycle.

However, on the technical merits, the account must have a definite start (inclusive) and definite end (inclusive) based on the terms and condition.  I would like to hear what should be the definte start and end period for (Dec- Jan cycle) based on the following T&C:

20. What is the cycle for Rewards Checking?

The cycle begins on the 15th of each month.

21. What is the qualification cycle?

A period beginning one business day prior to the current statement cycle through one business day prior to the close of the current statement cycle

Anyone in NJ with them?
1
dakkarsdakkars8 posts since
Jan 3, 2011
Rep Points: 20
8. Sunday, January 16, 2011 - 9:13 PM
#7: I think that you may have missed the point that it is prudent to go by the online record vs. interpreting the T&C.  But here it is (technically):

The cycle: 15 Decmber 2010 - 14 January 2011.

The qualification cycle: 14 December - 13 January 2011 (or 14 January according to move-back criterion, but your bank follows the first case).  This is bank's margin for processing/recording.

But why risk on margins or test T&C when you can be within the safety realm with online counting and mid-cycle completion? 

My question to you: Did your purchase that got posted on 12/15/10 get counted toward the last qualification cycle?  Did it show up before or after the posted interest for the statement cycle of 15 November - 14 December (this determined in which cycle your purchase was counted)? 

Most likely, it got posted on 12/15 and was counted neither in the November cycle nor in the December cycle.  I had several experience of that when my transactions fell into such a "grey area/date", lost in the gap so to speak.  That may be what happened in your case.  It did not matter to me since I usually make more transactions than what is necessary.

My suggestions for the future:

1. Make your transactions in the assured mid-cycle (i.e., do not make transactions too early or too late).

2. Count your transactions online to make sure.

3. Always make a few more transactions as a safety margin. 

Let us know whether you are successful or not in getting the RCA interest, good luck. 

 
2
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
9. Sunday, January 16, 2011 - 11:59 PM
And one last thing Dakkars.  Don't wake up early to call your bank first thing Monday morning.  It's MLK day, which is a banking holiday.  So unfortunately you'll have one more frustrating day to resolve your issue.
1
dunkerdunker136 posts since
Jun 11, 2010
Rep Points: 414
10. Wednesday, January 19, 2011 - 9:48 AM
Just wanted to let you guys know the outcome of this.

So I called them yesterday.  First tried to talk to the branch manager and explained the situation.  She was just giving me general ansewrs related to Rewards checking.  When I started being technical and wanted to zero in on the actual start date of the cycle - she was basically again saying usual vague response but she gave up on me when I wanted to pin down on the actual definition of the last cycle.  I guess she has never looked at this so closely.  She then forwarded me to some one who is in charge of Operaions of the Bank, she works in the back office and does not come in contact with the customers directly on a regular basis.

I started with her by asking the question "what were the exact dates for the last cycle".  Her answer was December 16 to Janauary xx.  Well, that was not the answer I was looking for.  I then brought her attention to the exact definition written on the Rewrads checking disclosure on their website (as described above in my previous posts).  She read it, she read it again, perhaps 4 times and she was hesitantly agreeing with me.  Then she told me that she will look at it more closely and will get back to me.  She took my phone number I took her phone number.  Later during the day, I saw additional credit posted in the account.

Happy ending to the story.  There were multiple accounts involved therefore was very important to me.  But as many of you have pointed out - lesson leant from my side.  Will not try to zero in on the cycle start so close, will give few days before I start using that debit card.  Better to avoid these discussions and be safe than sorry.

Thanks for all your comments....
4
dakkarsdakkars8 posts since
Jan 3, 2011
Rep Points: 20
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