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What Happened To Beacon Federal (RCA)??

Tuesday, January 18, 2011 - 6:58 PMBeacon Federal Bank - Details
OK, I admit that I am getting paranoid about RCA changes these days.

First, I noticed that Ken's List no longer included Beacon Federal... because the RCA information was all gone (the commercial along with rate/requirements information). 

I can still find the reward checking in their web-application. 

Hope that Beacon Federal's RCA is well and kicking (and it is a false alarm)... I just moved to this option this month.

What do you think?  Man, I spent my hard pull on Cambridge Savings in vain; now Beacon Federal, too?!  

 
3
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
1. Tuesday, January 18, 2011 - 8:11 PM
If you can still find details of the RCA on the web application, that is good news. 

On their website, if you click "Personal banking" then "Checking accounts and Beacon debit card", you'll see "Rewards Checking Learn more here" but there's nothing when you select that (404 error).  All branches are now closed, so there is no one who can answer questions about whether the account is still available, confirm rates and current requirements, etc.  

I hope it's just a system maintenance error, and not a sign of disappointing news on the way.   

 
1
pearlbrownpearlbrown1,431 posts since
Nov 2, 2010
Rep Points: 6,248
2. Wednesday, January 19, 2011 - 12:04 AM
This is a weird bank.  I applied online about 3 weeks ago and got the confirmation email from them (saying they will contact me soon).  But I've never heard anything from them ever since.  I assumed they rejected me due to too many check system inquiries, but still, it's kind of rude to not getting back with me at all.
2
ninissniniss59 posts since
Sep 22, 2010
Rep Points: 153
3. Wednesday, January 19, 2011 - 12:14 AM
There seems to be a 404 error on the reward checking page, but I was able to log in to my account from the bank's main page.  Hopefully, it's just an IT error that will be cleared up in the morning.
1
dunkerdunker136 posts since
Jun 11, 2010
Rep Points: 409
4. Wednesday, January 19, 2011 - 8:23 AM
DepositAccounts.com software checks Beacon's reward checking page daily for rate changes, and if the page changes (or has a 404 error), it will temporarily stop showing the reward checking account and will flag the bank in our admin section. So that's why we stopped including it on our tables. I just noticed it flagged in the admin page this morning.

Once Beacon restores their page, we should resume its listing. Hopefully, it's just an IT error that Beacon will soon fix.
2
Ken TuminKen Tumin5,468 posts since
Nov 29, 2009
Rep Points: 125,029
5. Wednesday, January 19, 2011 - 9:27 AM
The Beacon CSR I just spoke with says that the RCA info will not be visible if you are out of their market area (roughly defined as being within 40 miles from one of their branches).  

As far as any potential rate/cap changes, there would not be any notification from the bank other than via the monthly statements. 

 
1
pearlbrownpearlbrown1,431 posts since
Nov 2, 2010
Rep Points: 6,248
6. Wednesday, January 19, 2011 - 11:55 AM
Even after IT fixes, the reward checking information is basically gone from their website (there is information on other products like student checking). 

If one applies for accounts, reward checking 9and its associated information) will show up only for selected zip codes (their market areas so to speak). 

Basically, they want to hide this product.  I can relate to that:D
2
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
7. Friday, January 21, 2011 - 11:41 AM
Beacon Federal CSR reports rewards checking rate shrinking to 3% January 24, 2011.
A promotional barrage morphs into an illusory savings mirage. The shallow fiscal tunnel at the end of the
anemic Beacon.
1
IvanIvan3 posts since
Jan 21, 2011
Rep Points: 7
8. Friday, January 21, 2011 - 12:34 PM
More bad news... Randolph, CSB, Danversbank, now Beacon Federal...

Some told me it (the rate change) is 2/1/2011, which makes more sense for the monthly statement cycle.

it is safe to state the 3% rate change (confirmed), it is reasonable to assume the 2/1/11 effective date.

It is also consistent with their recent rushed website changes. 

I am moving out of there soon.  

PB: We may have talked to the same person in Mass branch:-)

I also checked with the NY branch. 
1
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
9. Friday, January 21, 2011 - 12:47 PM
The Beacon qualifying period runs through the last day of the month.  Although rates can change at any time, I called Beacon for further details. 

The CSR with whom I spoke with was surprised at the news herself as she had not heard of any rate changes.  After double checking with her management, she told me the rate will change, but there are no details yet of when and how much.  I asked if/how accountholders would be notified and her suggestion was to keep an eye on the monthly statements. 
1
pearlbrownpearlbrown1,431 posts since
Nov 2, 2010
Rep Points: 6,248
10. Friday, January 21, 2011 - 12:52 PM
51hh, your post was not visible when I composed mine.  I agree that the start of a new cycle makes more sense for any changes.   I hope the drop is not too large, given the high transaction requirement and cap.
1
pearlbrownpearlbrown1,431 posts since
Nov 2, 2010
Rep Points: 6,248
11. Monday, January 24, 2011 - 3:06 PM
Unfortunately, it was confirmed that the rate will be 3% on 1 February; I did not bother to ask about the limit since it makes no difference to me (I assume it will be the same $20,000). 
2
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
12. Thursday, January 27, 2011 - 8:02 PM
The (3%, $20K) rate just showed up on their website.

Ken, please update; thanks.
1
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
13. Thursday, January 27, 2011 - 8:56 PM
Think it was yesterday or last night when I first saw the 3%. I called and asked when the rate woud drop and was told  Feb 1. Also said that the 1.25% would drop down to 1%
1
Ally6770Ally6770909 posts since
Jan 16, 2010
Rep Points: 2,643
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