Tuesday, February 22, 2011 - 7:18 PMProvident Community Bank
Received email today:
Effective Wednesday, February 23, 2011 Provident Dream Checking interest rate will change.
Since March 2008, we have offered the Dream Checking account which rewarded you with one of the highest paying checking accounts in the market. However, since then interest rates have continued to fall to their lowest level in modern times and coupled with the increased costs of regulatory changes, it is prudent for Provident to adjust our rates as follows:
The new rate will be 1.25% APY for balances up to $30,000.
Over $30,000.01, the new rate will be 0.50% APY.
If the requirements are not met, your account will still function as a free checking account earning a base rate of 0.05% APY.
Thank you for banking with us. We value our relationship.
1. Tuesday, February 22, 2011 - 8:02 PM
We've seen numerous drops recently, but that's brutal. I hope it's not a sign of what may be coming from other financial institutions.
135 posts since
Jun 11, 2010
Rep Points: 399
2. Wednesday, February 23, 2011 - 6:57 AM
This is a one-star bank, so it could be FDIC-related (-urged) drop.
1,402 posts since
Jan 16, 2010
Rep Points: 6,071