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East Carolina Bank - Rewards Checking Rate & Balance Tier Cut - 3.01% On $15K Starting 4/1/11 (No April Fools Joke!)

Tuesday, March 1, 2011 - 8:21 PMThe East Carolina Bank
In my monthly E-mail from East Carolina Bank (ECB) on my Rewards Checking activity, I noted the following:
Notice of Tier and Rate Change for ECB Reward Checking:

In response to the current rate environment, effective April 1, 2011, East Carolina Bank will be making the following changes to ECB Reward Checking.

ECB Reward Checking Account:
• 3.01% APY** on qualifying balances up to $15,000.00
• 1.01% APY** on qualifying balances over $15,000.00
• 0.05% APY** on all non-qualifying balances

East Carolina Bank remains committed to paying competitive rates. This free checking account still includes nationwide ATM fees refunds*, free online banking, free e-Statements, no monthly fees, and no minimum balance requirements. In fact, ECB Reward Checking remains one of the best values for your money.

Are you interested in saving a little more? Our Real Saver savings account pairs with your Reward Checking account to become an automatic savings builder. The interest you earn and nationwide ATM fee refunds* from Reward Checking are automatically deposited into your Real Saver savings account where the balance earns interest again! Competitive rates of 1.50% APY** on the qualifying balances up to $50,000.00.

We appreciate the fact that you have chosen to bank with the East Carolina Bank. Every associate on our team is focused on one goal – maintaining your trust while providing you superior value and service. If you have any questions, please do not hesitate to contact Customer Care at 1-800-841-6322 or CustomerCare@MyECB.com. Thank you for being an East Carolina Bank customer.

Sincerely,
The East Carolina Bank
Member FDIC

**Annual Percentage Yields (APY)
*ATM fee refunds up to $20 per cycle when qualifications are met.

Monthly requirements for Reward Checking are: Make 10 debit card purchases, have one direct deposit or automatic payment or bill pay, and receive eStatements. **All Annual Percentage Yields (APY) disclosed are accurate as of 04/01/2011. Minimum to open a Reward Checking account is $100.00. Reward Checking rate tiers are as follows: 3.01% APY applies to balances of $.01 to $15,000 as long as qualifications are met each statement cycle. 1.01% APY applies to the portion of balances over $15,000 as long as qualifications are met each statement cycle. 0.05% APY applies to all checking balances if qualifications are not met. All checking balances will earn 3.01% APY to 1.01% APY as long as qualifications are met. Minimum to open a Real Saver account is $200. Real Saver rate tiers are as follows: 1.50% APY applies to balances of $.01 to $50,000 and 1.01% APY applies to portion of balances over $50,000 as long as qualifications are met each statement cycle on Reward Checking account. 0.25% APY applies to all savings balances if qualifications are not met on Reward Checking. All savings balances will earn 1.01% APY to 1.50% APY as long as qualifications are met. Rates may change after the accounts are opened. Fees may reduce earnings. *ATM fee refunds up to $20 per cycle when qualifications are met.

This notification is a courtesy email to inform you that you have or have not met your qualifications for the previous qualification cycle.  Please refer to the information above to determine if you have or have not qualified.  To determine what your true Annual Percentage Yield Earned (APYE) is for this statement cycle, please refer to your account statement.  Your statement will also list the actual dollar amount earned. 

 



This SUCKS!  On a day that I actually read of Rate increases on DepositAccounts.com, I get the above disturbing news!
3
BillGatesBillGates6 posts since
Mar 1, 2011
Rep Points: 23
1. Wednesday, March 2, 2011 - 8:12 AM
Sorry to see this double whammy, both a rate and balance cap cut.

Currently, they offer 4.01% APY up to $25K.
3
Ken TuminKen Tumin5,468 posts since
Nov 29, 2009
Rep Points: 125,018
2. Wednesday, January 25, 2012 - 5:47 PM
It appears that this years April Fools joke from East Carolina Bank will come a month early this year.

Another Rate Cut is coming March 1st.

 

Here's the details.

 

Notice of Rate Change for ECB Reward Checking Effective March 1, 2012:

In response to the current rate environment, effective March 1, 2012, East Carolina Bank will be making the following changes to Reward Checking.

• 2.01% APY* on qualifying balances up to $15,000.00

• 0.50% APY* on qualifying balances over $15,000.00

• 0.05% APY* on all balances when qualifications are not met
2
BillGatesBillGates6 posts since
Mar 1, 2011
Rep Points: 23
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