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.
The East Carolina Bank
**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!