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Southern Bank Reduced Its Limit "Quietly"...

Sunday, April 3, 2011 - 10:19 PMSouthern Bank - Details
from $25K to $15K, same (unchanged) interest rate of 5.01%.
5
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
1. Sunday, April 3, 2011 - 11:18 PM
oh no, i didn't get any notification from them whatsoever.  Do you know the effective date for such change?  thanks.
1
ninissniniss60 posts since
Sep 22, 2010
Rep Points: 154
2. Monday, April 4, 2011 - 11:05 AM
Their web site says "rates are as of May 3, 2011."
1
dunkerdunker136 posts since
Jun 11, 2010
Rep Points: 414
3. Monday, April 4, 2011 - 1:00 PM
Will it affect existing accounts as well or only new accounts?
1
darkdreamer4udarkdreamer4u178 posts since
Jun 11, 2010
Rep Points: 638
4. Monday, April 4, 2011 - 1:08 PM
Will it affect existing accounts as well or only new accounts?

I wish...

Of course all accounts will be affected by 5/3/2011.  Danversbank was the only bank that I know to generously grandfather old accounts to the limit of $100K.

2
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
5. Monday, April 4, 2011 - 3:27 PM
Thanks post #2.  I just got this month's acct statement minutes ago and the change is official - starting May 1.
1
ninissniniss60 posts since
Sep 22, 2010
Rep Points: 154
6. Monday, April 4, 2011 - 4:26 PM
Thanks post #2.  I just got this month's acct statement minutes ago and the change is official - starting May 1.
At least they provided courteous advance notice, not like some nasty banks (e.g., Erie GE FCU, Pelican), which went retroactive on their reduced interest rate.
4
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
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