Southern Bank Reduced Its Limit "Quietly"...

Southern Bank (0 stars) - Details

from $25K to $15K, same (unchanged) interest rate of 5.01%.

51hh1,030 posts since
Jan 16, 2010
Rep Points: 4,715

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This post applies to the following states: AR,MO.

Quick
Summary

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.

niniss56 posts since
Sep 22, 2010
Rep Points: 136

2. Monday, April 4, 2011 - 11:05 AM

Their web site says "rates are as of May 3, 2011."

dunker129 posts since
Jun 11, 2010
Rep Points: 380

3. Monday, April 4, 2011 - 1:00 PM

Will it affect existing accounts as well or only new accounts?

darkdreamer4u168 posts since
Jun 11, 2010
Rep Points: 597

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.

51hh1,030 posts since
Jan 16, 2010
Rep Points: 4,715

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.

niniss56 posts since
Sep 22, 2010
Rep Points: 136

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.

51hh1,030 posts since
Jan 16, 2010
Rep Points: 4,715