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RCA Rate Reduced

Thursday, June 9, 2011 - 12:01 PMIntegrity Bank - Details
RCA rate reduced from 4.00 to 2.76 as of june statement
3
elarhelarh36 posts since
Jun 9, 2011
Rep Points: 102
1. Thursday, June 9, 2011 - 12:52 PM
Actually, the RCS rate change is effective with the start of the June period. I received the 4.01% rate for the May period ending on the 2nd Wednesday of June.

Also, one transaction was not counted, A monthly charge fron NetFlix was disallowed. Bank rep told me that I actually needed to physically swipe the card in order to get a valid POS count. This looks like use of the card for buying over the net will not count towards rewarded transaction count.
2
elarhelarh36 posts since
Jun 9, 2011
Rep Points: 102
2. Thursday, June 9, 2011 - 7:12 PM
That is a big dip.

Strangely, I cannot find this bank on Ken's RCA local list.

So this is a notification only to their RCA customers?  The website still shows 4.0%.
1
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
3. Thursday, June 9, 2011 - 7:23 PM
As a point of interest, their website continues to report 4.01% APY* on balances up to $25,000 so unfortunately anyone applying online today would expect the higher rate.  However, according to the website, an application for a deposit product results in a contact by a bank representative from to schedule an appointment for completion of the process, that's apparently when the lower rate would be disclosed. 

Did the docs you received at account opening specifically state that online purchases would not count toward the rewarded transaction count?  If not, and if the Netfliix transaction posted (settled) in time I would inquire further.  

Good luck and please keep us posted.
2
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
4. Thursday, June 9, 2011 - 8:55 PM
The 2.76% interest rate is currently stated on the home page (see the changing advert). I do see that when I click thru for more information, the 4.01% interest rate shows up ... I'm guessing they didn't change that part of the web site yet.

I also noticed that the bank is not listed under the TX RCA accounts at depositaccounts.com; I'm not sure how it disappeared since that's how I found the bank a few months ago.

The only info I saw when opening the account was "Make 10 debit card purchases". There was no restriction as to how the purchase was made. It came up after I failed to qualify this last period. The Bank Rep said that the NetFlix charge did not qualify. She said it was rejected as a recurring charge. She added that the intent was for the customer to swipe the card (I personally think she doesn't know what she's talking about on this). She did agree to qualify me for the higher interest rate this last period.

I'm just going to switch the NetFlix charge over to another RCA. That seems to be the simplest way to deal with it.
1
elarhelarh36 posts since
Jun 9, 2011
Rep Points: 102
5. Friday, June 10, 2011 - 10:19 AM
Just noticed the new rate when logging into the website today. No actual notice was given to me (been with them for about 6 months). Terrible way to do business, IMO - at least let us know if you're going to slash rates. Will be taking my business elsewhere (Plus4 perhaps? Need something with a branch in Houston. Wish I could get in on Southwest Airlines CU...)
 

As far as the card swipe thing, they were very clear with us when we opened the account that all swipes had to be run as credit (not debit) to count. Specifically told us not to use our PIN. That still doesn't make sense with your Netflix charge, as I assume Netflix runs them as credits.
1
tokamaktokamak2 posts since
Jun 10, 2011
Rep Points: 3
6. Friday, June 10, 2011 - 5:28 PM
Elarh, I am glad the bank agreed to qualify you for the higher interest rate for the period.  Moving the charge to another RCA makes sense as the quickest solution and I expect you will be watching it closely to make certain that it processes as you expect in order to qualify towards the rewarded transaction count.

Recently I made a one-time payment to AT&T which I wanted to process as a credit.  During the payment setup, I was asked if I wanted to process the transaction through the X, Y or Z networks (which I recognized as ones which would cause the payment to process as a debit although i had not entered a PIN).  AT&T had "helpfully" pre-populated that as the choice, and it was only thanks to something I had read on another board that I knew to un-check that box. 

Out of curiosity, is it possible that the recurring charge setup at Netflix had a similar option "helpfully" prepopulated?

 
1
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
7. Friday, January 13, 2012 - 11:57 AM
Integrity Bank did it again. They disallowed one of my debit card transactions. They said it came in under a code designating a recurring payment which it was not. It looked no different online than any of the other transactions. Bank Rep agreed to bring me up to the qualifying rate. However, the interest rate is lower than other RC accounts I have so I'll be closing this account rather than trying to figure out what qualifies.
3
elarhelarh36 posts since
Jun 9, 2011
Rep Points: 102
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