Thursday, July 28, 2011 - 9:42 PMWTDirect
WTDirect dropped its' savings account APY
from .76% to .25% today.
329 posts since
Jan 16, 2010
Rep Points: 1,553
1. Friday, July 29, 2011 - 8:08 AM
Another good banking product poisoned by M & T Bank (now, officially, Wilmington Trust -- odd, isn't it, that the acquiring company changed its name to that of the acquired? Is it that M & T Bank has reasons to distance itself from its own name?). Is this at all a surprise? I've been predicting this for some time, only I didn't think they would act quite so soon. My Dad transferred most of his money earlier this week, the rest will come out on Monday.
242 posts since
Feb 26, 2010
Rep Points: 1,281
2. Friday, July 29, 2011 - 8:20 AM
Between this and the $3 charge per ACH transfer starting in late August, WTDirect is joining the ranks of "Good bank gone wrong after acquisition". ING appears to be the charter member of this group of rather dubious distinction after its acquisition by Capital One.
1,431 posts since
Nov 2, 2010
Rep Points: 6,248
3. Friday, July 29, 2011 - 10:03 AM
Matches the rate at the other M & T online bank, OnBank. At least they dropped the 10k minimum.
65 posts since
Jun 18, 2010
Rep Points: 289
4. Saturday, July 30, 2011 - 2:53 PM
So the M&T "welcome" packet arrived this week, and the interest rate is already down to 0.25%. BTW, the rate drops before you see it on your account. When I saw the previous lower rate on the main web page, but the rate shown on the account was still over 1%, I called and was told that there is a lag between the rate change and when it is displayed on your account.
8. Monday, August 1, 2011 - 7:24 PM
M&T's rates drop faster than they can update - the lag from 1.0 to .76 finally updated on my account, but it's already outdated. This last rate drop to .25% clearly shows them chasing out wtd clients.
CSR said iinterest posts 8/2, so that's a good day to close the account, which should be done by sending a bank mail after transferring all the funds out. If an account is emptied prior to interest posting, then they advise not officially closing it until after any remaining interest posts, so you can transfer it out first. If you close it before getting any pending interest, then it takes longer to receive.
75 posts since
Jan 22, 2010
Rep Points: 246
9. Monday, August 1, 2011 - 8:23 PM
What was the point of the buyout if they don't want the customers? Do they think WTD customers are so unsophisticated or lazy that they will just let their balances rot?
11. Wednesday, August 3, 2011 - 8:20 AM
Interest posted indeed on 8/2, and not a moment later, I put in a request to transfer all funds out. I'll close it as soon as the $0 balance shows.
What a joke M&T is... ruining a perfectly good product. On top of the theories mentioned above (on if M&T thinks we're lazy), they probably think there are probably some people out there who think "Well, I like getting the goblets/glasses every year, and it's still more than my local bank gives, so I'm fine!"
Thanks for the many years of business WTD!
1 posts since
Aug 3, 2011
Rep Points: 4
13. Tuesday, November 1, 2011 - 6:59 PM
Boys and Girls - there is a reason WT sold out: shareholders don't receive a return on their investment when the bank pays rates in the top 5% of the industry. The only reason to be in business is to make money. This is not a charity formed for the benefit of you and your fellow posters. You can't stay in business if you don't provide a return to your shareholders that is greater than the rates you pay to your customers. Shareholders will invest their funds elsewhere, just like you have.
1 posts since
Nov 1, 2011
Rep Points: 3