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Vision Bank Texas RCA Rate Change (From 3.75 To 3.50%APY) Possibly Effective Retroactively

Wednesday, August 10, 2011 - 11:43 PMVision Bank - Texas - Details
On 6/2, Vision Bank inTexas lowered the RCA rate from 4 to 3.75%APY midway through the qualification period without notification to accountholders other than through the website update. 

Just over two months later there has been a second rate change (3.75 to 3.5%APY), again without notification.  The bank's website indicates the rate is effective 8/9, although the current qualification period closes 8/12.   The $25K cap remains unchanged. 

I will contact the bank in the morning for clarification of the effective date of the rate change and post an update. 

Without a doubt, 3.5% is still a great rate.  The lack of communications, however, is troublesome.  In contrast, other banks (Pelican State, Northstar, et al) have been very open about rate and cap changes and have provided advance notice. 

As a point of interest, this rate change was communicated through an Email generated by the newly-released Bank Alerts feature which was announced just this morning.     Kudos to Ken and his technical partner!
pearlbrownpearlbrown1,482 posts since
Nov 2, 2010
Rep Points: 6,440
1. Thursday, August 11, 2011 - 4:21 PM
A CSR at the bank confirmed this afternoon that for the qualification period of July 15 - August 12, RCA accountholders meeting the qualifications will earn 3.75%APY between 7/15 and 8/8, and 3.5% starting 8/9.  The rate change is small enough that most customers would not notice what amounts to a difference of roughly 65 cents in interest for the four days.  However, they might notice a $5 change in interest the following period. 

I haven't heard of other institutions making a rate change effective mid-cycle.  Since this is a small one-branch bank, maybe it can fine tune the daily earnings to this extent.  

There is no question that 3.5% APY is a great deal.  Accountholders who subscribe to DA's new bank alert feature will be able to keep up with the silent rate changes at this institution. 
pearlbrownpearlbrown1,482 posts since
Nov 2, 2010
Rep Points: 6,440