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Banks That Do Not Notify Customers Of Rate Changes

Thursday, September 1, 2011 - 1:04 PM
I wish there was a way to know which banks are customer-oriented, and will proactively notify us of rate changes and other important disclosure changes.

Of course any bank can make a policy that they are not required to notify customers, and will make no effort do so.  This is the kind of bank I wish to avoid.

There are certain banks, for recent example Reliabank, that do not notify customers.  This requires one to monitor the bank website daily to avoid being taken advantage of.

There is only one reason a bank makes no effort to notify customers of rate reductions:  Unethical greed at our expense.
1
waywardwayward49 posts since
Feb 17, 2011
Rep Points: 144
1. Thursday, September 1, 2011 - 1:33 PM
Somewhere in their disclosures for online banking, most banks have a clause stating that updates to their website serve as notice of changes, which gives them a way out, so that they meet the letter of the law, if not the spirit.     Unfortunately most banks seem to fall into the "do not notify" (neither proactively, just-in-time, nor retroactively) category.   There are, of course, some institutions (Beacon Federal, Pelican State Credit Union, Northstar Bank come to mind immediately) which make the extra effort, and for that, their account holders are grateful. 

The postings on this site offer great feedback on any financial institutions you may be considering, and often provide the earliest notice of changes, since everyone tries to share information as soon as it's known.  For example, a poster recently shared that an institution was lowering its RCA rate effective September 1.   I called to confirm and as a result had time to think about how to handle the impending change. "Search" for the institution you are interested in and you will see all associated postings. 

As a friendly suggestion, the bank alert feature of this website is another excellent tool for staying on top of changes such as you mention.  It will notify you of any postings related to an institution of interest (including promotions), which will often provide that information about imminent changes not yet publicly known as mentioned above.  The alerts also advise of any rate changes made, although that can only take place after the fact, by the nature of the process. 

Good luck to you~
3
pearlbrownpearlbrown1,433 posts since
Nov 2, 2010
Rep Points: 6,255
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