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For Some, Beacon Federal Becomes Midsouth Bank As Of 12/2/11; NO REWARDS

Tuesday, November 15, 2011 - 1:26 PMBeacon Federal Bank
Beacon Federal Reward Checking accounts managed out of Tyler Texas branch will be converting to MidSouth Bank Advantage Consumer account as of 12/2/11. Welcome to MidSouth Bank  Last statement from Beacon will be dated 12/2/11.

Login ID will be the same; password will change.

Must re-enroll in e-statements, billpay, and bank-to-bank transfers.

New Advantage account is not a Rewards account:

Minimum balance $1000 or else $8 fee

Minimum daily balance to earn interest $1,500

Interest rate unknown - not posted on website and they will not provide rates via email.

CANNOT continue to use Beacon checks or debit card or routing number.

$25 early account closure fee before 180 days.

Non-Midsouth ATM fee $1.75.

Have to use snail mail to opt-out of privacy data sharing.

waywardwayward49 posts since
Feb 17, 2011
Rep Points: 144
1. Tuesday, November 15, 2011 - 2:35 PM
Thanks for the information.

We closed all our four accounts long ago when they dropped rate.
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
2. Tuesday, November 15, 2011 - 3:40 PM
Beacon Federal Sells Tyler, Texas Branch To MidSouth Bank - Quick Facts

(RTTNews) - Beacon Federal Bancorp Inc. (BFED),the holding company for Beacon Federal or the "Bank", announced that the Bank has entered into a definitive agreement with MidSouth Bank, N.A. to sell its only Texas branch office in Tyler, Texas to MidSouth.

Under the terms and conditions of the transaction, MidSouth will acquire the Bank's Tyler, Texas branch office location and assume approximately $77 million of deposits for a premium of approximately 4%.

MidSouth will also purchase approximately $26 million in loans as well as certain other assets, including premises and equipment associated with the Bank's Texas branch. The transaction is expected to close during the fourth quarter of 2011. The Bank will continue to operate its six other branch offices.

Read more: Beacon Federal Sells Tyler, Texas Branch To MidSouth Bank - Quick Facts  


Why does This post apply to the  MA,NY,TN?
dkdk6 posts since
Oct 7, 2010
Rep Points: 12
3. Tuesday, November 15, 2011 - 4:16 PM
dk, it is a default setting of for posts to apply to the states the bank operates in as of the current date.

Previously Beacon was available nationwide, and some if not all of those nationwide customers were included in this Texas transfer.
waywardwayward49 posts since
Feb 17, 2011
Rep Points: 144
4. Thursday, November 17, 2011 - 12:13 PM
If you want to close your Beacon Federal account, you will need to call CS at 888 256 3800 and request a "close account" form, which can be Emailed to you.  Complete and sign the form, and mail it back with a copy of your ID.   Beacon will close your account, cancel your debit card and online banking and  send you a check for any funds remaining. 

The form should be returned to Beacon Federal Credit Union, 6611 Manlius Center Road, East Syracuse, NY 13057.
pearlbrownpearlbrown1,473 posts since
Nov 2, 2010
Rep Points: 6,404
5. Thursday, November 17, 2011 - 7:34 PM
It is incongruent that a online bank would require paper and snail mail to close an account, especially if it is zero'd out before closing.  They have no problem signing up customers and collecting our deposits entirely by automation.  Banks need to get into the 21st century.  Or maybe it is an opportunity to make fee income off "lost" mailings.

If you close your account before the interest is posted, you will lose that month's interest.  Per Beacon Truth-In-Savings disclosure.
waywardwayward49 posts since
Feb 17, 2011
Rep Points: 144
6. Thursday, November 17, 2011 - 7:52 PM
When I closed my  Beacon account over a year ago, I just zeroed it out and then called them and told them to close it. I followed that up with an email so that they would have some form of written communication from me. I never looked at the account again until maybe six month's later and found that they had gone ahead and closed the account. What choice did they have?
dunkerdunker136 posts since
Jun 11, 2010
Rep Points: 413
7. Thursday, November 17, 2011 - 9:27 PM
Dunker, under other circumstances I would have followed your approach to close the account.  However, with a conversion to MidSouth happening over the next couple of weeks, and a fee at MidSouth for closing an account within 180 days, I want the status of the account to be clear, so I'll do it their way. 

The small amount of money in the account is on its way out of Beacon as of this afternoon and the paperwork will be in tomorrow's mail. 
pearlbrownpearlbrown1,473 posts since
Nov 2, 2010
Rep Points: 6,404