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Thursday, December 15, 2011 - 10:09 AM
First Community National Banks RCA Change Effective 1/1/12 To Cap And Rate
First Community National Bank (0 stars) - DetailsRegretably, it looks like this member of the 4% club is a short-timer.
A CSR at one of the branches told me the cap will change from $25k to $10K effective 1/1/12. The rate is also expected to change at that time although the new rate is not known yet. Also, existing accounts will not be grandfathered, so opening the account by year end will not exempt an accountholder from the cap drop.
A CSR at one of the branches told me the cap will change from $25k to $10K effective 1/1/12. The rate is also expected to change at that time although the new rate is not known yet. Also, existing accounts will not be grandfathered, so opening the account by year end will not exempt an accountholder from the cap drop.
4
This post applies to the following states: MO.
I have a RCA at FCNB whose last cycle was Dec 5-Jan 3. I knew that the max limit on which they pay 4.01% was being reduced from 25K to 10K but I didn't know about any rate reduction. Got my statement last night very surprised that they reduced the yield to 1.85%. But more surprising than that was that the new rate was effective Jan 1 AND this rate applied to the whole statement period. This was verified by a CSR today. So instead of earning the higher rate for the majority of the cycle and the smaller rate for the last 3 days. The CSR seemed that I was surprised by this. I was almost speechless and intend to escalate this up the the management chain. Has anybody ever heard of this, ie giving your money to a bank one day and coming back a month later to be told what the rates were while they had the money?t
I have a RCA at FCNB whose last cycle was Dec 5-Jan 3. I knew that the max limit on which they pay 4.01% was being reduced from 25K to 10K but I didn't know about any rate reduction. Got my statement last night very surprised that they reduced the yield to 1.85%. But more surprising than that was that the new rate was effective Jan 1 AND this rate applied to the whole statement period. This was verified by a CSR today. So instead of earning the higher rate for the majority of the cycle and the smaller rate for the last 3 days. The CSR seemed that I was surprised by this. I was almost speechless and intend to escalate this up the the management chain. Has anybody ever heard of this, ie giving your money to a bank one day and coming back a month later to be told what the rates were while they had the money?t
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