Thursday, December 15, 2011 - 12:50 PM

Had A Marginal Lead In Savings APY% But Doesn't Anymore

(2 stars)

Kind of a bait-and-switch technique. They garnered a substantial number of clients and funds at a good % rate above other online banks - then reduced their yield to no better (OK -- 0.01% better) than the next leader.

Not enough of a reason to go with them and it may be time to punish their small-minded thinking.

Another issue I have is that they are located in Utah -- which has a law that says that unattended accounts, inactive for a relatively short period of time, can be closed and funds sent to the state. Possibly why they are located in this state.

KRS031 posts since
Dec 15, 2011
Rep Points: 7

1. Thursday, December 15, 2011 - 1:58 PM

Regarding Utah and the state's right to claim abandoned bank accounts, here is what is stated at Utah.gov:

To prevent your accounts from becoming unclaimed or abandoned, keep accounts active and make sure that you make a deposit or withdrawal, update your address, or contact your financial institution at least every three years.

KenBDG4,048 posts since
Nov 29, 2009
Rep Points: 106,905