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Wednesday, February 1, 2012 - 5:59 PM

Beware Of Poor Account Terms... No Interest Paid

Colorado Federal Savings Bank (1 stars)
I opened an account with this bank when they were offering a substantial yield.  The gradually lowered the yield over the next several months and now are a bankrate three star bank.  When I decided to switch to another bank they would not credit me my last month’s interest!  They cited a loophole in one of their disclosures that states if you close your account before interest is credited, you will not receive the accrued interest.  I don't recall seeing that disclosure when I opened the account. What's worse, I didn't even close my account, they did it automatically when I transferred my balance away.  This seems very unethical to me and definitely not something I have ever dealt with any other institution.  I checked my new institutions disclosures and they happily pay accrued interest when an account is closed.  When I asked to talk to a manager about this issue I was sent to voicemail.  I missed his return call but he dismissed my complaints as invalid and did not return my second call.  Seems like they would rather have an unhappy customer than do the ethical thing.  They got the use of my money for 25 days and refuse to pay the stated interest.   Other than that, their statements don't look very official and their interface to transfer money is very odd.

 
5
John78John781 posts since
Feb 1, 2012
Rep Points: 5
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