Bank Of Fayetteville Rate Cap Drop To 15K Fr 25K

BOF (Billie Pelton, EVO COO) announced dropping their Smart Checking (RCA) rate cap to 15k effective 3/15/12 due to "effects we are experiencing from additional regulatory burden."

No change in rate (2.03%) or min. requirements (10 debit, 1 ach, e-statements).

They reminded about the available companion/linked RSA (.75%), probably to suggest where to put money above the new rate cap (which earns .15%.)

Smart Checking was one of the few RCAs to cap at 50k in 2010.  Though the rate was comparably low at 2.25% back then, the high cap made for convenience. When they dropped the cap to 25k (Feb 2011), they offered the option to split the account into 2 RCAs (easy-open 2nd acct.)



 

P.S.  This is the second time a substantial change was notified a month or cycle in advance of taking effect.  I appreciate the regard they show their customers by giving enough notice to determine other options.