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New York Community Bank Acquiring Aurora Bank Deposits And Increasing Fees

Sunday, May 13, 2012 - 9:53 AMAurora Bank FSB
I had missed the news about New York Community Bank acquiring Aurora Bank deposits. Thanks to Flexo at Consumerism Commentary who reported the news about the acquisition in April. As I described last year, Aurora Bank used to be Lehman Brothers Bank. According to Flexo's report, "part of that [Lehman Brothers'] bankruptcy proceedings required the bank we sold by May 2012."

This might explain why Aurora Bank deposit rates have been so low. For example, Aurora's money market account pays only 0.25% for balances of $1,000 and above (as of 5/13/2012).

Flexo just reported about new and larger fees that will become effective on 6/4/2012 on his money market account. His Aurora Bank money market account will be converted into a New York Community Bank money market account.

It'll be interesting to see what happens to the rates. New York Community Bank still pays a very competitive rate at its internet bank My Banking Direct.
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Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
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