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Salem Five Direct Eone Online Rates Are Deceptive

Wednesday, June 6, 2012 - 2:54 PMSalem Five Direct - Details
Online, the published rate for eOneSavings account had been 1.00% until today, June 6th, when it changed to 0.75%.  However, in my most recent statement (for the period May 5th to June 5th), the interest rate credited to my eOneSavings account was 0.75%.  I regularly check the rates online and wanted an explanation, so...

I spoke with a customer service representative (CSR) at Salem Five Direct about this situation, and they explained that the rates for EXISTING eOneSavings account customers changed from 1.00% to 0.75% on May 8th, but they didn't change for new customers until June 5th.

Existing customers are notified in their statement of the rate they earned, but are not informed of new or even current rates other than in the past by what they earned in the previous statement cycle.  There is no place online where customers can learn the current rates for their eOne accounts.

The CSR suggested that I phone them (1.800.850.5000) every Tuesday to learn of rate changes :-(

This is a conveniently deceptive way to mislead customers with apparently higher rates but actually pay lower rates without informing customers until after the fact.  I am not a happy customer.
13
ravrav36 posts since
Apr 21, 2010
Rep Points: 148
1. Saturday, June 9, 2012 - 10:40 PM
Rav, thanks for this info!!

I checked my Salem 5 E-One savings account online and indeed you were right. I phoned immediately and told them how I had phoned about 5 weeks ago to check on rate changes and was informed at that time not to worry and that the 1% rate would stay in effect until early July. (I was in the earlier class of people that jumped in on the 1.25% special.)  I mentioned that they are only succeeding in ruining their reputation by being deceptive with their lies AND I mentioned this website!  They put me thru to another CSR who "checked with the Manager" and then told me they would add the "missing" 0.25% back into my June statement and that the 1.00% rate would last until early August.  Lucky for me I always record who I speak to with the date and time because unfortunately what CSR's promise just can't be trusted these days.
6
cdinvestorcdinvestor2 posts since
Jun 9, 2012
Rep Points: 16
2. Saturday, December 8, 2012 - 1:48 AM
Yes, both alll statement are correct. I never seen something like that. I spoke with customer service today and went around and apund. Finally admitted that I will not get the 1.25% because was for new accounts only. No matter what, I will get the .75% rate as an exiting customer. I can't opne a new account because have one. If I close it and try to open a new one, I was told that it will not work. 

Solution?

I closed both checking and sevings accounts. There are other banks out there that pays better than .75% and are not this deceptive.

PS: be careful w/ tranfering money out of your account via electronic transfers. they limit each at $2000 and charge you for it $4 (Want to transger out 6000? 2000x3 transfers = 12 Dolllars). What a shame. Use a regular paper check to transfer money out. 

be careful - can't be asleep with this folks...
8
M8Rro5dh11M8Rro5dh111 posts since
Dec 8, 2012
Rep Points: 8
3. Monday, February 4, 2013 - 9:37 AM
Thanks for the info. Now they are promoting 1.25% savings but who knows for how long.  Thanks to OBAMA and BERNACKE keeping interest rates artificially low the average senior citizen is crippled in where to put their life savings.

I guess we never learn.
3
bocarickybocaricky1 posts since
Feb 4, 2013
Rep Points: 3
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