Tuesday, March 2, 2010 - 12:53 PM

Bank of Granite in NC Slashes Its Reward Checking Rate

The top rate plummeted from 4.00% to 0.85% APY. Note, the FDIC interest checking rate cap is 0.88%. I'm not sure if Bank of Granite is officially considered less than well capitalized. They are operating under a FDIC Cease and Desist order. On page 15 it states "The Bank shall comply with the restrictions on the effective yields on deposits prescribed in 12 C.F.R. § 337.6, as approved May 29, 2009."

Refer to my Bank of Granite review for more details about the bank.

KenBDG3,626 posts since
Nov 29, 2009
Rep Points: 103,235

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This post applies to the following states: NC.

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1. Tuesday, March 2, 2010 - 5:06 PM

Yeah, C&D is a death warrant for RCAs; Community Bank (Mass) dropped their rate from 4.51% to 1.91% in a matter of one month. Lesson learned: If a bank is on the problem list (formal agreement, C&D, etc.), one had better stay away.

51hh566 posts since
Jan 16, 2010
Rep Points: 2,804