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Yet another rate cut by GE credit union.
There are now countless CU's (and even banks) with better deposit rates, why would anyone stay with them?
Though the people you see at the counter are wonderful and I loved this bank, I ended up closing my accounts with them due to the HR and uppers. I had been making payments on a loan for awhile now and had always just left a voicemail stating what loan and how much out of which account with no issues. Well November I did the same thing but no payment taken so I call again still no payment taken. Into January now tried again still no payment taken, finally Julia calls me to say they put my accounts on hold since I was behind even though I had authorized payment over the last 3 months and they were taking every penny I had in my savings account. They had no regard that I had tried to make the payment but they failed on their end to accept. I explained the situation to them and they said I should’ve kept calling even though I thought that’s what a voicemail was for to leave information so the person could call you back. All in all I will never bank with GECU again and my family members are closing their accounts after what this bank did.
My car loan is through GECU, sadly. The website is absolutely awful and because you can't pay the car loan any other way except another GECU account, I have to first move money from my main checking at another bank into a GECU savings account, then move money again to pay off my car loan. I set everything up to auto pay and it worked for about 6 months then stopped, unbeknownst to me. I only knew when I was notified that my credit rating dropped by 60 points because they thought i'd defaulted on the loan! GECU says they "attempted to contact me to get payment" which is absolutely false. No emails (except their marketing bs), no phone calls, no letters. My credit rating took a dive because their sh*tty website can't figure out how the internet is supposed to work. I will never get a car loan from them again, and if you do, make sure you babysit the transaction every month because there's a good chance it will just quit working. I wish I could go back in time and pick another lender!
I don't what happened to this CU. New management? Has it gotten too big to care? It's pretty sad when national banks are outdoing them on interest rates. I remember years ago this CU was great and had competitive rates, now they constantly lag far behind the competition. First they discontinued their phenomenal treasury-matching checking account, now they're not keeping their money market account competitive with others. I guess they just assume people will naively stay with them. Goodbye GE
With no warning or notice, the Amplified Checking rate is no longer tied to 1-month treasury yields. Rate has been stuck at ~1%, it should be 2.5%+ completely uncompetitive and useless now in today's rate environment.
As recently as last year the rate used to be adjusted weekly, with the following terms:
$250,000 - $999,999.99 - Variable based on 1-Month Treasury Bill + .10% (margin)
$1,000,000+ - Variable based on 1-Month Treasury Bill + .35% (margin)
I really enjoyed banking locally with them for years, but I'll be moving elsewhere