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Retirement Savings: How Much Should I Save Each Month?Non-Illinois Corus Bank Depositors Report Harsh Treatment by MB Financial
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ON BY Ken Tumin
I've received info from a few readers who had CDs at Corus Banks. As I reported last week, MB Financial appears to have no desire to keep non-Illinois customers. Reports are that MB Financial is closing CDs and mailing checks tomorrow for Corus Bank customers who live outside of Illinois. Also, readers reported that CD rates were reset the day after Corus Bank's closure to a puny 0.05%. In addition, MB Financial doesn't appear to be showing any willingness to provide other options to non-Illinois Corus depositors. A reader in my previous MB Financial post described her experience:
This experience appears in line with what the Chicago Tribune reported last week. In short, it appears MB Financial sees no value in non-Illinois deposits. This is short-sighted in my opinion. Non-Illinois customers stayed with Corus Bank not just due to high rates. As you can see in comments from readers, Corus Bank made it easy for customers to manage accounts, and they didn't waste time on gimmicks.
For more info on Corus Bank's closure, please refer to my September 11th bank failures post.
Called today, Sept 21, CSR told me all out of state deposits were being cashed out and sent by mail. Upon inquiring if I could get the funds ACH'd, wired or fed ex'd instead of using the USPS to get such a large chunk of money, she said, NO, no options. I asked if I could open a checking account, have the money txr'd to that, then write a check on it, again answer was "NO." No options. Letters allegedly went out Friday, informing people w/out of state CD's that this would happen, but I was told that lask week too, and to date haven't rec'd any correspondence
This experience appears in line with what the Chicago Tribune reported last week. In short, it appears MB Financial sees no value in non-Illinois deposits. This is short-sighted in my opinion. Non-Illinois customers stayed with Corus Bank not just due to high rates. As you can see in comments from readers, Corus Bank made it easy for customers to manage accounts, and they didn't waste time on gimmicks.
For more info on Corus Bank's closure, please refer to my September 11th bank failures post.