To Anonymous 252

me1004 | Mar 10, 2010 | 1,379 posts since 2010

To Anonymous 252: Which credit union was that? We haven't had any listing at 2.0% APY on savings accounts other than Alliant, but they actually paid 2.0. They paid 1.75 on their interest checking.

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Anonymous | Mar 10, 2010 | 824 posts since 2010

To #255: Connexus Credit Union. They post rates online each day with the notation "Rates effective (today's date)." For most of February, the APY was posted online as 2.00%. Late in February, the APY posted online was reduced to 1.75%. The rate actually paid for the entire month of February was the lower 1.75% APY, which apparently was the official declared rate. They consider the 2.00% APY to be only a prospective rate, which they are not legally bound to honor. As I understand it, they can pay any rate that they want at the end of the month.

One other thing to note is the footnote in their rate sheet: "Accounts may be subject to minimum balances and other requirements." The posted rate only applies to balances over $100.000. Banking Guy notes this clearly. Unfortunately, the credit union does not.

They are really nice people at Connexus, but their policies do seem a bit unusual to me. I wonder if anyone else has heard of any other credit union not honoring their propective rates.

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