Andrews Backdating Issue

RJM | Jul 26, 2018 | 499 posts since 2011

Andrews was unreachable when I transferred in a rather large amount, like they said to do, direct to the share account. I called at least 4 times and left 3 phone messages where they promise to call you back in order (each time it said there were 2 people ahead of me ) and 1 secure message informing them that I wanted the CD opened on 4/17. (all during business hours) They got the message and opened the account on 4/18. The interest difference between .31 and 2.75% for a day is not pennies so I asked them to backdate the CD which I thought would be fairly easy. They had to check with management. They did not respond for a few days so I asked them again. This time, they said they backdated it. Except my maturity date still shows 4/18. When I questioned them about that, they sent me a PDF file of the CD showing 7/17 and 4/17 but online, the maturity date still shows 4/18.

I responded just now asking if it's going to update online or what.

Should I just ignore what it says online and assume it matures on 4/17? Or should I just expect to have to call & argue with them on 4/17?

The CD has a dividend rate of 2.722 and an APY of 2.75%.

The share account has a dividend rate of .31 and an APY of .31

One rate is almost 9 times the other. And on my deposit amount, its not 3-4 cents.

Thanks

2

Answers

me1004 | Jul 26, 2018 | 1,379 posts since 2010

I would continue to be all over them about. Everything should be in sync on that, and until it is, I would not be satisfied. And double check your first interest posting, make sure it is that one extra day.

Backdating is not routine, not just every place will do it. In fact, I just had the very same issue at Connexus CU. They opened it a day late, they had not worried, said they were too busy but would backdate it. Well, they did not and found they could not backdate.

After a week of daily phone calls and efforts by them to find a way to backdate it, during that time they were able to backdate the maturity date on the CD, but not the opening date, and thus the loss of that one day of interest.

In the end, after me several days saying I would find it acceptable if they instead wanted to just post that amount of interest into my savings account, they finally did that. They were never able to find a way, even going to their tech people running be computer, to be able to backdate it. And I was dealing with a supervisor and the branch manager even from the original opening -- in fact, it was the branch manager who was too busy to get to opening it that first day.

Oh, Connexus made good on it. But it cost me a week of effort and worry and focus.

I will say, diligence on these matters is important, do not let them poo poo your concerns, insist that everything be in sync as it should be -- or you might find you have a harder time to deal with it later. If it isn't in sync, you better presume you do or will have a problem.

6

RJM | Jul 28, 2018 | 499 posts since 2011

They have not responded to my last secure message yet. I think I would rather them just credit my share account with the interest difference. While its a small amount compared to my CD amount, I view it like $10 of my money being dropped on the ground. I am going to pick it up, even if the wind blows it around.

2

RJM | Aug 2, 2018 | 499 posts since 2011

Apparently I will get no certainly for 9 months. or 9 months and a few days. Because it's STILL incorrectly showing 4/18 instead of the 4/17 it is supposed to be.
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Good morning,

I have confirmed that the 9 month certificate maturity date is showing as 4/18/19. There was an update done on 7/26 to ensure the maturity date was correct.

At the time of maturity, if you experience any issues, refer to this message and I will review the account.

Celena Rosser
Contact Center Manager

1

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