M&T Bank Interest:

Ratesaver | Jun 16, 2019 | 187 posts since 2013

Never had this happen as I can't figure it out about what's going on... Waiting on a call from M&T bank on my interest not showing up on my online statement on a few cd's I opened in Feb... Interest rate was 3.20 with a 3.25 yld. Never had a cd or anything to do with this bank before however the rate and a yld like that made me open a checking and actually become a good customer … Anyway, I called the other day and the service associate told me it will not be posted until maturity , 3yrs from now... That said , I said can't happen and she will get back to my …. with a yld. like that it should be posted monthly I would assume... I did speak with her about that when I opened it and was kind of put off however knowing what I know it must be a mistake... Crazy is the work unless something is changing in this carzy world I don't know about What do you think::::::

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Answers

dave9354 | Jun 16, 2019 | 58 posts since 2010

Yes I had a Cd with them and they do not post any interest until the CD matures. You will get a 1099- Interest each year to pay taxes on. I do not know why they do this. It is just stupid! I took my CD To another bank after maturity.

Ratesaver | Jun 16, 2019 | 187 posts since 2013

Dave thanks for the info; Stupid it is and kind of cute... What happens if I and my wife pass and my kids are not informed of this . I have take special notes of this and all the other changes happening along the way.... Possibly they will overlook something like this and it can be maybe for a lack of a better word (stolen ) by a clever customer service person... I may check this out with the FDIC... just so happens my sister and brother inlaw worked with the fdic in Phila. as agents... we will see

Ratesaver | Jun 16, 2019 | 187 posts since 2013

Ah just blowing off some steam because I never new this … Not that anyone can do anything about it.. It is a first for me... You would think you would be able to see online at least an esgrow acc. of it. Good rate though

CTM | Jun 17, 2019 | 179 posts since 2010

From the M&T Bank CD page FAQs at the following link:

https://www.mtb.com/banking/savings-cds/savings-account-cd-options/certificates-of-deposit-cds

Q: How is CD interest calculated?

A: Interest is computed each day using the daily balance method. We apply 1/365 of that day's interest rate to the available balance. Interest is compounded daily and credited at the end of the day before each maturity date. If requested, interest may also be credited at a different frequency.

anzavista | Jun 16, 2019 | 14 posts since 2012

Better to send a email so answer in writing

Ratesaver | Jun 16, 2019 | 187 posts since 2013

I am sure it is just a oversight however I will stay on top of it . Their Truth and savings statement is not the regular looking type, short and to the point... not so... I clicked on the cd online and thought I would see at the very least a esgrow acc. no so. just the amt. I opened with.... I will stop in the branch if I don't see it corrected soon

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