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Watch Out For Danversbank

Anonymous
  |     |   824 posts since 2010

Watch out for Danversbank.  If you close your online savings account (which can only be done by mail and not electronically), they take the position that you forfeit all your interest accrued for that month.  So the real interest rate they are paying is quite a bit lower when they get their interest free loan from you for the month when you close your account.  I've never seen a bank do this before -- it's not a very good business practice.

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51hh
  |     |   1,693 posts since 2010
#474:

Actually this is done for most banks.  Many banks have incorporated this policy in their T&C.
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me1004
  |     |   1,381 posts since 2010
#474 and 475: actually, I do not think that "most" banks do this. But some do. Over the years, I have only come across one that does it: Hudson City Bank in New Jersey. Still, it is yet another little detail you have to watch out for -- or you will get screwed.
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