| Credit union stops paying high interest |
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Beachgirl
Contributing Member
Cash: $ 9.05
Posts: 41
Joined: 21 Jan 2011
Location: New Jersey
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| Credit union stops paying high interest |
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Good morning,
I have recently opened 3 reward checking accounts in May 2014. The purpose is to gain a high yield interest rate.
Now, I have been notified by email by the credit union that from July 2014 onwards only the oldest account will qualify for the high yield interest rate.
Of course I am really annoyed about this. It took so much effort to open the accounts and now just to learn the credit union is stopping paying interest.
Can I take any legal actions against the credit union? When I applied there was no information given that the credit union would stop paying interest soon.
Thank-you!
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Thu Jun 12, 2014 5:49 pm |
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soybean
Full Member
Cash: $ 14.65
Posts: 83
Joined: 29 Jun 2011
Location: Ohio
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Checking accounts typically pay almost no interest, so I'd like to hear more about the details of your expectations. Exactly what does, or did, a "reward checking account" provide?
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Mon Jun 16, 2014 12:58 pm |
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blixet
Preferred Member
Cash: $ 32.55
Posts: 156
Joined: 28 Apr 2013
Location: Southern California
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| Re: Credit union stops paying high interest |
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quote:
Originally posted by Beachgirl
Now, I have been notified by email by the credit union that from July 2014 onwards only the oldest account will qualify for the high yield interest rate...
So, why not consolidate the funds from the other 2 into the one this one? What is the "high yield interest rate" on this account? Just curious. 
Information is more valuable sold than used – Fischer Black
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Mon Jun 16, 2014 1:36 pm |
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Mark Robinson
Contributing Member
Cash: $ 9.55
Posts: 46
Joined: 19 Jun 2014
Location: Australia
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The high-yield accounts in Bankrate's survey offered an average annual percentage yield of 1.57 percent, a drop from last year's average of 1.64 percent. Nearly a third of the accounts pay 2 percent or more, with the highest interest rate in the survey being 4.07 percent.
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Thu Aug 07, 2014 2:30 am |
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