Banks no longer posting deposit rates?

[ultrarunner]

I've been noticing the banks I frequent no longer post deposit rates...

Last week, I asked the branch manager and he said he would be happy to show me... when I asked if he could make a copy he said it is against bank policy???

The other bank told me the information is available on line...

Yesterday, I did on online search and could only find CD rates...

So I sent off an e-mail and it's been 24 hours with only the automated response...

Looks like they are too embarrassed to publish...

I've noticed the checking statement interest rates keep dropping... the one I got Monday is 1/100 of one percent... down from 45/100 last month...

Why bother when 12 months interest on a $100 equals 1 cent???

So far the Credit Union has been holding steady a 8 tenths of one percent which is 80 times higher than the Bank....

Let me repeat... EIGHTY Times Higher

 

[brin]

Someone is getting the return...think about it...

 

[bigtiller]

Not only did my bank stop posting it, they took the black board that the rates were posted on, down off the wall.

I wonder what they would do if we all took our savings out and put it in the gun safe? We wouldn't loose much interest doing that!

 

[ultrarunner]

Not only did my bank stop posting it, they took the black board that the rates were posted on, down off the wall.

I wonder what they would do if we all took our savings out and put it in the gun safe? We wouldn't loose much interest doing that!

I have seriously considered it... it's make me feel like I still have options.

The easel with the rates and promotions has vanished as well as the lobby clock... I told the manager I could bring him a new one... he said clocks were removed from all the lobbies.

Remember when banks would have "New Money" drives... they would call looking for new case to bolster their reserves... my, how things change.

In all seriousness... I once needed to make a large withdrawal because I planned on buying a tractor... the bank had a fit because I wanted 15k in cash... I was reminded they could delay cash withdrawals under the banking act for something like 30 or 60 days... scary.

 

[ultrarunner]

Just got off the phone with Customer Service...

I was told the bank no longer posts checking and savings rates because customers are not interested...

This is the honest to god reply...

When pressed... the person I was speaking with said checking and savings are not investment instruments and they have another division that would be happy to give me investment options.

I said great... just as long as it is Goverment Insured.

Anyway, I brought up the local credit union is paying 80 times more interest on checking and the reply is I cannot compare a Credit Union with a Bank because Credit Unions are not FDIC...

 

[jonyyuma]

Yesterday, I recieved a notice my cd is now .65% interest?

 

[schoolsout]

There are some good stocks out there that are paying dividends...I just bought a boatload of GORO that pays 4% and share price will appreciate as well.

Screw the banks...

 

[MicroPilot]

...I wonder what they would do if we all took our savings out and put it in the gun safe? We wouldn't loose much interest doing that!

They wouldn't care one iota. Banks no longer rely on depositors for their cash, they have Uncle Sam.

 

[ultrarunner]

Well, it seems the day has finally arrived...

Opened my bank statement today and my super-duper interest checking is less than half of 1/10 of a percent... 0.04 to be exact or in other words 33 cents for $10,000

Oh, and this is the first statement with the $2 monthly checking fee with a note that because I'm a valued customer, I have the reduced rate instead of $14.95 a month...

When I opened the account in 1982 it was lifetime free checking... just wasn't clear on who's lifetime...

I used to get periodic calls from the branch manager asking about my "Banking Experience"

My reply was always the same... pay a decent rate on deposits and you will have my business...

In thirty years, I have seen dozens of managers come and go... average time is 12 to 18 months... I have also seen so many promotions or programs there were nothing more than fads...

This concludes my rant for the week... I hope.

 

[LWG]

I just opened up a checking and savings account with my son. We got the same rate - .04%. I told him about the rule of 72, and estimated it for him in my head. One percent doubles every 72 years, 1/10 in 720 years, half of that in 1440 years. So the $100 we put would double by the year 3451!