https://www.consumerfinance.gov/about-us/newsroom/cfpb-sues-capital-one-for-cheating-consumers-out-of-more-than-2-billion-in-interest-payments-on-savings-accounts/
We have also been offering incentives for customers to bring new dollars to us and get better rates over the past year and a half. Wonder if this could hit us as well? Seems ridiculous.
Let’s face it - banks make their biggest profits from taking advantage of people.
I was impacted as well. I remember them advertising the account, but don't remember it being super clear you had to open a new account from the one you had to get the rate. I thought it was ridiculous they wouldn't just give the existing account the rate. When I did call to get it switched over, they did it no issue, but even then, I thought it seemed a little scammy. It's not a stretch to me that they were hoping a lot of people wouldn't convert right away.
This will be interesting. I actually was impacted by this. I caught it at some point and called them. They said I had to open up another account and transfer the funds. I might have missed out on 6-12 months of better interest.
They blurred those lines very hard and I can see tons of people not paying that close attention.