quinnm90•18d agoOG Member

I finally stopped trusting the bank's savings rate after my cousin's CD warning

My cousin in Phoenix told me back in March that banks quote APY but quietly drop it after 6 months once you're locked in, and sure enough my 18 month CD at 4.2% just got rewritten to 2.1% without any notice, so has anyone else caught their bank silently adjusting a rate mid-term or is this just a credit union problem?

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wells.reese17d ago

Did you catch them actually sending any kind of notice or did it just show up on your statement one day? Honestly that's the part that burns me the most, they make it sound like the rate is locked and then quietly swap it out. My own bank pulled something similar on a 12 month term a while back, dropped me from 3.9 to 2.4 around month seven, and when I called they said it was in the fine print about "rate adjustments" but nobody ever flagged it for me. Ngl, I read every single page of that contract now before I sign anything, and even then I'm still half expecting them to find some loophole. You're not crazy, this is a real thing banks do, and it's not just credit unions either.