Certificate of Deposit Scams by Banks

[Konebhar6]

To all those who have taken advantage of the high interest rates and took CD's, read below.

Upon maturity (say i took a 6month CD), the bank gave me a 10 day notice period to cancel CD otherwise it would auto-renew. I let it auto renew.

Today when I checked, it renewed at an interest rate of 0.05% and not at the 5%. When I called them, they say its the monthly rate and it would auto-renew at this rate.

Banks are taking advantage and they did not disclose this new interest rate in the letter they sent me. They only mentioned auto renew. 

[veerigadu]

Idhekkadi twist ayya???

[shaktimaan]

1 minute ago, Konebhar6 said:

To all those who have taken advantage of the high interest rates and took CD's, read below.

Upon maturity (say i took a 6month CD), the bank gave me a 10 day notice period to cancel CD otherwise it would auto-renew. I let it auto renew.

Today when I checked, it renewed at an interest rate of 0.05% and not at the 5%. When I called them, they say its the monthly rate and it would auto-renew at this rate.

Banks are taking advantage and they did not disclose this new interest rate in the letter they sent me. They only mentioned auto renew. 

Class action suit incoming. Preying on people who don’t act on it soon, it’s like tacking extra fees and removing them when someone calls customer care 

[Konebhar6]

2 minutes ago, veerigadu said:

Idhekkadi twist ayya???

I had a auto renewal in Oct mid. Just checked the details online and I was shocked. Upon calling, they had no answers to my questions. She was like "Oh yeh, sorry, its wierd. Come to bank we will cancel CD without penalty".

This is with US Bank. I am assuming other banks might be following same. 

[Konebhar6]

2 minutes ago, shaktimaan said:

Class action suit incoming. Preying on people who don’t act on it soon, it’s like tacking extra fees and removing them when someone calls customer care 

Exactly. Time to cancel this account. 

[The_Captain]

So, India lo investments better emo, NRE FDs, even property investments, the efforts we may put to sell, pay tax on gains and fund repatriation worth the actual super appreciations we get anipisthundi finally, US lo real estate investments chesthe value eppudu padipothado telidu, financial markets investments are fraud here comparatively, and safe ani cheppe investments kuda with hidden terms and conditions and twists . . 

[kittaya]

4 hours ago, Konebhar6 said:

To all those who have taken advantage of the high interest rates and took CD's, read below.

Upon maturity (say i took a 6month CD), the bank gave me a 10 day notice period to cancel CD otherwise it would auto-renew. I let it auto renew.

Today when I checked, it renewed at an interest rate of 0.05% and not at the 5%. When I called them, they say its the monthly rate and it would auto-renew at this rate.

Banks are taking advantage and they did not disclose this new interest rate in the letter they sent me. They only mentioned auto renew. 

You can sue the. Company... 

[Konebhar6]

2 minutes ago, kittaya said:

You can sue the. Company... 

ahhh anta opika ledu 

[kittaya]

Just now, Konebhar6 said:

ahhh anta opika ledu 

Holy... 

[jpismahatma]

4 hours ago, Konebhar6 said:

To all those who have taken advantage of the high interest rates and took CD's, read below.

Upon maturity (say i took a 6month CD), the bank gave me a 10 day notice period to cancel CD otherwise it would auto-renew. I let it auto renew.

Today when I checked, it renewed at an interest rate of 0.05% and not at the 5%. When I called them, they say its the monthly rate and it would auto-renew at this rate.

Banks are taking advantage and they did not disclose this new interest rate in the letter they sent me. They only mentioned auto renew. 

Bank only knows how to make hole.

[andhrabullet]

i checked my disocver cd…i see same auto renew…30 days mundu teseyali…thanks baa for headup

[cascader]

maree  pedda amount kaakunte DCU vaadi 3.5% APR savings account better kadaa. no lock-in like CDs.

[Konebhar6]

9 minutes ago, andhrabullet said:

i checked my disocver cd…i see same auto renew…30 days mundu teseyali…thanks baa for headup

Don’t renew. Rather keep the money in your savings account.

[Konebhar6]

1 minute ago, cascader said:

maree  pedda amount kaakunte DCU vaadi 3.5% APR savings account better kadaa. no lock-in like CDs.

CITBank and fidelity gives 5%. DCU is very less. 

[surfroshan]

17 minutes ago, Konebhar6 said:

ahhh anta opika ledu 

 

20 minutes ago, kittaya said:

You can sue the. Company... 

yep lawyer gadu readyga untadu mingadaniki more than you