Certificate of Deposit Scams by Banks

[Konebhar6]

On 10/31/2023 at 10:37 PM, pichhipullayya said:

Anna Fidelity howwwwwwwwwwwww?

https://docs.google.com/spreadsheets/d/10z8HBmXI8apRz7C5qqLVsqYyFFpb4CsFP75UxfQwcGI/edit#gid=243618173

IF you want to look at any Monthly income funds or Dividend based stocks, I created a tracker and you can see how much monthly income you can generate based on investment. 

Feedback is welcome. 

[Konebhar6]

On 11/5/2023 at 9:58 PM, Konebhar6 said:

https://docs.google.com/spreadsheets/d/10z8HBmXI8apRz7C5qqLVsqYyFFpb4CsFP75UxfQwcGI/edit#gid=243618173

IF you want to look at any Monthly income funds or Dividend based stocks, I created a tracker and you can see how much monthly income you can generate based on investment. 

Feedback is welcome. 

@pichhipullayya I shared it again. You can view it now.

[Joker_007]

On 11/1/2023 at 4:40 AM, 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. 

Ala undadu okasari neeku ichina documentation check chesuko.. if it was not mentioned then try better business bureau .. you do not need lawyer for this.. 

[Konebhar6]

Just now, Joker_007 said:

Ala undadu okasari neeku ichina documentation check chesuko.. if it was not mentioned then try better business bureau .. you do not need lawyer for this.. 

Mana time waste ivanni. In the letter he wrote if not renewed with in 10 days it will be auto renewed at rates prevailing at that time. 

They left too much in grey area. I called them and cancelled CD without penalty now.

[Joker_007]

1 minute ago, Konebhar6 said:

Mana time waste ivanni. In the letter he wrote if not renewed with in 10 days it will be auto renewed at rates prevailing at that time. 

They left too much in grey area. I called them and cancelled CD without penalty now.

Biggest loop hole is this one.. They might have set different rate for auto renewals. Anyway you did the right thing by cancelling it. 

[Konebhar6]

15 hours ago, Joker_007 said:

Biggest loop hole is this one.. They might have set different rate for auto renewals. Anyway you did the right thing by cancelling it. 

Todays update.

When I called their Customer Service, they said they can cancel it without penalty by visiting a bank. I assumed they are going to honor this. I went to the bank to cancel it today. They say they need to talk to the district manager. Even getting a new rate, they have to talk to district manager it seems.

Cancellation fees are upto $300 and if they do not honor my request, I will take the $300 hit and never ever do any business with US Bank again. I have to write reviews for them online. 

[pakeer_saab]

On 10/31/2023 at 6:10 PM, 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. 

file a complaint with CFPB

[pakeer_saab]

On 10/31/2023 at 6:10 PM, 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. 

other scam is you cannot take money out when CD matures, they will say they can mail a check which will take 15 days

only option is to get on with a supervisor and open savings account with that bank and ask them to transfer from CD to newly opened account

why would anyone want to wait for a check for large amount for 15 days, that can easily be stolen in mail

 

Transfer option was there until maturity date but vanished the moment CD was matured.

this is with citi

[pakeer_saab]

On 10/31/2023 at 11:31 PM, Jatka Bandi said:

complaint to the relevant authorities. Attorney General tho modalu pettu.

consumer financial protection bureau undi, attorney general and SCOTUS enduku

[pakeer_saab]

On 10/31/2023 at 11:45 PM, Jatka Bandi said:

Complain ivvadaniki lite annodivi.. vaadiki feedback anta. I have extreme irritation with Chase. I hope they would collapse. Crucial time lo naa money ki access naake ivvaledu multiple times. 

chase is the worst bank to deal with, get out of chase

[Konebhar6]

1 hour ago, pakeer_saab said:

chase is the worst bank to deal with, get out of chase

All banks like chase, BAnk of America, Wells Fargo, USBank, all are same.

best is credit unions

[Jatka Bandi]

1 hour ago, Konebhar6 said:

All banks like chase, BAnk of America, Wells Fargo, USBank, all are same.

best is credit unions

but the problem is they are accessible only within state. If I cross my state border and want money at another location, I do not have a way.

[RunRaajaRun123]

Mine renewed at 5.65%. They gave extra 0.2 for renewing Connecus CU. But 10 days is what they gave for cancelling auto renewal.

[Konebhar6]

18 minutes ago, Jatka Bandi said:

but the problem is they are accessible only within state. If I cross my state border and want money at another location, I do not have a way.

You can make withdrawal at any credit union. It’s free for u. They all formed a union.

[Jatka Bandi]

Just now, Konebhar6 said:

You can make withdrawal at any credit union. It’s free for u. They all formed a union.

I inquired about this. They said it is not possible. I have to go to their credit union only annaru. Ala network unions emunnayo! But I agree that I am clueless because all nationalized banks have one issue or the other.