Watch Out for Savings Rate Bait and Switch
The Consumerist reports that an Ally Bank customer signed up for a CD with a 2.6% rate, but when he logged onto his account online to make sure his funds had transferred, he discovered the rate was only 1.9%.
The Consumerist reports that an Ally Bank customer signed up for a CD with a 2.6% rate, but when he logged onto his account online to make sure his funds had transferred, he discovered the rate was only 1.9%. After the customer complained, Ally Bank reinstated the 2.6% rate.
Turns out Ally Bank reserves the right to change rates without notice before funds are transferred to a new account, the customer told The Consumerist. The lesson here is clear: Make sure a rate is guaranteed and check your account to ensure you're getting the promised rate. If not, complain.
Kiplinger.com recently featured 7 Great Online Bank Deals. We confirmed the rates that are listed in the story. But if you were enticed by any of the offers, be sure to check with the banks to double check the details before you dive in.
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Award-winning journalist, speaker, family finance expert, and author of Mom and Dad, We Need to Talk.
Cameron Huddleston wrote the daily "Kip Tips" column for Kiplinger.com. She joined Kiplinger in 2001 after graduating from American University with an MA in economic journalism.
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