Washington Mutual - Chase Deceptive CD rate 5% APY Nationwide

I opened an Online CD with WaMu which showed a rate of 5% APY. The funding was provided by bank transfer from existing account. The application was accepted and the bank made 2 small deposits to verify the account. We noted these amounts and entered back in the website and in return the account was confirmed as active. We waited for 3 weeks and the money was not transferred. On sending an email, suddenly by magic the money was withdrawn and credited to CD account, but the CD rate was now 3% instead of 5%. On enquiring the reply was the small letter clause that funding was not made within a week, they have a right to lower the APY. Now we are stuck with money held up for one year on a lower interest.

THe explanation given was that we did not tick the disclosure box. There is no way for us to prove this is the case. We can not understand how the account was active without disclosure form complete. We think it is a rip-off.

Kj
Houston, Texas
U.S.A.