Complaint Review: Beal Bank - Internet
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- Author Confirmed
- Beal Bank Internet United States of America
- Phone: (877-879-2325)
- Web: bealbank.com
- Category: Banks
Beal Bank Slashed CD and Savings Rates on takeover of Umbrella Bank.com Internet, Internet
*General Comment: Information
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Beal Bank took over UmbrellaBank and New South Federal on December 18,2009. They immediately cut the interest rates on savings to 0.060%. I had a 5 year CD at an interest rate of 5.41%. Although bank are allowed to cut rates in a takeover, most do not to maintain customer goodwill. When I asked them why the cut the rates, I got an email that said on a takeover contracts are declared void and that is why they cut the rates. I asked them whether they also cut rates so drastically on mortgages they bought or executive salary contracts. I got not reply.
They apparently do not care about customer goodwill and I understand they are losing most of the acquired deposits.
This report was posted on Ripoff Report on 01/12/2010 10:07 AM and is a permanent record located here: https://www.ripoffreport.com/reports/beal-bank/internet/beal-bank-slashed-cd-and-savings-rates-on-takeover-of-umbrella-bankcom-internet-interne-553035. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 General Comment
Information
AUTHOR: Tom - (United States of America)
SUBMITTED: Wednesday, January 20, 2010
I understand that you are upset that you had to close your CD and open it somewhere else, and probably for a lower rate. But what you need to understand is that the 5.41% rate that you were getting on your CD is one of the reasons that Umbrella Bank and New South Federal Bank failed!!
Beal Bank is not going to let people keep a ridiculous rate like that so that they can fail too!!
And your comment about executive salary contracts is probably incorrect too because Beal Bank is owned by 1 person, Andy Beal. No shareholders to pay or anything like that.
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