Beal Bank took over UmbrellaBank and New South Federal on December 18. 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.
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