Beal Bank
Slashed CD and Savings Rates on takeover of Umbrella Bank.com Internet

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.

Company: Beal Bank
Country: USA
Phone: 8778792325
Site: bealbank.com

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