My bank stop paying interest for my saving?
By kingparker
@kingparker (9673)
United States
April 1, 2012 8:29pm CST
How many of you who living in the U.S.A bank with Wells Fargo. A week ago, I discovered that one of my bank stop paying interest to my Money Market account, and that just some kind of bullsh*t. I thought it was system error or they didn't update the information online. A week later, I check it again, and there weren't any interest accumulated at this time. So, what is the point if I would still banking with this bank at all? I actually found a dozen of other banks that will pay higher interest rate than this bank. If they stop paying interest on my money market account, I would take my money somewhere else. So, does anyone also have the same experience as mine, wells fargo stop paying interest either to your money market account and saving account?
3 people like this
4 responses
@inertia4 (27978)
• United States
2 Apr 12
I have never heard that before. And if that's true, then I don't blame you from leaving the bank. But if I were you I would call the bank or go there and find out for sure. I wouldn't just assume. I would want answers. And if they admit to it, then I would take all my money out right on the spot.
@kingparker (9673)
• United States
2 Apr 12
You know, before I check my account online, I would see my interest rate earn within the month, but now, it is all $0, and that really bothers me. I would definitely write an email to ask about it to their customer service. Because that is what they want me to do to have a money market account and earn some interest at the first place. Now, there is no interest at all.
1 person likes this
@youless (114117)
• Guangzhou, China
2 Apr 12
This is quite strange that your bank doesn't pay for the interest for your saving. It is a serious issue. Did you talk to your bank? Since this behavior is like a cheating already. You should fight for your rights. Even if they changed their interest rules suddenly, they should let you know this update anyway.
I love China
@3SnuggleBunnies (16374)
• United States
2 Apr 12
I would look into your local credit union for a better rate. Big banks don't pay anything for interest at all and if they do you need an exhorbant amount of money. Like I saw on a marquis for a bank a few days back about getting .30% on a 2yr cd. Who the heck is going to tie their money up for 2yrs for .30%? And then of course they want you to tie up 10-20k+ for that long and make nothing?!?! Seems very silly to me! You are probably better off finding a shorter term cd, saving bonds, or perhaps an investment person to get a better rate back.
Sadly with lending rates as low as they are the banks are not making as much money therefore they can't give it out in dividends. I had this discussion with a relative the other week who was in similar shoes and looking for better rates.
