Jonathan Kamens 86 47Sep 11, 2025
Six months ago I moved some of my retirement money into a CD at a local bank, #EasternBank, at 4.21%. That CD matured yesterday and I called today (during the "grace period") to find out what the rate was going to be for the new rollover CD.
They said that since I called and asked, they can roll it over into a new CD with the same rate if I want, but if I hadn't called it would have rolled over into a CD at 0.05%.
yhgtbfkmwts
#banking #darkPatterns #scam
Show threadSheldonSep 11, 2025
@jik all the ones we work with have a “new money only” policy for their best rates. When we talked to one of their advisors he groaned “yeah, you could simply move it out of your account and then move it right back in.”
Show threadJonathan Kamens 86 47
@sysop408 Yeah, I think that's probably what's going on here as well. It probably started out as promotional rates for new customers, but then they realized that it was a lot easier to just let existing customers call and opt back in at renewal time than to make them transfer their money out and back in just to get the promotional rate again.
Sep 12, 2025 at 12:29amWeb
Show threadJonathan Kamens 86 47Sep 12, 2025
@sysop408 But, you know, even leaving that aside, a 0.05% rate for six figures put into a six-month CD is complete highway robbery. Just completely outrageous. Banks shouldn't even be allowed to offer rates that low for CDs.