Opened Credit Union account, CD rates dropped the next day

[cowboy1909]

[Moved into a new thread from: Applied for an account at CU and the CD rates dropped the next day --admin LadyGeek]

I have had numerous instances when I applied for a CD and during the approval process every bank and credit union honored the rate at the time of your application. In most instances it was because it took a few days to process and approve the application.

HOWEVER there is always an exception. Recently I currently applied for two CDs. The application was submitted on September 16 and approved on September 18, 2024. The credit union representative set up my account (one savings and two CDs.). He told me I had 60 days to fund the accounts!!! He even sent me emails confirming this. In the meantime he set up the CDs at the current 5.25 rate under my overall membership number. I logged in my account and there it was, one savings account, and two CDs. The CDs had zero dollars. I decided to fund the accounts ASAP. The next day the credit union changed the rate, and my two CDs that was in my account vanished.

I called the rep who told me before no worries, I had 60 days to fund the CDs etc. He said he would get back to me. He never did. Now I am in the process of talking to a supervisor who now wants to listen to the phone records (the email from the rep to me telling me I had 60 days to fund the accounts wasn't good enough.) At this point it doesn't seem likely I will get the rate I was already approved for. It was no fault of my own. I could have funded both CDs on the day they opened but I was told by the bank rep that was not necessary. You would think due to the bank telling me false information they would honor the rate. Oh well.

[exodusNH]

You would think due to the bank telling me false information they would honor the rate. Oh well.

You haven't given them time to review the phone records.

[bongo]

Probably not the case here, but with either Ally or Marcus (can't remember which), the rate dropped during the 10 day funding period and showed in the account. On the 10th day the rate went back to the originally agreed upon/opening rate. In that case it was just how their automatic systems showed things.