Battling the Bank

Different topic.  Banking.  I'm always looking for a good deal so about two years ago I opened a rewards checking account with a local bank.  At the time they were paying better than 4% APR.   To receive this higher rate of return the account holder must have, I think, 10 point of sale debit card transactions. Additionally you must have at least one ACH deposit each month.  Well late last year this bank lowered their interest to 3% APR.  So bargain hunter that I am, I started looking for another bank.  www.depositaccounts.com has listings of reward checking accounts.  You can search nationally or by state.  Anyway, I found Coppermark Bank.  They were offering a rewards checking account that paid 4%.  The requirements were basically 16 debit card transactions and 1 ACH deposit per statement period.  A few more debit card transactions but certainly doable.  Well all was fine until the 30th day of March.  The statement period was only 29 days.  Well, I get paid on the last business day of the month.  For February that was Wednesday the 29th. OK.  However, pay day for March was Friday, March 30th.  As a result with only a 29 day statement period, I was denied my interest payment for March as I did not have an ACH deposit during the statement period.  Needless to say I was not happy.  With a 29 day statement period I could see that this situation was likely to repeat again later in the year.  I called the bank and spoke to the young man I opened the account with.  He was not helpful.  No offer to let me speak to a manager.  Nothing but a "sorry that's how it is."   Well with no relief there I went to the web site of  the Oklahoma State Attorney General.  There I filed a complaint.  I explained what happened and entered the dollar amount of my loss, which  was  $9.27.  About a week later I got a letter from the FDIC.  It stated in part, "Thank you for contacting the FDIC's Consumer Response Center.  We have reviewed your correspondence and contacted the referenced Bank to obtain response to your concerns.  We have also asked the Bank to provide documentation that will help us complete our review of your complaint."  Well just a few days after that, I had a message on my phone from the senior vice president of Coppermark Bank.  When I finally found time to call and speak with VP, she was very nice.  She thanked me for bringing the situation to their attention.  She further explained that they have now changed their policy.  The statement period is now 30 days and ends on the last business day of the month. They also paid me the interest I should have earned in March.  This in addition to the interest I received for April for by this time a month had passed.  Props to Coppermark Bank for making things right!

I am very pleased that I went to battle for what I thought was right, and in the end, what the wrong was made right.  The bank came over to my side.  I received what was rightfully mine.  In other words, "I won!"