New Bank Says, 'Get Lost'
We had three 1-year CD's maturing September 28 with a bank we knew was failing (Corus). Yesterday we received a letter from the bank that took over Corus Sept. 12 (MB Financial). No surprise.
MB says they have reduced the interest on our CD's from 4.6% to 0.05% as of their takeover date and that we will receive checks immediately paying out our CD's with interest earned -- no penalties for early payout. Not very surprising.
The surprise is that there is absolutely no bid from MB for our business. It's, "Here's your hat. Get lost."
Guess banks really do have too much cash.
And, we're back to wondering what to do with the CD cash, plus some that's in a money market checking account there. (All were there chasing higher interest rates. All FDIC insured.)