I had a CD (Certificate of Deposit) account for 6 months which was due to mature in December 2023. I called in advance of this to open a new CD account, because the new rate was significantly higher than the rate I locked in previously. I was told by the rep that it wasn't necessary to open a new account, because if I just allowed my existing account in place after maturity, it would "automatically renew at THAT rate". Suggesting that the account would automatically qualify for the higher rate. So, based on the leading word of the customer service rep, I did not open the new account. Low and behold the rate on their CD then dropped, and so my account rolled over to a lower rate than the one I would have had if their rep had not meddled and provided me with misleading information. I relied on the guidance of their rep and I got burned as a result. When I raised this with them as a complaint, they reviewed the situation and the call and their resolution was to deny me of matching my CD at the higher rate and stating that the representative did not tell me not to open a new account. I agree with the fact that she did not tell me not to open an account, but I maintain that her advice caused me not to open the account because she told me I didn't need to. That's a direct consequence. Due to the timing of my complaint, their delays in addressing the complaint, and then rolling into the Christmas holidays, my account fell out of the "grace period" and now if I wish to close the account before June 2024, they want to charge me a $2,000 penalty. I don't consider this a fair business practice at all.
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