Secured card deposit account interest rate....can I enforce this.

IWOL — Mon, 28 Jan 2013 05:05:19 GMT

I have 2 secured cards from New Millenium bank that I have had since 2005. Both cards have the max limit of $5000 each.

I was looking over my original credit card agreement and I noticed that the deposit section states that interest will be paid at 6% for first 3 months, 2% for 2 years and then 2% thereafter. Obviously 2% is much higher than what any banks are offering today, and it seems strange that the agreement does not address interest rate fluctuationsnin any way. I noticed that on my statements it shows that the accounts are only being paid an interest rate of 0.14%.

Can I force them to honor the 2% as per the credit card agreement. What would be the best way to go about this. I don't believe the interest is compounded but I've had these accounts for 8 years, so at 2% per year it is around $200 per year so it's a significant amount of money.

Re: Secured card deposit account interest rate....can I enforce this.

Revelate — Mon, 28 Jan 2013 05:22:18 GMT

I think you'd need to talk to a lawyer on this one; banks can change your account type and presumably conditions associated with it (balance requirements, fees etc) with absurd ease as I found out on my own BOFA depository accounts which changed no fewer than 3 times over a 7 year period much to my annoyance.

Every single T+C you clicked through would need to be looked at for starters, and then other than asking them you're stuck taking them to small claims court I suspect.

This forum isn't really geared towards legal advice, also moving the topic to General.

topic Secured card deposit account interest rate....can I enforce this. in General Credit Topics

Secured card deposit account interest rate....can I enforce this.

Re: Secured card deposit account interest rate....can I enforce this.