Where can i find interest rate listings of banks in NYC?

August 24, 2006 8:01 AM

Rather easy question with a long explanation behind it. What is the website where I can look up what different banks are offering as interest rates? I'm in NYC and considering switching banks because of a potential problem I see developing...More inside....

I currently have my checking account with 'WaMu'. My savings is in the mid-five figures, and I am currently getting a pretty decent 3.92% interest rate, which is alot better from random advertisements I see from other bank ads.

I am also currently set up with their free bill pay service. Where I simply log onto my account, and tell them to pay the bills, and 'WaMu' will print out a check, deduct from my account, and send it off.

About 2 months ago, I go in and pay 3 bills, all with plenty of time for the checks to arrive to their destination. Starting last month, I started to get my new bills in the mail, and I realize that the three bills from the previous month are deliquent.

I check with each account, and they inform me that payment was never recieved. I check with 'Wamu', and find out that due to some sort of heat wave or fire in their West Coast headquarters, that some of their computers were damaged and the bill pay stuff got screwed up.... (to date, it is still not functional)..

'Wamu' credits my accounts with the funds that were taken out to pay the original bills. I then proceeded to write out checks to clear up all the old balances....

Now the problem: With two of these accounts, I was given late fee penalties totalling $85 dollars.

I spoke with a 'Wamu' representative and asked her if I would be credited the $85 dollars because the whole ordeal was not my fault. I dont remember the full explanation she gave me, but she tried to tell me, that it was not directly their fault either, and it was one of those 'act of god' situations, and they wouldbnt be able to credit me for the late fee's. She also mentioned all the terms of service, yadda yadda, stuff i agreed to when i signed up... I call B.S...

Granted, the heat wave or whatever knocked their computers offline wasn't directly their fault, it certainly wasn't mine either. I followed the correct procedure to pay my bills through their service, and 'Wamu' didnt deliver. I dont care what the terms of service say; why should i lose out on the $85 for somethign that fully wasn't because of my doing.

Attempts to speak to a higher up didn't work. 'nobody' was ever available by phone. so I am going to go into a actual branch near me, and speak to the highest up person I can...

I plan to stay civil and polite, cause I know the people I am dealing with werent at fault, but I am also going to make it clear to them, that I will be prepared to pull my mid 5 figure account out of their establishment should we nt be able to come to a mutually beneficial solution. I'd be even willing to split it with them.

So, I'd like other options to put my $$ into, in case iI need to walk.

thanks for reading.

posted by TwilightKid to work & money (7 answers total)

Check out Bankrate.com.
posted by JakeWalker at 8:03 AM on August 24, 2006

Your best bet as far as interest rate for an online savings account is probably HSBC's online savings account, which is posted quite a bit on the various "deals" forums out there. I'm currently earning 5.05% on mine, which is insanely good for a savings account.

Full disclosure: I work for a part of HSBC but it's wholly unrelated to that area (to the point of basically being a separate business altogether) and stand to gain nothing from this recommendation.
posted by twiggy at 8:05 AM on August 24, 2006

I don't have the info you want but when you go into to talk to the bank manager, you should emphasize that you were docked late fees through WaMu's lack of notification. Even if the computer problem was an 'act of god', they did not notify you (or probably anyone else) so you could pay the bills manually. The late fees are their fault.

If you don't get satifaction, I'd suggest writing a letter to Kerry Killinger, CEO/Pres. at the Seattle HQ.
posted by jaimystery at 8:10 AM on August 24, 2006

Banrate.com! that was it!

thanks for the advice....I have a good feeling that if and when I did go in to withdraw and close my account, that they would be very accomodating....but it may actually take me officially doing it, before they come through...

unfort, i am a spiteful guy....we'll see how it goes...I am gonna shoot a letter over to the CEO after it plays out...

thanks!
posted by TwilightKid at 8:28 AM on August 24, 2006

Fatwallet's Finance Forum maintains lists that are more complete than bankrate.com's - and has tons of commentary from people with experiences with the various banks.
posted by mbd1mbd1 at 10:11 AM on August 24, 2006

Take a look at Treasury Direct's offerings - T-bills are going for something like 5%. If you ladder a few $1K two-week bills, it'll keep the money relatively liquid.
posted by Orb2069 at 10:48 AM on August 24, 2006

Clark Howard would tell you DONT write the CEO, instead write the COO or someone else with the authority to solve your problem but isn't the figurehead. The CEO has tons of letters adressed to him everyday and the gatekeepers will forward yours to customer service before Ole' Kerry can see em.

Have you tried bugging the bill collectors? I work in a collections office and when something like that happens, it's a simple matte to waive the late fee if the customer raises a huge fuss.
posted by ZackTM at 11:20 AM on August 24, 2006