Savings & Interest-Bearing Accounts
I closed my interest-bearing account, but the bank did not pay me all the accrued interest. What can I do?
Depending on the bank's policy, if you closed the account before the bank credited accrued interest, that interest may not be paid out (this is known as forfeiture of interest). The bank must disclose its policy in the […]
savings interest paymentRead more →
The bank no longer pays interest on my money market account because I wrote too many checks. Can it do this?
Policies for money market accounts (as well as passbook savings accounts and statement savings accounts) vary by bank. Although no longer required by federal regulations, some banks may limit the customer to no more than […]
savings money marketRead more →
Who sets the interest rates on savings accounts?
A bank is a private business. Generally, it sets its own interest rates on savings accounts. If you feel that your bank does not pay an adequate interest rate, you can shop around and purchase your financial services […]
savings interest rateRead more →
How can I calculate the annual percentage yield (APY) on my account?
You can use the APY tool on the Federal Financial Institutions Examination Council (FFIEC) Federal Disclosure Computational Tools page of the FFIEC's website. This APY tool can assist in verifying annual APYs pursuant to the […]
savings apyRead more →