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Originally Posted by mcloud
Having worked in the banking industry for over 30yr, No banks can’t and don’t just arbitrarily, lower, or raise your interest rate. One of a few things could’ve happened number one you had an introductory rate that’s time expired number two you withdrew money lowering the balance and not qualifying for the higher interest rate in three there was a term and time limit on the rate you were getting and you missed the renewal or the opportunity expired. Either way, it’s not the banks fault.
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The least the bank could have done is give notice of the interest rate change. It's been my experience they typically don't do that. I feel this is unethical, thereby forcing the consumer to continually monitor their statements.