Comments on: West Gate Bank 6 Month CD: Earn 10.38%*

By: Alex

Alex — Fri, 19 Oct 2007 02:08:07 +0000

Does a $500 Max/Min mean that once the interest is paid once, bringing the total to $516, you will no longer receive the 10.38% rate?

I expect that there is a high likelihood that I will be made a fool of because I don’t understand banking.

By: trentblase

trentblase — Thu, 26 Apr 2007 11:56:08 +0000

C’mon, who would turn down $16 free money? This is hardly a scam.

By: RS

RS — Sun, 15 Oct 2006 03:00:54 +0000

Seems like an acceptable deal…not deceptiive, but certainly limited.

Also, the FDIC usually allows you to have multiple accounts treated as different accounts if they have different combinations of ownerships.

For example,
Husband Joe opens a solo account, that’s one.
Wife Jane opens a solo account, that’s two.
Joe and Jane open joint account, that’s three.
Jane and Joe (in that order) open a join account, oops…that money counts the same as number three.
Add kids and you can get lots of combinations.

That’s how you can get around the limits with the $100,000 FDIC insurance if the bank goes under…or at least it was that way when I worked at a bank in the 80s.

So my question to the “Anonymous” banker is…do join accounts count as separate?

By: Anonymous

Anonymous — Sun, 01 Oct 2006 21:27:49 +0000

Also, I should note that the amount of CDs one can open is relevant to the amount of people in your party. One per person, in other words.

By: Anonymous

Anonymous — Sun, 01 Oct 2006 21:25:09 +0000

I work for this bank, the 10.38% CD special was a huge success and, in my personal opinion, a great deal! To clear things up, yes, you could open as many CDs as you want. The only down side is if you are an employee… cashing out all of these CDs in January.

Also, the small print was hardly “mouse print”. We made everything very clear.