Here's something else. When I got my first statement from Emigrant,
none of the amounts were correct.
The interest rate was too low, my deposit was wrong and the number of days that interest had been earned was wrong.
Read the sheet of paper that's included with the statement. From that sheet: "
Federal Truth in Savings Laws require the Bank to follow a strict calculation in determining the average account balance and the APY." There's a problem because what the law requires regarding the number of days in the statement cycle and the actual number of days since your deposit, don't agree. The statement cycle begins when you open the account but interest calculations don't start until two days later when the deposit is actually received by Emigrant. The weirdness only occurs on the first statement.
When I first looked at the statement I said, "ah, so this is how they get around offering a higher rate than anyone else, they cheat me by twisting the numbers!"
I was ready to
. Then I read the enclosed sheet.
