Wisconsin Banking Update
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CD Rates Can Be Cut After Takeover
Posted on October 2nd, 2010 No commentsNo one has ever lost a penny on bank deposits insured by the Federal Deposit Insurance Corp. – but when a bank fails, the acquiring institution does have the right to lower interest rates paid on certificates of deposit. That’s what happened when North Shore Bank recently acquired Maritime Savings Bank and reduced a 3.05 percent CD rate, which one customer called an insult. Read the article in the Milwaukee Journal Sentinel.
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