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Question

What rights do I have if a Bank had given an incorrect interest rate on a Money Market account?

Submitted: 670 days and 1 hours ago.
Category: Finance
Value: $9
Status: AWAITING EXPERT REPLY
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Kent, Washington

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Contacted Bank

Accepted Answer

Dear Carol,

Thanks for the question.

Most banks will not make that mistake. They cover themselves in the small print with words to the effect that the interest rate is not gauranteed, or is subject to change and or market conditions.

In the event your banks money market account manager did not have you sign those documents or make them available, or in the unlikely event they gaurnateed a rate of return, then you would have cause of actino to sue them to enforce the gauranteed rate.

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Expert: Ed Johnson
Pos. Feedback: 100.0 %
Accepts: 613
Answered: 1/9/2008

HR & Business Operati&ons C&onsultant

Central Michigan University, MSA Candidate; Global Compensation Operations Mngr; AA Degree Lib Arts

667 days ago.

Reply

I finally came up with the same conclusion. It's just frustrating that an individual/bank has no real accountability for their errors. I've also learned that you should not trust them. Therefore I shall be all over the new bank that manages my money.

667 days ago.

Reply

Thanks

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