different cd rates same bank different branches

[etraible]

There is a local bank in our area with about 25 branches. We've been banking with them for many years, and I even worked for them for awhile. We had a CD that was maturing, so I use bankrate.com but I like calling around better so I do that too. I called the branch that is closest to my home, and they gave me a rate of 1.5% for 13 months (sad, I know.) Well, I had to go to a branch close to my work the next day, and lo and behold they are offering 1.8% for the same term.

Ok, rates must have gone up. Good! So I went to the branch near my home when I got off work, and they were still at 1.5%. I told them about the other branch (the same bank!!!), and their response was, well different branches are free to offer different specials. I whip out my cell phone (I love technology!), called the main number and asked for current specials. They did not tell me about the 1.8% special. I would of had to call that branch specifically to find the special.

To me, this is wrong. Who would think to call each and every branch (and who even has time to do this?) and ask for specials. Who would even know to do this? Has anyone else run into this? It was only by chance I found out about it, I rarely even go into a bank any more (direct deposit, atm, etc), but only by chance I happened to notice the sign in the other branch offering a better special. What are the odds?

 

[buckler]

You can do better than 1.8% for 13 months if you go online.

 

[eyeheartgoofy]

This does not surprise me.

Chain stores offer different prices on the same merchandise at different locations based on local competition.

Travel advisors always tell you to call the specific chain hotel you want directly b/c there is often a better deal to be had than going through the national call center for the chain.

 

[minnie1928]

There is a local bank in our area with about 25 branches. We've been banking with them for many years, and I even worked for them for awhile. We had a CD that was maturing, so I use bankrate.com but I like calling around better so I do that too. I called the branch that is closest to my home, and they gave me a rate of 1.5% for 13 months (sad, I know.) Well, I had to go to a branch close to my work the next day, and lo and behold they are offering 1.8% for the same term.

Ok, rates must have gone up. Good! So I went to the branch near my home when I got off work, and they were still at 1.5%. I told them about the other branch (the same bank!!!), and their response was, well different branches are free to offer different specials. I whip out my cell phone (I love technology!), called the main number and asked for current specials. They did not tell me about the 1.8% special. I would of had to call that branch specifically to find the special.

To me, this is wrong. Who would think to call each and every branch (and who even has time to do this?) and ask for specials. Who would even know to do this? Has anyone else run into this? It was only by chance I found out about it, I rarely even go into a bank any more (direct deposit, atm, etc), but only by chance I happened to notice the sign in the other branch offering a better special. What are the odds?

Banks do this to get more deposits into a particular location. I've seen this done particularly for new branches trying to drum up new business. As a rule of thumb, I don't think you need to call every branch every time you want a CD.

 

[maggieusa]

I had a cd come due in nov they offered me 1.9 so I took it my brother who banks in Az just had one came due and get this they offered him 4.54 I am so mad. I just do not get it my account has been at the same bank for a long time.