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Major Bank Certificate of Deposit
Renewal Rate Rip-Off
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| The national law firm of Lieff Cabraser
Heimann & Bernstein, LLP, is investigating claims that
a major bank has improperly rolled over Certificate of
Deposits or CDs at maturity with misleading information
or without proper notification regarding the bank’s
policy of renewal interest rates for Certificate of Deposits. |
| Banks will automatically renew Certificate
of Deposits upon maturity of the term of the bank CD. However,
often Banks do not renew the CDs at fair market rates of
interest, and actually provide an interest rate upon renewal
of the Certificate of Deposit that is far below generally
available market rates, or even well below rates offered
by the same Bank to the general public at the time of maturity.
Amazingly, some Banks do not inform their customers that
they will receive below-market interest renewal rates on
their Certificate of Deposit until after such renewal is
effective, thereby subjecting the customer to a penalty
fee if they attempt to withdraw their funds. |
| These schemes to automatically renew CDs
at rates substantially below market rates are sometimes
misleading because they are accompanied with representations
that consumers do not have to act before the CD renewal
date, create the impression that consumers would receive
interest rates at least as favorable as market rates because
they were valued customers of the Bank, and fail to disclose
relevant information related to the new interest rates
of the Certificate of Deposit until after the allowable
period for making changes to their accounts have expired.
These schemes tend to cause a reasonable consumer to conclude
that their CD renewal interest rates are fair and reasonable,
when in fact they are not. This effectively locks the CD
purchaser into a fixed term at uncompetitive rates. |
| If you have been improperly locked into
a renewal rate or forced to pay a penalty to withdraw funds
from a rolled over certificate of deposit which is below
the market interest rate, please
contact our law firm. |
| You should be aware that the Statute of Limitations (the deadline imposed by law within which you may bring a lawsuit) may severely limit the time remaining for you to file any potential claims you may have. |
| This website is sponsored by Lieff Cabraser
Heimann & Bernstein, LLP, a national plaintiffs’ law
firm, and is not affiliated in any way with any bank or
banks. Please read our disclaimer. |
| Lieff
Cabraser Heimann & Bernstein, LLP is a fifty-plus
attorney law firm that has represented plaintiffs nationwide
since 1972. We have offices in San Francisco, New York
and Nashville. We represent plaintiffs in class and
group actions and in individual lawsuits in cases involving
substantial losses. For the last five years, the National
Law Journal has selected Lieff
Cabraser as one of the top plaintiffs' law firms in
the nation. |
| This website is sponsored by Lieff Cabraser
Heimann & Bernstein,
LLP, a national plaintiffs' law firm. |
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LIEFF CABRASER HEIMANN & BERNSTEIN, LLP |
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| Notice: Lieff
Cabraser attorneys provide legal advice and practice law for clients in
federal district courts throughout the United States and in state courts
where we are licensed to practice. In states in which our lawyers are not
licensed to practice, we have affiliations with local attorneys who serve
as co-counsel with our firm. Please read our disclaimer. |
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Copyright © 2008 Lieff Cabraser Heimann & Bernstein,
LLP |
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We seek to halt unfair business practices that harm consumers nationwide.
Learn more. |
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