Rachel Louise Ensign

speaker

574 appearances 12 recordings 1 series first heard Jan 2018 last heard Jan 2024

Rachel Louise Ensign’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How Bank Customers Expecting 4.35% in Interest Got Close to 0% · 26 Jan 2024 podcast

They really feel like they were tricked and missed out on money that was theirs.

The bank has, according to the people that I've spoken to, they've basically said, hey, you know, you can open one of the new accounts, but no one has been getting back interest or anything.

I've heard from, at this point, dozens of people affected by this.

A lot of people reached out after the story ran, and no one has had the bank offer anything like that, no.

People have submitted a number of complaints to the Consumer Financial Protection Bureau, which puts those complaints online.

And you can see that people are saying, hey, Capital One did this and it seemed really unfair and I am very angry about it.

They have at least been told about this.

And there's also a proposed class action lawsuit that the bank is facing from customers that feel that way.

That you need to be pretty vigilant.

You need to check what your rate is and make sure that whether it's an online banking or statements that you download or get in the mail, that the bank is actually paying you that rate every month.

You know, I think you would just go to your online banking portal or look at your banking statements and you should be able to see that information there.

WSJ Your Money Briefing · ‘Brokered CDs’ Offer Interest Rates Well Above Regular CDs · 26 Oct 2022 podcast

Thanks so much for having me.

So a standard certificate of deposit has long been a popular place to stash money that's seen as pretty low risk because as long as you're under the FDIC deposit insurance limits, your money is considered safe and you are set to earn a certain amount of interest over time.

So you put $1,000 in and the bank says, hey, we will give you 2% for your $1,000 for a year.

So basically, the big picture is that CDs have really fallen out of favor because interest rates have been so low.

So, you know, back many decades ago, they were an extremely popular product.

A huge share of bank deposits were tied up in CDs of all kinds.

And just with the over a decade of very low rates,

Basically, these have fallen out of favor and are now starting to become a little bit more popular as the Federal Reserve starts to raise rates.

So basically, what we're seeing is banks are increasing rates selectively.

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