Waterfield Bank / Undisclosed fee leads to loss on savings account
This bank operates online as UFB Direct and offers high interst savings accounts. I opened my account with a $500 deposit at a 4.00% APY. After two months the interst rate dropped to 2.02% APY. I decided to close my account, but was never told of a $30 "Closing Fee". So after 3 months I earned $2.99 in interest, but was charged a $30 fee to close my account, for a net loss to me of $27.01.
Seems like a pretty good scam this bank has going. They don't tell you about a large fee that they charge that is likely to wipe out anything they pay you in interest. The end result is I didn't have my money for 3 months and ended up with $27.01 less than I started with.
Let my loss be everyone else's gain. Avoid this bank and be careful with online banks. They DO NOT always disclose all information and they will rip you off every chance they get.