A bank promised a certain interest rate on a large CD and will not honor that rate. Do I have recourse?
Unless the bank's rate quotation was in writing, you probably don't have any recourse. However, the bank may be subject to a state law.
A bank's need for funds can be pretty volatile. They may need funds in the morning and no longer need them in the afternoon of the same day. That's why most banks, when quoting rates on jumbo CDs (usually CDs of $100,000 or more), make their quotations valid for the day only or until a specific time (sometimes the rates are "good" only for the duration of the visit or phone call). The bank should tell you how long a rate quote is valid when you ask for the quotation.
Published on BankingQuestions.com 8/30/06
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Unless the bank's rate quotation was in writing, you probably don't have any recourse. However, the bank may be subject to a state law.