Ready
Thinks s/he gets paid by the post
I had a five year CD at Ally Bank which matured this week. Since their new rates are not as competitive as other banks, I called them to instruct them not to renew my CD. The woman on the phone informed me that I'm entitled to a "loyalty bonus" if I agree to renew my CD. Their current rate on a 5 year CD is only 2%, and other banks are offering 2.31%, so no reason to renew there, but I asked the woman what the loyalty bonus would be if I stayed.
She responded, it would be .005%. As in, instead of 2%, I would get 2.005%. So if I had $100K invested at 2%, I would get $2,000 per year. At 2.005%, I would get $2,005 if I'm doing the math correctly?
I responded, is that a joke? I didn't know banks even worked with decimals so small! She didn't know how to respond to my rhetorical questions, so she just said "no" and politely finished up the call.
I don't know why this bugged me so much, but what is the point in referring to .005% as a loyalty bonus? I just found it downright insulting. Am I being out of line here?
She responded, it would be .005%. As in, instead of 2%, I would get 2.005%. So if I had $100K invested at 2%, I would get $2,000 per year. At 2.005%, I would get $2,005 if I'm doing the math correctly?
I responded, is that a joke? I didn't know banks even worked with decimals so small! She didn't know how to respond to my rhetorical questions, so she just said "no" and politely finished up the call.
I don't know why this bugged me so much, but what is the point in referring to .005% as a loyalty bonus? I just found it downright insulting. Am I being out of line here?