Santander Bank US Bank Account Or Service Complaint

Santander Bank US Bank account or service department,

Other bank product/service Account opening, closing, or management New Jersey

Santander Bank 's lack of transparency and customer service is detrimental to the consumer. Specifically, the information provided on my money market account lacked accuracy and timeliness. The interest rate, which I understand can be changed at anytime, is not communicated until the monthly statement is released and in this instance it was incorrect. As such, the first communication of the rate appears on the monthly statement. Since I am able to calculate daily interest rates myself, I monitor the account on a regular basis. From - - to - -, I noted a change in the interest rate. I phoned the branch and they told me the rate was reduced - % ( from 1.25 % to .75 % ). They could not tell me the actual date. That same afternoon, I phoned their customer service. I spoke with - -, who told me the statement was produced on - - but was not yet available online. He expected it the next day and agreed to call me the next morning. On - -, when I did not hear from - -, I telephoned the service center and spoke with - -. She told me the statement was produced and the rate appearing on it was 1.25 % ( how could this be if the rate had been changed to .75 %? ). - -, during our conversation, told me she was having a problem with her computer and would call me back in five minutes. She never called back. Several hours later, I called the branch ( - - - ), expressing my anger and disappointment and stating I needed to hear from someone in authority at the executive offices. I have not. Bottom line, one would be over one month in arrears in knowing actually what they are earning on their funds. This is good for the bank but unfair to the customer. Santander should update the account website with the interest rate being earned. They already show a vast amount of other pertinent data. One could conclude they do not want the customer to know.