First Niagara Bank Bank Account Or Service Complaint

First Niagara Bank Bank account or service department,

Other bank product/service Account opening, closing, or management Connecticut

I opened up a money market account at First Niagara Bank in - - CT on -/-/2016. I was told that the APY interest rate was 1.01 % based on the advertisement in the - - as well as a verbal discussion. There was no mention that the rate was related to compounding and this was confirmed verbally with the bank officer. And that taking out the interest monthly would not affect the rate that I was to receive. After 33 days of " interest '', from -/-/- to -/-/-, I received not - of 1.01 % but rather - of 0.81 % and my printed statement says that my APY is now 0.81 % not the 1.01 % I was expecting. The interest I received was - % LESS that I was expecting. The difference in the amount of money is not very much but First Niagara, in my opinion, lied to me with false advertisements and false verbal discussions, apparently to get me to put my money into a seemingly high interest money market account. Multiply this by - customers and - dollars and the amount of money they defrauded consumers could be very substantial. In my opinion, First Niagara deceived me and its customers and violated honest banking practices.