First Active reducing rates but not notifying customers?

BOXtheFOX

Registered User
Messages
856
I have an ECB Linked Deposit Account with First Active. I understand that they have dropped the interest rate on this account by circa .5%

I always thought that when a financial institution changes their rate that they notify their customers by posting them out a statement showing the rate change? When I asked the counter official in the local Stillorgan office I was told that it was probably notified to the public by a notice in the paper. Is this sufficient?

Has the ECB recently dropped their rates and if not why did the First Active drop their rate if it is called and ECB linked Deposit Account?
 
They had a notice in the Times on 01/03, haven’t figured out yet how to link a post but but there is one on this date in savings and investments on AAM.
 
The biggest disappointment for me was when halifax reduced the interest on old reg. savers 1st from 7 to 5.5% and then because in a very few weeks not many accounts were closed from 5.5% to 4%...
 
I also have a small savings account with the First Active. This morning I received a statement of transactions and included in the envelope were two leaflets. The first one was "Improvements you can bank on" and the second was "Credit and Debit Interest effective 12/12/2007". This second leaflet is clearly showing the old ECB Linked Deposit Account rate despite the fact that this was reduced two weeks ago!
Very misleading.