I had a similar experience (albeit smaller $#’s) with Chase. I’d had a WAMU account which was taken over by Chase. They slowly but surely eliminated all interest and started charging fees. (No grandfathering.) The interest was ridiculously low on our MM account. So low we moved it to the credit union.
The following year we didn’t get a 1099-int. I no longer had online access to get the info since we no longer had accounts there.
They didn’t mail us the 1099.
I called to ask and they said they don’t send them if they paid less than $10 in interest for the year – but that we were still required to report it. That <$10 was the reason I'd changed - same account was getting $30 previously.
Banks are slimy.[/quote]
We also had the WAMU->Chase experience (and no 1099s for accounts with less than $10/year interest). Haven’t changed because we have a number of accounts there and I generally like the customer service. Have contemplated moving to a credit union, but haven’t yet. How do you like the CU compared to Chase WRT interest rates, customer service, etc.?
