Author Topic: "Special Offering" for LC investors / Radius Bank "Founder's" account  (Read 473 times)

Debt Free

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Thought I'd share this since it only showed up on 2 of my 5 accounts with Lending Club.  The Founder's Account "special offer" has finally come out and here are the details below in case you haven't seen it yet.

Thanks LC for this INCREDIBLE conciliatory offer after pulling the rug out from under us!  :o

« Last Edit: March 02, 2021, 08:54:56 PM by Debt Free »

Debt Free

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Re: "Special Offering" for LC investors / Radius Bank "Founder's" account
« Reply #1 on: March 02, 2021, 08:55:18 PM »
Here's the "fine print"...

Founder Savings accounts are only available to LendingClub Notes investors who have at least one Notes account that is not classified as an individual retirement account (IRA). For Notes investors who do not have a separate deposit account with LendingClub Bank as of February 21, 2021, only balances in your Notes account are currently eligible for deposit into the Founder Savings account, notwithstanding any account-related terms to the contrary that may otherwise apply. This means that (1) LendingClub Bank will not accept external transfers into the Founder Savings account and (2) the mobile remote deposit capture service via the Radius mobile app will be disabled. This restriction also applies to any other deposit account that you may open at LendingClub Bank after you open a Founder Savings account. This restriction does not affect your ability to withdraw funds and is subject to change at any time.

Rates are compared against competitor rates published by Bankrate.com as of February 1, 2021. Rates are only available to LendingClub Notes investors. Offer applies to personal accounts only and may be rescinded at any time without notice. No account minimum.

APY stands for Annual Percentage Yield. Earn 0.75% APY on the portion of balances from $0.01 to $20,000.00; 0.50% APY on the portion of balances from $20,000.01 to $50,000.00; and 0.25% APY on the portion of balances over $50,000.00. Rates are subject to change at any time without notice.
« Last Edit: March 02, 2021, 08:57:36 PM by Debt Free »

Fred93

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Re: "Special Offering" for LC investors / Radius Bank "Founder's" account
« Reply #2 on: March 02, 2021, 09:00:51 PM »
Well, this is what we expected... but it is sad to see them promote something that is so completely stupid.

It shows you how stupid they think we are.

jheizer

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Re: "Special Offering" for LC investors / Radius Bank "Founder's" account
« Reply #3 on: March 03, 2021, 02:13:29 PM »
Oh!  I want to put my $0.09 that's left in.  This sounds like an amazing deal!  And not being able to add more money? That makes sense.  Why would I ever want to save more on this of any future account since deposits are completely disabled.  I rather spend it and take out a loan, duh.  Where do I get in line!?!?
Replacement to P2P Quant's Percentile Tool http://lc.geekminute.com

Debt Free

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Re: "Special Offering" for LC investors / Radius Bank "Founder's" account
« Reply #4 on: March 03, 2021, 03:25:47 PM »
And I can see, say 5 years from now, Radius / LC saying, "Wow, you haven't made any deposits in 5 years.  You must have 'abandoned' your account." and their $50.00 Abandoned Property Fee scoops up whatever you have in the account.

Rob L

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Re: "Special Offering" for LC investors / Radius Bank "Founder's" account
« Reply #5 on: March 04, 2021, 09:25:42 AM »
I'm devastated I didn't get an offer. Missed out big time! ::)

bkcarp00

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Re: "Special Offering" for LC investors / Radius Bank "Founder's" account
« Reply #6 on: March 10, 2021, 08:17:14 PM »
Yah a bank account that I can't transfer any money into! So useful!!!! Thanks for all the years lendingclub!