My brother and I both had 5 year CDs at Community Commerce Bank. The CDs were to mature in the year 2012.
Community Commerce sent us letters that as of April 1, 2008, they were dropping our interest rate from 5.85% to 3.5% and we could either take it or close the account (which they could drop even further whenever they felt like it) so we closed our accounts. Obviously, in this climate, we now have $100,000 each and cannot get anywhere near the interest rate that Community Commerce had agreed to on our CDs. They screwed us each out of approx. $12000.
We're speaking with lawyers for a class action suit.