Preferred Savings Plus & Home Loans (MetLife Bank)
MetLife agrees to sell MetLife Bank’s deposits to General Electric
General Electric’s (GE) finance unit, GE Capital, announced that its wholly-owned bank affiliate, GE Capital Financial Inc. (GE Capital’s bank), has agreed to purchase approximately $7.5 billion in deposits from MetLife Bank – including the NYSUT Member Benefits Corporation-endorsed Preferred Savings Plus accounts. While the sale is subject to regulatory approval, the transaction is expected to close around mid-2012.
Until that time, MetLife Bank has assured us that business will continue as normal – which includes the ability to open new accounts and contact the MetLife Call Center for customer service. There should be no interruption to any MetLife Bank services.
NYSUT Member Benefits will discuss the possibility of the continued endorsement of the banking program with GE Capital, which we expect to be able to continue with the same terms and benefits for our members. Our goal is to continue to offer our members access to banking products with preferred interest rates and exceptional customer service. We will continue to update our progress on this site.
In addition to the sale of MetLife Bank's deposits, MetLife Bank also announced that it will be shutting down its home mortgage-origination department. While MetLife Bank will continue to service current home-loan clients and offer reverse mortgages, it will no longer be offering new traditional mortgages. Therefore, we have terminated our endorsement of MetLife Bank’s home financing solutions that were part of the Preferred Savings Plus Program.
If you have any questions or concerns regarding the sale, please contact Member Benefits at 800-626-8101.
Savings Accounts:
Preferred Savings PlusSM from MetLife Bank® offers some of today’s highest interest rates on Certificates of Deposit, Money Market and Savings accounts. You can access your money and account information 24 hours a day, 7 days a week, by phone, Internet, or mail. An ATM card is available for Money Market and Savings accounts. Accounts are insured by FDIC for up to $250,000 per depositor.
An optional Automated Savings Program, which makes transfers from your checking account at another bank to your Money Market or Savings Account at MetLife Bank, is convenient and an easy way to build your balances in higher-earning accounts.
Be sure to use the link below to get the best rates for NYSUT members.
For more information, please visit the MetLife Bank website.
Preferred Savings PlusSM and Mortgage Program from MetLife Bank® is a NYSUT Member Benefits Corporation (Member Benefits)-endorsed program. Member Benefits has an endorsement arrangement of 0.1% per annum on the average balance of the eligible deposit accounts for this program. This arrangement does not apply to commercial bank accounts. All such payments to Member Benefits are used solely to defray the costs of administering its various programs and, where appropriate, to enhance them. Member Benefits acts as your advocate; please contact Member Benefits at 800-626-8101 if you experience a problem with any endorsed program.
Agency fee payers to NYSUT are eligible to participate in NYSUT Member Benefits-endorsed programs.