Some bad news this morning regarding the Sun East CD deal. The news comes from Ken’s website and he gets credit.
Ken finally has posted the deal on the front page of his blog. As you all know, Ken is a pro and he can be relied upon to do very thorough work where these deals are concerned . . . . unlike certain amateurs who shall go nameless but we know who we are.
Anyway, according to Ken you cannot get your money out of this CD at maturity . . . except in the form of a snail mailed paper check!!!
I did not post that earlier here because I did not know. And in fact, I never saw that one coming!! Ken is saying ACHing your matured CD money out of your savings is a no-no.
One more thing. This is for information only. It does not counter what Ken wrote. I am merely your humble reporter here:
I ended up with a small balance in my Sun East savings once my CD account had opened and the dust had settled. The amount was less than $100. Using my ACH link between Alliant and Sun East, I successfully withdrew via ACH that small balance and moved the funds to Alliant.
Q: OK Shin, let’s get this straight. You say you were able, using ACH, to withdraw money from your Sun East savings. Was there a penalty?
Q: Might they hit you with a penalty later, when your statement cuts?
Anything is possible.
Q: Can you explain why Ken wrote what he did, considering what you were able to do?
I do not know. There is one possibility, certainly no more than that. It is possible Sun East forbids ACH pushes, ones initiated at their own website. I did an ACH pull initiated at Alliant, but it was only for quite a small amount of money.
The sending of paper checks being as twentieth century a concept as it is even today, I harbor hope that by 2021 this issue might have evaporated, allowing all of us to remove our matured CD funds from Sun East using an ACH pull.