CD Discussion Thread

I believe your thinking on this is correct, glitch99. Obviously I cannot be certain, and I also cannot tell you at what time of day your funds will become liquid and, therefore, available to you for withdrawal.

For example, would you be safe to issue an external ACH order on Friday, the 25th, which would be executed at IFCU early Monday morning? I dunno the answer to that.

Curiously I ran into a similar dilemma at PenFed a couple of weeks ago. I had a Sunday maturity. I was unable to find anyone at PenFed who would tell me when my funds would transfer to my savings, something I had prearranged. This cost me a day, because it turned out the funds actually did transfer on that Sunday. Such is life.

Is that your actual concern? There’s no reason to be cagey about it, and if you’d express it there may be someone with practical first-hand experience to share.

No, I was just trying to be of assistance to you. I’m not comfortable sharing my actual concern as it relates too closely to my personal business. I’m sure you understand.

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I dont really understand, since there’s no need for account numbers and counterparties - you can even make up a hypothetical context that produces the same issue. What happens to the funds on a CD maturity date isnt remotely personal, unless you had negotiated a unique CD with really unique terms with them.

I just got off the phone with nice agent of Interior FCU. When he pulled up my account he asked for my verbal code. I didn’t have one… He wouldn’t go on with my request until I had to go though 30 minutes of “request new forms”. Automatic Sign in, new code, picture ID. Unbelievable!!

He followed through with my request. I then asked, “will I see my funds in Savings 6/24 early” Yes, he said.

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I can offer a little more on IFCU, but first the usual caveat:

This is based on conversation with just a single representative. However, that representative was direct with IFCU and not merely a member of their 24/7 “overflow” crew. Overflow crew members are perhaps not the best choice to handle the sorts CD maturation matters under discussion here. But IFCU is so slammed with callers that oftentimes only an overflow crew member is available to take your call.

Once your CD is set up in advance to close on day of maturity, with funds moving into your IFCU savings, that movement of funds will happen at roughly 6:00 am ET on day of maturity. In addition:

They will allow, each month, a single exception to the $30,000 wire limit. You may apply for your single exception wire online with the customary form, but the system will ask you to upload a copy of the front (only) of your driver’s license. Thus:

Depending on the size of your CD account, if you are wanting to split your proceeds sending a portion to each of (for example) two financial institutions, you need to be very careful if both wires will exceed $30,000. This would violate IFCU wire rules.

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Since I’m sure you know - what does Interior charge to initiate a wire transfer? With my Aliiant closed, I’m still debating how to withdraw my CD proceeds that wont take over a week to get to the destination.

Domestic wires cost twenty bucks.

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So your Alliant CU account was also closed.

This is such a weird situation, folks having their Alliant CU accounts closed. I’ll have to admit. I’ve never had this happen before, & they also closed my husbands account. No real explanation, only the fact that they could do it for any reason or no reason at all.

That’s exactly what they told me!

Anyway, I’m now using TIAA Bank for my transfers. I have an old account with TIAA Bank Money MKt account. I’m setting up a transfer today with the small deposits, to set up Interior FCU.

Interesting. And helpful to know. To be honest, I thought you might decide to go with PurePoint.

I don’t like the 4+ days of hold on new money deposited at PurePoint. Otherwise PurePoint is a pretty good option.

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Are you saying TIAA Bank is offering you overnight ACH service, same as Alliant does? With no holds on funds either way, again like Alliant?

That would be big news.

I’m not challenging you. I just was unaware.

How about limits? Are the TIAA Bank ACH limits comparable to Alliant?

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So far it has worked that way. I’ve made transfers of over $25k. I’m not sure of the limit on transfers yet, but the first transfer I made was like $37K, & no problem.

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Darn. I closed my old TIAA account. That’s a violation of my standing rule:

Do not close accounts

But I had the account for a long time and was not using it.

Given the way Alliant is closing people out without cause, I figure my account there could be shuttered at any time. I need to be ready.

I may be naive, but why are you guys making so many transfers and why is it so important they happen overnight with no holds either way?

With me, CD’s that mature must transfer to a site that will gain a decent % rate.

Not an easy task at this moment in time. Some folks have add-on CD’s with great rates and they are transferring $$’s there.

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New Q1 2021 ratings published by Ken and also at Bauer!

Title says it all. GTE not looking too bad.

Weiss Research? Not yet. Stay tuned . . . . but it could be a while. :slightly_frowning_face:

Link to Ken. Click at top of page to access Ken’s search box.

Link to Bauer Star Ratings

ETA

Note this is all we are going to get from these two ratings providers until after Labor Day.

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Reminder

Independence Day this year happens to fall on a Sunday. Hence the following Monday, July fifth, is a bank holiday.

Independence Day is the one holiday always celebrated on July fourth, regardless day of the week. So in many years no three day weekend results. But this year is different. This year Independence Day will give rise to a three day weekend, with financial institution closures on Monday.

If you are moving money, or if you have a CD maturity: heads up.

IFCU (Interior) Update

You may withdraw the interest (i.e., the dividends) on your IFCU CD at any time without requirement to pay an early withdrawal penalty.

As always, this is my best current information. Be certain to check and confirm for yourself before executing this manoeuver.

Why would we only want to withdraw interest on Interior? Those of us that have IFCU CD’s maturing soon will withdraw the balance, right?

Am I missing something?