Everyone knows today is the last day of the month. Don’t forget it’s also the final day of the first quarter. If your CD pays quarterly interest, tomorrow is your payday.
Beyond that, I expect interest rates to reset tomorrow and most likely not in a way we will like. Need to be on top of those change though, regardless, and move funds accordingly.
Appreciate the reminder Shinobi.
Received a letter from Freedom Northwest CU that I can make a Penalty free withdrawal up to 50% of my CD balance. While I know most people on this do not need that, thought I try to be useful on this thread even though I am not as active an many of you are and I sure appreciate everyone on this thread.
I have a question with regards to PSECU. I was fortunate enough to get in on the PSECU add-on deal towards it’s end.
I poked around the website but can’t find a way for me to add a beneficiary online like I can on Ally. Has anyone been successful in adding a beneficiary online? Thank you!
Exactly correct! 
I spoke earlier about my 2 Jumbo CD’s maturing today. As I checked my accounts, SURPRISE, the CD’s were already reinvested at .60% for another year.
Guess for now I will place those $$'s in my add-on CD 3% that matures 10/2020.
Ok, to answer my own question.
I called and spoke to a Representative over the phone and was told I can download the form - Authorization to Add Joint Owner and email it to them, fax or mail. Just in case anything happens, I figured I qet this done.
I know the the rates are falling like a rock. 
But, most importantly,
let’s stay safe and healthy !
Thank you Shinobi again! I am very grateful for this PSECU deal.
That is absolutely jolting news.
You surely are welcome! 
Want to seize on fatty’s post to comment regarding add-on CDs:
With everything that is happening now, with the coronavirus and all of the terrible fallout, I’m looking at add-ons slightly differently. Be as certain as possible the financial institution where you have your add-on CD is gonna continue to be there for you going forward. If you dump in a lot of money to this or that account, and if later that financial institution fails, you might either lose your high interest rate or get your money back. And nobody wants to be buying CDs from scratch now at these poor rates. That’s why you have the add-on in the first place, after all.
I could be full of prunes, as too often is the case. But I have a good feeling about the viability of PSECU. As an example, if I had to decide between stashing money there at a slightly lower interest rate, as opposed to investing at GTE at a slightly higher interest rate, I would put the dough into PSECU. Course things are bad everywhere. Nothing is for certain way things are today. But that’s what I would do and, in fact, that is what I’m doing. If I’m wrong, and if PSECU turns turtle, I’m gonna get creamed.
But the larger, generalized, point is to invest your add-on money with an institution likely to weather this storm and come out intact on the other side . . . if there is an other side.
Lost my TFCU (Transportation) membership. This is not at all commonplace for me. I hang onto my CU memberships and have a great many of them.
But my TFCU CD matured earlier this year. Became aware that, without it, I was required to keep $200-$250 in my TFCU savings else suffer a $2/month service charge. So I was forced by their rule either to put in money or surrender my membership. Did not want to, but I surrendered.
This remark made me check on my TFCU account. I opened that 5yr 2.98% Jumbo CD earlier this year. No where do they mention without the CD you must keep $200+ in savings. But guess they can make their own rules.
I had a run-in with TFCU after first opening my acct. I did the ACH small deposits when I thought I had the $5 in savings. First thing I noticed they had a charge of $96 in fees attached to my acct. I have 3 Alliant accts & each small deposit had $32 in fees. After a quick call they reversed the $96. So I guess I’d better watch TFCU for the next few years. 
First of all, I am VERY sensitive to the FACT this pandemic is an absolute disaster. It’s horrible for those who have perished, for the sick, and for America generally. This thing has no redeeming features whatsoever. Period
That said, calamitous as it is, this thing is actually helping me with my CDs. Think of it this way: I’m the CD nincompoop who needed a catastrophic pandemic to bail out his foolishness and stupidity. Frankly, this is nuts!!
Off the rails
I went off the rails when I decided, on purpose, to time my CD maturities for next year, 2021. Ended up with WAAAAAY too much money coming back to me following the election.
Ya can’t fix stupid . . . except maybe with a pandemic.
I need the money now so I can move it into my add-on CD accounts before they all turn into pumpkins. And I am FAR too cheap to be willing to pay early withdrawal penalties. Such bitter medicine! Well:
Today I was able, penalty free, to cash in my Dover FCU CD which otherwise would not have matured until late next year. Do I have a home for that money? You betcha and it comes with an extra 0.75% APY. But that is not the best.
Against all odds, Bellco has announced no-penalty withdrawals for its CDs . . . . because of the virus, of course. This is my index CD which bottomed out on APY when the Fed cut rates last month. Have not done it yet, but will be delighted to cash that puppy in penalty free soon and extend my maturity at a much higher APY. Woo Hoo!
There is no silver lining to a pandemic. Maybe you could label this a bronze lining? Whatever.
If you have add-on accounts, watch for financial institutions willing to let you cash in your CDs penalty free. It’s a good thing. 
I asked PenFed if they would allow me to pull out funds from my CDs penalty free. The answer: absolutely not. Thanks for nothing, PenFed.
Do not become discouraged. Keep a weather eye. Those two situations I mentioned came in only in the last couple of days. PenFed might be looking at this, but of course you will not know until and unless they actually announce.
It’s also noteworthy that this thing is a “win-win”. The financial institutions should be able to replace my CDs at a much lower interest cost to them.
What was the rate on your CDs?
I’d be surprised if they refused to let you break some of their 5% CDs from 2011. Continuing to pay 5% cannot be good for them in this rate environment so why would they not allow penalty-free withdrawal? Unless they hope that I’ll surrender 12 months of interest to make withdrawals anyway I guess.
Still gonna be a very very sad day in Feb 2021 when those cash cows mature…
This pertains to Freedom Credit Union only:
Tried this morning to do my very first movement of funds into my add-on CD there. Have had the CD for a while, just sitting there holding only the opening deposit of $500, along with a tiny amount of interest, but with no subsequent activity. This is a five year, 3.25% APY, CD.
In the past it was possible online, using the credit union’s website transfer feature, to select this CD and move funds into it straightaway. While I never actually moved funds in the past, I did check out the available transfer options offered by that feature and I know my CD was one of them.
So I moved funds yesterday into my Freedom CU savings via ACH. Those funds were there early this morning. I logged into my account and sought to transfer those funds into my CD. NO DICE!! The transfer option I had once seen was gone. There was no way, online, to accomplish what I needed to do.
Naturally I telephoned the credit union after they opened. The representative directed me to use the online transfer function. I went through it again with her on the line. Same result. She checked with her people, came back, and offered to move the funds for me while waiving the customary $3 fee. So, at least superficially, all good.
The concern I have is: could this be their preparation for pulling the add-on feature at some point in the future? There has been no notice as yet. But with just 30 days’ notice they can deep six that add-on feature. Need to watch this one very carefully.
Posted as information only, but probably will impact more people than my last post:
Be aware the Tampa, FL region has become a coronavirus “hotspot”. In posting this information I have in mind especially the many people who have CDs with GTE.
On a personal note:
So far the coronavirus has not hampered my ability, generally speaking, to do business with any number of financial institutions all across the USA. There is a single, glaring, exception:
Bellco Credit Union in Colorado is, at this point, all but unavailable.
Elsewhere wait times might be up a bit, but you can get done what needs doing.
shinobi, I had a similar situation this morning with Unify FCU. I had ACH transferred funds into checking & called to have the $$ moved to my add-on CD. The rep told me the add-on was no longer valid. I had her re-check & she came back & said she made a mistake & moved the funds into my CD.
As you said, we have to be vigilant & up to date on all our accounts.
Another thing, I transferred all but $200 out of Grow FCU. Poor little account. 
Yes, these add-on deposits must be very difficult for the financial institutions, especially now with the coronavirus having depressed business across the board.
While I sense the need for haste, I’m also relying on the 30 day notice requirement to save me if I don’t act with the required swiftness . . . in terms of moving funds in, I mean.
I have switched back to PurePoint in effort to get some help. It is because, at PurePoint, we do not have the strict funds movement limitations one encounters at Alliant. Previously my PurePoint account was all but dead: two bucks in there. That is not true now; not by a long shot!
It’s been well established here, repeatedly, that this is simply not true - even straight from your idol Ken’s keyboard. They cannot unilaterally change terms any more so than they can close your account and keep your money. It’d be much appreciated if you would cease referring to this non-existent rule as being some sort of rule.
Finding a place to stash Savings or Liquid funds in today’s climate is hard. I went back to check on PurePoint. Savings 1.50% with $10K balance is the rate today. Alliant 1.35%, outside of $10K, PurePoint looks best.
Sorry, old boy. It has already happened to me twice. The rule, and the ability of a financial institution to do this is well established . . . . provided they offer thirty days’ notice.
Really dislike spoiling your day. But other participants here need to hear the truth, and that is what I’m providing . . . again from my own experience . . . again twice. To wit:
USCU in Asheville, NC, in 2008
Valor in NEPA, roughly in 2014
It was the very same scenario both times. With money on the line, one does not forget that sort of stuff.
If you look at the excellent posts by zzz over on scripta’s liquid funds thread you will find better rates. I’m using PurePoint as I rearrange my CDs because:
I already have the account
The ACH transfers have been reliably speedy in the past
The transfer limits are what I need
The high $10,000 requirement is not a problem at this time
The “instant interest” feature make me serious money
I do worry that PurePoint can lower that interest rate at any time. Am watching them like a hawk.
Again, your anecdotes do not make a rule. In fact, as many anecdotes have been posted here showing exactly the opposite.
Actual regulations make the rules, and those have also been cited here numerous times. So if you claim to be providing the truth, you should make sure you provide the truth. Warn that banks may try to skirt their obligations - that’s certainly correct. But dont cite made up “rules”.