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Re: 6.25% CD ?
Old 01-24-2007, 04:52 PM   #81
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Re: 6.25% CD ?

Quote:
Originally Posted by Cute Fuzzy Bunny
Hmm...I mailed in my certificate forms yesterday. I wonder if their cut off is based on the date on the form (1/23), the postmark date (1/24) or when they receive it...which should be before 1/31, but no guarantees.

:P
It took them a little bit to get me all fixed up, but it happened!

Their records show they posted my 20k funds to the certificate on 1/9/07, and I got my first div pymnt of $43.28 posted 1/20/07. Woo Hoo.

Must be an oddity of my math or days calculation, but that seems to annualize to an effective APR of 7.187%, not 6.25%, but I'm sure it will all come out in the wash.

Safely put away, earning a decent return....

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Re: 6.25% CD ?
Old 01-24-2007, 06:31 PM   #82
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Re: 6.25% CD ?

Quote:
Originally Posted by Cute Fuzzy Bunny
Hmm...I mailed in my certificate forms yesterday. I wonder if their cut off is based on the date on the form (1/23), the postmark date (1/24) or when they receive it...which should be before 1/31, but no guarantees.

:P
Well they told me they must receive it by the 31st, so I am gonna spring for the $15 wire transfer fee from Fidelity to make sure I make the cutoff....going to the local Fido office on Friday.

Anybody know exactly what a signature guarantee is? The form says "a notary cannot provide a signature guarantee. It looks to me as if Fidelity wants to distance themselves from any liability if I do not complete the rollover.
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Re: 6.25% CD ?
Old 01-24-2007, 07:22 PM   #83
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Re: 6.25% CD ?

your local bank will "guarantee" your signature
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Re: 6.25% CD ?
Old 01-24-2007, 08:40 PM   #84
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Re: 6.25% CD ?

Perhaps...if you have an account with them and regular activity. Some banks wont do a medallion guarantee to a non-customer and some wont do it unless you're a long term account holder. Even with that, some will charge you a fee.

A medallion signature guarantee is a dinosaur, IMO. Its a financial community thing that assures your signature and implies that the guarantor will accept financial liability for the matter if it turns out that the signature was forged or not legally made in any way.

The funny part is, the one time I got a medallion guarantee, the guy who did them was in the vault counting atm receipts and didnt want to come out to do it as he'd have to start over (or something like that). So he had the teller bring him my ID and the forms, signed and stamped them in the vault without even seeing me, and sent them back out.

I already have the money in the funds there...just not the certificate purchase forms. Maybe I could have faxed those...not sure if they need the actual signed documents in hand.
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Re: 6.25% CD ?
Old 01-24-2007, 08:48 PM   #85
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Re: 6.25% CD ?

Quote:
Perhaps...if you have an account with them and regular activity
which is why i said "your" local bank ... seems there was another thread or two about the guarantee and about having a "your" local bank.
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Re: 6.25% CD ?
Old 01-25-2007, 12:34 PM   #86
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Re: 6.25% CD ?

Quote:
Originally Posted by d
your local bank will "guarantee" your signature
I've never had a "your local bank".
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Re: 6.25% CD ?
Old 01-25-2007, 12:54 PM   #87
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Re: 6.25% CD ?

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I've never had a "your local bank".
then i don't know where you might get a signature guarantee
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Re: 6.25% CD ?
Old 01-25-2007, 01:20 PM   #88
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Re: 6.25% CD ?

Another place to get a signature guaranty is at the local office of your broker, again, if you have one.

I wonder whether the medalion guaranties will go by the wayside. With identity theft, I understand why some financial institutions want the guaranty that your signature is yours. But as people move away from having relationships with banks and brokers, it will get harder to find someone to guaranty your signature.

I am hearing more stories about people getting into jams trying to prove who they are. My sister (who runs a treatment program in LA) was working with a guy who was in California and needed a copy of his birth certificate to get a driver's license. He was originally from Minnesota. Minnesota told him that he would need to present a picture ID or an affidavit swearing he is who he is to get the birth certificate. No picture ID. In California he could not get someone to notorize an affidavit for him because he had no driver's license or picture id. Stuck in never never land, unable to prove who he was.

Reminds me of Blank Reg, from the old Max Headroom show.

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Re: 6.25% CD ?
Old 01-25-2007, 02:06 PM   #89
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Re: 6.25% CD ?

Quote:
Originally Posted by Martha
I understand why some financial institutions want the guaranty that your signature is yours.
I need to have some docs notarized this week. While my right hand is in a cast. My wife learned to forge my signature pretty well, but I don't think that'll fly with a notary.
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Re: 6.25% CD ?
Old 01-25-2007, 02:08 PM   #90
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Re: 6.25% CD ?

Quote:
Originally Posted by d
then i don't know where you might get a signature guarantee
Me either, but I've avoided having to do so for over 46 years now and I'm trying to keep the streak alive...
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Re: 6.25% CD ?
Old 01-25-2007, 04:34 PM   #91
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Re: 6.25% CD ?

I mailed a check on 1/19 to be deposited in my share account. Called today to
buy the CD and was told the check had a 9 business day hold and funds would be
available 2/3. When I told her I wanted to buy a CD, she put me on hold and was
able to get the funds cleared. Got the CD! Rep. was very nice and helpful.

If I had sent a cashier's check or a money order, the funds would have been
available right away.
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Re: 6.25% CD ?
Old 01-25-2007, 04:37 PM   #92
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Re: 6.25% CD ?

Quote:
Originally Posted by skipper
8)

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Re: 6.25% CD ?
Old 01-25-2007, 10:13 PM   #93
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Re: 6.25% CD ?

Quote:
Originally Posted by Nords
I've never had a "your local bank".
Me neither, I used DCU in Maynard MA for the last 25 years while I've lived on the other side of the country most of that time.

Quote:
Originally Posted by d
then i don't know where you might get a signature guarantee
I borrowed my wifes local bank. She didnt mind.
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Re: 6.25% CD ?
Old 01-26-2007, 08:30 PM   #94
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Re: 6.25% CD ?

I am a little late to party, but how do all of you qualified for PenFed? Obviously you ex-military and ex-government can join, but I took Penfed do you qualify quiz and they told me sorry, you can't join.
How did the rest of you open an account?

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Re: 6.25% CD ?
Old 01-26-2007, 08:40 PM   #95
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Re: 6.25% CD ?

Quote:
Originally Posted by clifp
I am a little late to party, but how do all of you qualified for PenFed? Obviously you ex-military and ex-government can join, but I took Penfed do you qualify quiz and they told me sorry, you can't join.
How did the rest of you open an account?

Piece of cake... I will steal from my own post of a couple weeks ago - you can join NMFA and the CU all at the same time via credit card, on the Pen Fed site:

Quote:
1. Join NMFA? Check!
2. Join PenFed? Check!
3. Try to get info on CD and find how to fund my account (above the initial xfer)?

Hmmm... not so good there. Looking at website is not too informative, either; so, I'll have to call them Monday and see what I can do to get the account funded and then buy the 3 yr CD. Good rate! Beats the heck out of anything I see on Bankrate, which usually is a pretty good resource. Thanks for the tip.

[Edited to add]

Just got off the phone with Pen Fed and for me, looks like the easiest thing was just to print out the application form (from main menu) and I'll mail them a check and the form on Monday.
I printed out the app, then mailed it, then they sent me sig card, then I mailed that, too. Decidedly low tech, but it worked.

They funded the account I think around the 9th of Jan, and started paying dividends around 20 Jan.
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Re: 6.25% CD ?
Old 01-26-2007, 08:41 PM   #96
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Re: 6.25% CD ?


Forgot to add:

I printed out the app, then mailed it including my personal check for certificate and some for a share account, too, since I like using credit union share account. I think you had to include at least $5.00 for the share account to buy the CD.
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Re: 6.25% CD ?
Old 01-26-2007, 08:45 PM   #97
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Re: 6.25% CD ?

as DRiP Guy notes. many credit unions can be joined by first (or concurrently) joining an association of some sort ... usually involves a small one time fee. need to poke around the CUs website, or check fatwallet or bankdeals.
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Re: 6.25% CD ?
Old 01-28-2007, 11:10 PM   #98
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Re: 6.25% CD ?

I am still treading water to get this done. Fidelity wired funds to PenFed friday and when I checked saturday, the deposit was in the MM IRA....now I have to call PenFed to purchase certificate. I tried to do this online, but I don't think its possible........could that be right? I only saw option to purchase taxable CDs.

Anyway, it made me realize I NEVER OWNED A CD before! I was surprised that there were so many options for the interest, such as add to certificate, add to other account, etc. I guess I thought the principal and interest had to stay in the CD for the full term. Since I (will) have an IRA-CD, does the interest have to stay within the IRA? I realize if it is added to the MM-IRA, it earns a lower rate, but is it possible to take the interest as a taxable distribution w/o penalty?
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Re: 6.25% CD ?
Old 01-29-2007, 05:55 AM   #99
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Re: 6.25% CD ?

Welcome to the world of PENFED. A very good Credit Union with many, many, options on how to treat your money (almost every one of them good and to your benefit).

Regarding the IRA CD: You can have the "dividends" (although they are actually interest) added to the CD or placed in the IRA Share Account. You can also transfer them to any of your other accounts at PENFED, although unless you fully intend to withdraw them from the IRA you should not do this. If by mistake one does that they still have 60 days to get them back into a tax deferred account. If you leave them to be added to the CD you will get the APY of interest (currently 6.25%); if you transfer them to the IRA share account you will only get the APR of interest on the CD and the applicable rate for the IRA Share Account. It is possible, if otherwise qualified, to take the interest monthly as a taxable distribution WITHOUT penalty (something almost no other non-credit union will let you do).

If you are having problems getting money transfered (and 1/31/07 when the current rate is scheduled to expire is right around the corner) I would suggest you call them at the 1-800 number and ask for the IRA department. They should be able to help you get the money moved and answer any questions you may have.

Good luck.

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Re: 6.25% CD ?
Old 01-29-2007, 09:33 AM   #100
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Re: 6.25% CD ?

I was under the impression that cd's required a signed paper form to open, that they could not be done over the phone or online. Not sure if a fax is satisfactory. Anyone?
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