6.25% CD ?

[OAG]

I have purchased them on line for about 10 to 15 years with a couple of CU, one of which has been Pentagon FCU.

[simple girl]

Quote:

Originally Posted by Cute Fuzzy Bunny 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?

I called last week and arranged everything over the phone. I was told I was all set up and should see everything in order sometime in the middle of this week.

They never asked me to sign anything...hopefully this will all go through ok.

[cute fuzzy bunny]

No KIDDING...huh...my old credit union said they needed a signed form as it was equivalent to opening a new account with them.

So I sat at my kitchen table and filled out ten of the frickin things for nothing...nice... :P

Well, you live and learn.

[d]

Pentagon will mail you the paperwork (after the account is opened), to be signed and returned.

[Nords]

Quote:

Originally Posted by Cute Fuzzy Bunny 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?

Quote:

Originally Posted by Cute Fuzzy Bunny No KIDDING...huh...my old credit union said they needed a signed form as it was equivalent to opening a new account with them. So I sat at my kitchen table and filled out ten of the frickin things for nothing...nice... :P Well, you live and learn.

You haven't learned for nothing!

I signed up on PenFed's website last Monday 22 Jan. On Saturday the paperwork arrived, dated 22 Jan, for me to write (on NCR paper) most of what I'd typed into the website last Monday. Then I signed it and the postage-paid envelope is going back to Alexandria, VA today. On his way to the airport, our mail carrier will drive by PenFed's Fort Schafter branch office.

I don't know if all PenFeds are on military bases but you might be able to find one near you.

[cute fuzzy bunny]

All good info. Seems to be a slow process for me to get the general account opened and accessible. After doing the "online signup!" they sent me a bunch of paperwork to fill out and return (gee, I could have done that up front), then when I called to see if they had funded the account from the check I had included, they had put a "stop" on the account until they asked me a bunch of questions (all of which I answered on the online and written app), then had to have a supervisor approve removing the "stop". Then told me to call later to get my PIN as it would take a few hours to clear the system. When I called the next day, they told me they were required to mail the pin to me and couldnt give it to me over the phone. I'm still waiting...

So I never thought to inquire about easier ways to buy the cd's...

I see nords and I cross posted and had similar experiences.

Hadnt thought about the branch access. Maybe I can wander over to Beale AFB across town and see if they have a branch and will let me in. Last time I drove down their access road they hit my car with a targeting laser about a half mile from the gate. That wasnt terribly enticing.

[d]

i must have been doing things the wrong way ... my experience with them has always been quite easy (and timely).

[REWahoo]

Quote:

Originally Posted by Cute Fuzzy Bunny Maybe I can wander over to Beale AFB across town and see if they have a branch and will let me in. Last time I drove down their access road they hit my car with a targeting laser about a half mile from the gate. That wasnt terribly enticing.

OK, which one of you guys reading the board works at Beale?

[Nords]

Quote:

Originally Posted by Cute Fuzzy Bunny ... then when I called to see if they had funded the account from the check I had included, they had put a "stop" on the account until they asked me a bunch of questions (all of which I answered on the online and written app), then had to have a supervisor approve removing the "stop". Then told me to call later to get my PIN as it would take a few hours to clear the system. When I called the next day, they told me they were required to mail the pin to me and couldnt give it to me over the phone. I'm still waiting...

They must know that you're related to Navy veterans.

Another possibility-- all my transactions have been increments of less than $10K. I've EFT'd from both Fidelity and NFCU with no trouble. Maybe above that point there's a "know your customer" tripwire.

Quote:

Originally Posted by Cute Fuzzy Bunny Last time I drove down their access road they hit my car with a targeting laser about a half mile from the gate. That wasnt terribly enticing.

Quote:

Originally Posted by REWahoo! OK, which one of you guys reading the board works at Beale?

"Damn, here comes more o' them there ROE training sessions again. Everyone knows you don't need no targeting lasers for a Ford SUV. When do we get our ammo back, boss?"

Must've been a side lobe. Yeah, sure, that's it!

[cute fuzzy bunny]

That might explain it. My transactions were a lot more than 10k.

[Nords]

Quote:

Originally Posted by Cute Fuzzy Bunny That might explain it. My transactions were a lot more than 10k.

I like that PenFed has much lower minimums than NFCU's CDs for the same APY.

I stay below $10K in case we need to break into them for spending cash. If that ever happens during a bear market then I'm much more likely to need less than $10K than I am to need more than NFCU's $20K.

[wabmester]

I have funded all of my penfed cd's online or over the phone. They always send paperwork to you after the cd is funded. You only need to send it back if you're changing the form of ownership from your initial choice. E.g., I send them paperwork for all of our jointly held cds since they can only be opened with individual ownership online.

[cute fuzzy bunny]

Quote:

Originally Posted by Nords I like that PenFed has much lower minimums than NFCU's CDs for the same APY. I stay below $10K in case we need to break into them for spending cash. If that ever happens during a bear market then I'm much more likely to need less than $10K than I am to need more than NFCU's $20K.

I did the same thing, only my lumps were larger. Since we keep a 25k buffer in the money market account, we'd need to fly through that before I'd break one of the cd's. Something tells me if I need 35k+ all of a sudden, how much interest I'd lose wouldnt be my biggest problem.

I even bought one seven year one, replete with its one year loss of interest on early cash-in. Heck, might turn out to be a pretty good rate 5-7 years from now. And again, if I fly through six figures in cash equivalents all of a sudden and unexpectedly, that one years interest wont likely be my biggest concern.

Considering cd rates havent been this decent since around 2000, 1994-5 before that and 1989-90 before that...might be a long wait to get them this good again.

[Nords]

Quote:

Originally Posted by Cute Fuzzy Bunny Heck, might turn out to be a pretty good rate 5-7 years from now. Considering cd rates havent been this decent since around 2000, 1994-5 before that and 1989-90 before that...might be a long wait to get them this good again.

Sure hope so.

[OAG]

During March March of 2004 year I made 3 over $25K CD purchases (for DW) AND established DW account at PFCU on-line with no problems. Must be the status of the Moon as to if everything is easy or hard at PFCU.

[cute fuzzy bunny]

Well I dont officially have online account access yet, which is quite possibly the core problem. My old CU didnt let you buy online or over the phone, so I never thought to ask.

Another dumb question someone might know the answer to, since my CU diversity expertise is limited. Can you create an EFT between a vanguard account and the plain old share account at penfed without having a checking acct at penfed? I just plugged in my old CU's routing/acct #'s into vanguard and off she went, but will I have such a critter with penfed? Dang, every time I see or write 'penfed' I think "federal penitentiary", which is probably not too far from popular opinion.

[wabmester]

You should be able to do an EFT to/from any institution with a routing number and account number. I think penfed gives everybody a check book that has a regular share account, don't they?

[OAG]

Not sure if this is the information you wanted but, once you have on line access you can transfer FROM another institution to PFCU. All you need is the ABA and your Account number at the losing institution. You do not need a Checking Account there at all the Share Account can be the receiving Account along with a PFCU MMA (if you set one up). Once you make the entry to transfer funds you can directly make use of those funds for CD or Checking (if you have established or want the checking account). Additionally, they have another function that is available on line called Home Base (which you must establish with PFCU) where you can put a Check or Checks (including 3d party ones) in an envelope, make an on-line entry for each check or checks, get a "reference number", add that number to the envelope and drop it in the mail AND immediately make use of the funds within your PFCU accounts -- The envelope, with the check(s) must arrive there within 8 days or they back them out. (I think there is a $2,000 daily limit on this Home Base thing). And no I do not work for PFCU nor have I ever worked for them just a customer for about 31 years.

[cute fuzzy bunny]

Ah, so I can push and possibly pull. Good enough.

[cute fuzzy bunny]

One small piece of data...a new account holder (less than six months) may only open one cd of up to 10k over the phone. Not one per call, but one cd in the six month period.

A new account holder that is not in or retired military has to get their pin in the mail. Cant do any transactions online until you have the pin.

Dang phone rang busy for half an hour until I got through and did the 15 minute wait on hold.

And they still havent received and processed my certificate order...