Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Ally Bank changing their CD early withdrawal penalty
Old 10-30-2013, 03:47 PM   #1
Thinks s/he gets paid by the post
 
Join Date: Jan 2011
Posts: 1,210
Ally Bank changing their CD early withdrawal penalty

Just got email from Ally. New CD's, as of 12/7/13, will have larger early withdrawal penalties:
3-Year CD loss of 90 days interest
4-Year CD loss of 120 days interest
5-Year CD loss of 150 days interest

They did reiterate that existing CD's are not affected.
__________________

__________________
mystang52 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-30-2013, 03:57 PM   #2
Thinks s/he gets paid by the post
Ready's Avatar
 
Join Date: Mar 2013
Location: Southern California
Posts: 1,829
That's too bad. The 60 day penalty was the main reason I always went with them. Time to shop around I guess.
__________________

__________________
Ready is offline   Reply With Quote
Old 10-30-2013, 05:33 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2004
Posts: 11,617
Quote:
Originally Posted by Ready View Post
That's too bad. The 60 day penalty was the main reason I always went with them. Time to shop around I guess.
Or, at least load up before mid-December.

Of course, what does 60 days additional interest penalty amount to at today's rates? Not much.

mystang52--thanks for the heads-up.
__________________
"Freedom begins when you tell Mrs. Grundy to go fly a kite." - R. Heinlein
samclem is online now   Reply With Quote
Old 10-30-2013, 05:43 PM   #4
Thinks s/he gets paid by the post
gauss's Avatar
 
Join Date: Aug 2011
Posts: 1,712
Thanks mystang52,

It is good to see that current CDs are grandfathered and that they gave advance notice before slamming the door close (ie implementing the new terms), giving us a chance to open a few more CDs if desired.

-gauss
__________________
gauss is offline   Reply With Quote
Old 10-30-2013, 05:56 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,451
Quote:
Originally Posted by samclem View Post
Or, at least load up before mid-December.

Of course, what does 60 days additional interest penalty amount to at today's rates? Not much.

mystang52--thanks for the heads-up.

I haven't yet bitten the bullet and opened a Ally account.

On a $10,000 1.3% 4 year raise your rate CD it is $21 additional in penalties. I still have 6 months before the first of 3.5% Penfed CD mature maybe rates will skyrocket in the next 6 months.
__________________
clifp is offline   Reply With Quote
Old 10-30-2013, 10:32 PM   #6
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 2,936
Just got reminded via a thread on bogleheads.org that the PenFed IRA CDs for us geezers
over 59.5 have no EWP for partial withdrawals (I think that means leaving 1K in the CD which is the minimum to open a CD).
__________________

__________________
kaneohe is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 07:25 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.