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12-03-2018, 05:26 AM
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#701
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Thinks s/he gets paid by the post
Join Date: Jun 2016
Posts: 1,955
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Quote:
Originally Posted by almost there
Have CD rates always been screwey like this? Places like ALLY offering basically the same 2.6-2.7% rate on a 12 mo as they do for a 2 or 3 year CD? And credit unions offering anywhere from 2.35% to 3.82% on a 5 yr. depending where you look? CIT 2.25% on a savings account, 2.5% on an 18 month and 1.7% on a 5 year CD? Also, some credit unions offer higher CD rates than brokered CD's?Just surprised.
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Interest rates are moving in response to the Fed raising rates.
There is nothing that says they have to move in a coordinated fashion.
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12-03-2018, 06:44 AM
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#702
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Full time employment: Posting here.
Join Date: Sep 2008
Posts: 999
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Within the same organization though?
__________________
"I couldn't wait for success, so I went ahead without it." Ret. 2013 @ 51.
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12-03-2018, 08:15 AM
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#703
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Thinks s/he gets paid by the post
Join Date: Mar 2004
Posts: 2,341
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Quote:
Originally Posted by jazz4cash
Ok, Thanks MJ. I finally found it buried in the scroll. Good eye! It does seem to conflict with the document I found but I agree you are good to go with your plan. I have one coming due also so this may be helpful to me.
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I just got off with PFCU IRA and I misunderstood their early partial withdrawal policy for those over 59 1/2. You can only do an EW without penalty if it is a partial distribution. You CANNOT do a partial direct transfer to another institution with incurring a EWP. The only option is to do a once a year indirect rollover without incurring an EWP. Again this is for a early withdrawal before maturity.
__________________
I look to the present moment because that's where I live my life.
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12-03-2018, 08:24 AM
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#704
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,666
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Looks like PenFed is getting more aggressive in anticipation of the mass exodus in the next 2 months.
3 Year up to 3.05% APY
5 Year up to 3.5% APY
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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12-03-2018, 08:41 AM
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#705
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Thinks s/he gets paid by the post
Join Date: Jun 2016
Posts: 1,955
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Quote:
Originally Posted by almost there
Within the same organization though?
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Absolutely. An institution will have different projections of their cash needs. With rates rising they might be inclined to bump their short term but not their long term rates or visc versa. The rates don't move in sync across an institutions maturity dates. Case in point is the common practice of having 3/6/9month CD rates lower than their savings account.
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12-03-2018, 08:53 AM
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#706
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Dryer sheet aficionado
Join Date: Sep 2012
Location: Clairemont
Posts: 33
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I just noticed some disturbing verbiage in the membership agreement for Mountain America Federal Credit Union:
"Common Features On All Accounts
Nature of Dividends. The Credit Union pays dividends from current income and available earnings, after required transfers to reserves at the end of the dividend period, thus dividends are not guaranteed. The Dividend Rate and Annual Percentage Yield set forth in the Schedule are prospective rates and yields the Credit Union anticipates paying for the applicable dividend period."
I did a quick Internet search and noticed this disclosure is not uncommon among credit unions. Has anyone else noticed this? Do you think the payment of dividends is insecure as it sounds?
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12-03-2018, 09:29 AM
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#707
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,266
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Quote:
Originally Posted by ShokWaveRider
Looks like PenFed is getting more aggressive in anticipation of the mass exodus in the next 2 months.
3 Year up to 3.05% APY
5 Year up to 3.5% APY
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Yeah, but there are lots of 3.5%+ CDs out there so unless someone wants to keep their money at Penfed I don't see 3.5% as stemming the tide at all.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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12-03-2018, 09:35 AM
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#708
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,666
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Quote:
Originally Posted by pb4uski
Yeah, but there are lots of 3.5%+ CDs out there so unless someone wants to keep their money at Penfed I don't see 3.5% as stemming the tide at all.
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Unless one is happy with PenFed. However I am tempted to move all our assets to Fidelity and consolidate.
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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12-03-2018, 09:37 AM
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#709
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,266
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+1 It isn't that I am unhappy with PenFed but if there is no significant economic benefit I would rather have things consolidated at Vanguard and Fidelity.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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12-03-2018, 09:38 AM
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#710
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Full time employment: Posting here.
Join Date: Sep 2008
Posts: 999
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Quote:
Originally Posted by CaptainO
I just noticed some disturbing verbiage in the membership agreement for Mountain America Federal Credit Union:
"Common Features On All Accounts
Nature of Dividends. The Credit Union pays dividends from current income and available earnings, after required transfers to reserves at the end of the dividend period, thus dividends are not guaranteed. The Dividend Rate and Annual Percentage Yield set forth in the Schedule are prospective rates and yields the Credit Union anticipates paying for the applicable dividend period."
I did a quick Internet search and noticed this disclosure is not uncommon among credit unions. Has anyone else noticed this? Do you think the payment of dividends is insecure as it sounds?
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My "Mountain America CU" CD's has paid its monthly div. like clockwork.
Used to have the absolute best 5 yr rates going. Just bumped the last of my one time bump 5y r CD's up to 3.51 a couple months ago. Would add more there, but am maxed out.
__________________
"I couldn't wait for success, so I went ahead without it." Ret. 2013 @ 51.
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12-03-2018, 09:44 AM
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#711
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,309
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Quote:
Originally Posted by CaptainO
I did a quick Internet search and noticed this disclosure is not uncommon among credit unions. Has anyone else noticed this? Do you think the payment of dividends is insecure as it sounds?
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Yes I’ve noticed it and no I don’t think it sounds insecure at all. There are resources to check the health of financial institutions like depositaccounts.com.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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12-03-2018, 09:44 AM
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#712
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,666
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Quote:
Originally Posted by pb4uski
+1 It isn't that I am unhappy with PenFed but if there is no significant economic benefit I would rather have things consolidated at Vanguard and Fidelity.
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I am considering the same with Fidelity, In fact I have started a new thread to try and get some sage advice.....
http://www.early-retirement.org/foru...ml#post2151085
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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12-03-2018, 12:32 PM
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#713
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Thinks s/he gets paid by the post
Join Date: Jul 2011
Location: The Bay Area
Posts: 2,736
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Quote:
Originally Posted by pb4uski
+1 It isn't that I am unhappy with PenFed but if there is no significant economic benefit I would rather have things consolidated at Vanguard and Fidelity.
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+2
Have been moving ladder rungs from PenFed to Fido for ~2 yrs now, and will roll last PenFed rung to Fido in Jan 2019. Will still maintain small PenFed share balance for membership purposes.
__________________
You may be whatever you resolve to be.
100% x 10% > 10% x 100%
Small pensions & SS cover essentials
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12-03-2018, 06:18 PM
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#714
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Thinks s/he gets paid by the post
Join Date: Mar 2004
Posts: 2,341
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PFCU's IRA certificates have a very liberal no penalty partial early withdrawal policy for those 59 1/2 and over, besides mandatory RMD, of course. Are there other banks/CUs with similar policies?
__________________
I look to the present moment because that's where I live my life.
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12-03-2018, 06:23 PM
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#715
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,309
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Consolidating at Fido looks more appealing since it is amazingly complicated to direct transfer IRA funds between institutions and rollovers are limited to one/12 months ( or is it one/ yr). I will probably keep the CU accounts I have but transition to Fido as opportunity presents. Fido has good online form filling tools to xfer funds.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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12-04-2018, 02:20 PM
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#716
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Recycles dryer sheets
Join Date: Nov 2013
Posts: 238
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Thoughts on Navy Federal Credit Union 40 month 3.5% IRA CD? I'm retired and fixed income Cds are majority of income. Better than my past 3% Pen Fed cds. Have more $$$ to hold for possible upcoming higher rates as well.
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12-04-2018, 02:24 PM
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#717
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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Quote:
Originally Posted by Debinnov a
Thoughts on Navy Federal Credit Union 40 month 3.5% IRA CD?
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Been eyeing those myself as a new home for my PenFed IRA CDs. I'm not a NFCU member (yet) but I've not heard any negative feedback on them.
__________________
Numbers is hard
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12-04-2018, 04:14 PM
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#718
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Recycles dryer sheets
Join Date: Nov 2013
Posts: 238
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My mistake, the Navy Fed IRA CD is 40 months 3.75% and may be an add on, and has $150k cap.
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Best CD & MM Rates Thread 2018 - 2019 - Please Post Updates Here
12-04-2018, 04:36 PM
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#719
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,309
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Best CD & MM Rates Thread 2018 - 2019 - Please Post Updates Here
The NFCU 40 month @ 3.75 apy does allow additional deposits. It only requires $50 to open the CD. I always open these add-on CDs just to reserve the option to load them up as other CDs mature. I don’t expect this will be around long.
Edit: Thanks for the tip. I was looking yesterday and this was not posted.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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12-04-2018, 04:45 PM
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#720
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Full time employment: Posting here.
Join Date: Nov 2015
Posts: 685
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Quote:
Originally Posted by jazz4cash
The NFCU 40 month @ 3.75 apy does allow additional deposits. It only requires $50 to open the CD. I always open these add-on CDs just to reserve the option to load them up as other CDs mature. I don’t expect this will be around long.
Edit: Thanks for the tip. I was looking yesterday and this was not posted.
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How long do you have to add on?
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