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11-16-2006, 08:15 AM
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#1
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Recycles dryer sheets
Join Date: Oct 2003
Posts: 452
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CDs at Countrywide
Warning: I've had my fill of Countrywide. Although they offer great CD rates, when it's time to collect your money after a CD matures, they won't give you the money immediately; they make you wait at least a week till they send the check.
Of course, waiting for the money means you can't earn on it, effectively lowering the real interest rate, and it means they have an extra week to earn for themselves.
I see no reason why they can't cut a check upon maturity and hand it over immediately. My CU puts monies right back into my account at maturity; I don't have to show up to direct them to do something.
Anyone else feel the same way?
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11-16-2006, 08:23 AM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Re: CDs at Countrywide
Well, Countrywide has had issues in the past year or so............
Maybe they think you'll "forget", and then they can roll you into a much lower yielding CD after 10 days.........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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11-16-2006, 08:37 AM
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#3
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Confused about dryer sheets
Join Date: Sep 2006
Posts: 9
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Re: CDs at Countrywide
My mortgage was sold to them, and I have not been happy with their customer service. Plus they call me all the time trying to sell me a HELOC and other products.....
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11-16-2006, 08:45 AM
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#4
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Recycles dryer sheets
Join Date: Oct 2003
Posts: 452
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Re: CDs at Countrywide
when you purchase a CD from them, they Fed-Ex immediately.
But when it matures they mail you your money snail-mail.
.
I suppose the fine print in the contract says that you will get your money back a week or so later, but they don't tell you that when you buy at their office.
And who reads the fine print completely at the office, they give it to you after the transaction has been completed and most will take it home to read later.
.
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11-16-2006, 08:53 AM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Re: CDs at Countrywide
I'm thinking float is the reason..........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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11-16-2006, 10:18 AM
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#6
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Recycles dryer sheets
Join Date: Nov 2005
Posts: 355
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Re: CDs at Countrywide
Had a problem at my CU with a HELOC check on an out of state bank (biggest bank here but headquarters is in Ohio), the CU staff agreed that the check was good, but couldn't credit my account for 10 working days/two weeks. Now there is some float.
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11-16-2006, 11:57 AM
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#7
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Dryer sheet wannabe
Join Date: Mar 2006
Posts: 23
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Re: CDs at Countrywide
Funny you should post this now as i am currently having issues with them too.
My CD with them matured two weeks ago. I refused to pay over $10 for an electronic bank transfer and so agreed to wait for a snail mail check. It STILL has not arrived. After I called them to say that it hadn't turned up, they sent me a replacement check affadavit form. Now I have to get this notified at a bank before I can return it to them and have them re-issue the check. Funny though -- when I called to say the check had not turned up in the mail, the guy on the phone didn't seem at all surprised (and the amount is over $80k!). Maybe it's just paranoia, but I began to wonder if this was a delaying tactic and that they had never sent it to me in the first place.
theronware
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11-16-2006, 12:09 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Posts: 2,670
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Re: CDs at Countrywide
I've got a Countrywide CD that's maturing tomorrow (Nov 17). I sent in my request last month to receive a check. Let's see what happens.
__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
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11-16-2006, 12:59 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 4,172
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Re: CDs at Countrywide
I thought the going in was bad losing 1 nights' interest on a live bank check made out to me and possibly more if the Fedex shipment got lost so I resolved only to deposit personal checks from then on. That little sting got me concerned about the coming out process so I asked the CSR about that. They suggested that 6-8 wks before maturity, you open a money market account. That would allow enough time to get the checks.
You needed something like $1500 min balance but the yield was actually fairly decent at the time. Then you could move the CD proceeds to money market, write a personal check to empty the account immediately, and not have to endure the uncertainty of when the CD proceeds would get to you. Have not done it yet because CD not yet mature but sounded good at the time.
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11-17-2006, 02:06 AM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2005
Posts: 6,115
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Re: CDs at Countrywide
i like buying my cd's thru fidelity, they day they mature they are put in my core account.
i may give up a fraction compared to the highest yiekding but noooo headaches and i can even sell before maturity with no penalty
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11-17-2006, 02:12 AM
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#11
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Recycles dryer sheets
Join Date: Apr 2004
Posts: 159
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Re: CDs at Countrywide
No penalty?
What are the requirements for you to get this kind of service?
I know Fidelity is good & I've been with them for years with my Optional Retirement Plan and a Tax Sheltered Annuity, but I have always had to pay them for moving in and out of funds. Your news about CDs is almost to good to be true.
Professor
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11-17-2006, 03:19 AM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2005
Posts: 6,115
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Re: CDs at Countrywide
just have a fidelity account and you can buy cd's. of course there may be a slight adjustment on the price you get if you sell early but thats only if rates changed. you can even get a little more if rates dropped. there is no penalty
the convience of doing it thru my brokerage account is worthwhile.
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11-17-2006, 03:22 AM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2005
Posts: 6,115
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Re: CDs at Countrywide
Quote:
Originally Posted by Professor
No penalty?
What are the requirements for you to get this kind of service?
I know Fidelity is good & I've been with them for years with my Optional Retirement Plan and a Tax Sheltered Annuity, but I have always had to pay them for moving in and out of funds. Your news about CDs is almost to good to be true.
Professor
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fidelity funds are no load so those fees are levied probley by the administrator of your plan.
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11-20-2006, 01:02 PM
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#14
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Posts: 2,670
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Re: CDs at Countrywide
Quote:
Originally Posted by retire@40
I've got a Countrywide CD that's maturing tomorrow (Nov 17). I sent in my request last month to receive a check. Let's see what happens.
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In my mail today (Nov 20) is the check from Countrywide.
No Countrywide complaints from me.
__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
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