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CD's at Pentagon and Justice
Old 03-25-2007, 09:14 PM   #1
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CD's at Pentagon and Justice

Recently we had threads telling about 6%+ rates at Justice FCU and Pentagon FCU. Looking on their websites, I couldn't find anything like that today. Are the good rates gone or am I missing something?
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Re: CD's at Pentagon and Justice
Old 03-25-2007, 09:19 PM   #2
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Re: CD's at Pentagon and Justice

Not missing a thing. Penfed's ended 1-31 and Justice ended quick too.
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Re: CD's at Pentagon and Justice
Old 03-25-2007, 09:35 PM   #3
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Re: CD's at Pentagon and Justice

Penfed still has a 7 year CD that yields 6%. I believe it ends 3/31.
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Re: CD's at Pentagon and Justice
Old 03-25-2007, 10:06 PM   #4
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Re: CD's at Pentagon and Justice

http://bankdeals.blogspot.com/

This site has a listing of all the delas out there for CD's and Money Markets.

-h
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Re: CD's at Pentagon and Justice
Old 03-26-2007, 08:17 AM   #5
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Re: CD's at Pentagon and Justice

penfed has in recent years offered their best rates in dec/jan ... don't know if they'll continue that pattern, but perhaps ...

it's also worth noting that there is no early withdrawal penalty at penfed if it's ira $, and you're over 59.5 ... so if/when rates rise you can just turn-in the cd for one with the higher rate.
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Re: CD's at Pentagon and Justice
Old 03-26-2007, 11:53 AM   #6
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Re: CD's at Pentagon and Justice

Quote:
Originally Posted by d
...
it's also worth noting that there is no early withdrawal penalty at penfed if it's ira $, and you're over 59.5 ... so if/when rates rise you can just turn-in the cd for one with the higher rate.
This sounds almost too good to be true for us 59+ people. Lock in 6% APY even if rates go down, trade the IRA CD if rates go up. Why doesn't everyone on this Board with a CD, have it at penfed?

Well, I did notice that bankrates.com gives them only a 3 star and #3 rating for financial strength, how significant is that?

Any idea how long this offer will last, Gail thinks it ends 3-31. I don't like to rush my financial decisions, but it's close to the end of the month.
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Re: CD's at Pentagon and Justice
Old 03-26-2007, 12:49 PM   #7
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Re: CD's at Pentagon and Justice

I have all my CD's for IRA at PENFED. When rates were 6.25% a short time back I just called and asked to get the rate raised on all them and they did it with no hassle whatsoever. They also will just pull money out of a CD to get the RMD amount (or a higher amount, if you want it) without any penalty or causing the remainder to go to a lower rate CD.

I notice Bank Rate did drop them to 3 star; they were higher in the past. But what difference does that make since you are NCUA insured for up to 250K in a IRA? Besides I have been a member of PENFED for over 30 years and never had a problem with them at all.

BTW the current rate expires on 3/28/07 not 3/31/07. Last month they just kept the same rate on the renewal date; don't have any idea on what they will do this time but Navy FCU is still at 6%.

Cannot respond reference Justice CU; looked at them but decided to not to try to open an account there.

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Re: CD's at Pentagon and Justice
Old 03-26-2007, 01:03 PM   #8
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Re: CD's at Pentagon and Justice

Quote:
This sounds almost too good to be true for us 59+ people. Lock in 6% APY even if rates go down, trade the IRA CD if rates go up.
yes, but it is both too good and true
Quote:
bankrates.com gives them only a 3 star and #3 rating for financial strength, how significant is that?
3star is "okay" ... i think penfed is the largest, or near largest, c.u. in the u.s. ... plus, given NCUA insurance, i'd not worry about it.
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Re: CD's at Pentagon and Justice
Old 03-26-2007, 06:41 PM   #9
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Re: CD's at Pentagon and Justice

Quote:
Originally Posted by d
...
3star is "okay" ... i think penfed is the largest, or near largest, c.u. in the u.s. ... plus, given NCUA insurance, i'd not worry about it.
I once worked for the largest airline in the world, and our pensions were insured by an agency of the U.S. government. You know what happend to the airline, and I'm getting 24% of my promised pension. Pardon me if I'm a little touchy about that sort of thing.
But I did an on-line membership of penfed today, if I go through with this then I'll need to wire transfer the money from my current IRA to my penfed savings tomorrow. They promise to give me the current rate even if it takes another day to get the penfed IRA paperwork completed. The custodian of my current IRA says they can't do an IRA to IRA wire transfer, it must go into a different type of account at the receiving end. That gives me 30 (?) days to get it into the penfed IRA without paying income tax. Does this make sense?

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Re: CD's at Pentagon and Justice
Old 03-26-2007, 06:46 PM   #10
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Re: CD's at Pentagon and Justice

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Originally Posted by Gearhead Jim
I once worked for the largest airline in the world, and our pensions were insured by an agency of the U.S. government. You know what happend to the airline, and I'm getting 24% of my promised pension. Pardon me if I'm a little touchy about that sort of thing.
I don't understand why the U.S does not go after your former Airline execs and get the $$$. And if they don't have the money to fund your pension they should be locked up for the rest of their lives! This pisses me off more than any crime I can think of! YES ANY CRIME!
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Re: CD's at Pentagon and Justice
Old 03-26-2007, 06:58 PM   #11
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Re: CD's at Pentagon and Justice

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Originally Posted by Cut-Throat
I don't understand why the U.S does not go after your former Airline execs and get the $$$. And if they don't have the money to fund your pension they should be locked up for the rest of their lives! This pisses me off more than any crime I can think of! YES ANY CRIME!
Unless extreme stupidity is a crime, the group (~1999-2002) that made bankrupty inevitable don't belong in jail, they belong in a home for the retarded. And they had plenty of help from our greedy and shortsighted unions. The current leadership are scoundrels but they did keep the company alive for the current workers, at least those workers who want to continue working 25% harder for 50% less pay.
For me, the good deal was that my defined contrib plan was undamaged, and some of us got big stock payoffs after they came out of Ch 11, that made up for much of the lost pension. No thanks to the PBGC, of course. And our union tried to screw us retired guys out of that part too, so they don't get any applause from me.
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Re: CD's at Pentagon and Justice
Old 03-26-2007, 07:01 PM   #12
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Re: CD's at Pentagon and Justice

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Originally Posted by Gearhead Jim
Unless extreme stupidity is a crime, the group (~1999-2002) that made bankrupty inevitable don't belong in jail, they belong in a home for the retarded.
Yeah, but I'm guessing that they have a more plush retirement than you do and a higher net worth as well. They are not as stupid as they look!
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Re: CD's at Pentagon and Justice
Old 03-27-2007, 05:00 AM   #13
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Re: CD's at Pentagon and Justice

Gearhead Jim: You actually have 60 days to make the transfer according to the IRS without penalty or tax on the funds. You need to have them make a Custodian to Custodian transfer to make things easier. They could send you a check and then you could send it to Pentagon -- and you have the same 60 days.
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Re: CD's at Pentagon and Justice
Old 03-27-2007, 08:32 AM   #14
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Re: CD's at Pentagon and Justice

Thanks for the info, that's what I thought. The problem with penfed is that the money must be in my account on or before March 28, so mailing a check won't work. I just don't understand why my current IRA custodian can do a wire transfer to my new savings account at penfed, but not to a new IRA there. Any explanation?
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Re: CD's at Pentagon and Justice
Old 03-27-2007, 09:10 AM   #15
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Re: CD's at Pentagon and Justice

I do not know why they do not make wires between custodians. I ran into EVERY time a CD at another CU matures and I want to move the funds to Pentagon. They all seem to do it -- My guess is that they want to make it a little difficult and then maybe next time you will say the h*ll with it and leave the funds there. Keep your fingers crossed that the day after tomorrow Pentagon will keep at least the 6% rate. If they do it will simplify the matter.
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Re: CD's at Pentagon and Justice
Old 03-28-2007, 02:23 PM   #16
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Re: CD's at Pentagon and Justice

Quote:
Originally Posted by OAG
...
Cannot respond reference Justice CU; looked at them but decided to not to try to open an account there.

OAG
Did you see problems at Justice, or simply no advantage over Penfed?
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Re: CD's at Pentagon and Justice
Old 03-29-2007, 05:33 AM   #17
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Re: CD's at Pentagon and Justice

Gearhead: No I did not see any problems with Justice, just the fact that I believe they were in CA (now that I have thought about that, it should have not made any difference) but otherwise I have 1 Bank and 3 other Credit Unions I use and I did not see a real reason to expand the list.

BTW new rates at Pentagon posted this morning; 3, 4, 5, and 7 year CD's are now all at 5.5% APY until 4/29/07. So they did drop the 7 year CD down from 6% APY.
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Re: CD's at Pentagon and Justice
Old 03-29-2007, 08:34 AM   #18
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Re: CD's at Pentagon and Justice

Thanks to you folks, it looks like I got mine at 6% for 7 years.
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