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Old 10-06-2016, 12:23 PM   #81
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I would call them and send a letter so they will not do auto reload
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Old 10-06-2016, 12:51 PM   #82
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I would call them and send a letter so they will not do auto reload
They will do auto reload - that's already a given. You have time after that to redeem from the new CD.
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Old 10-06-2016, 01:37 PM   #83
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Any hints for redeeming Synchrony Bank CDs at maturity?

From their documentation, Synchrony Bank CDs automatically renew at maturity (you can't set up any other options in advance), and you have 10 days of grace period (from that renewal time) to redeem the CD without penalty.

But there is no explanation of the process to go through - do you have notify in writing? Can you call? How tricky is it?

Yes, I'll call customer service when it gets close to maturity time to make sure. I just wondered if anyone had already dealt with this and how easy it was.
audreyh1.........yes, pls talk to customer service to confirm. I had 2 12mos.
CDs mature some months ago . I don't recall the exact details but it was painless and didn't leave any scars so I think it was just a phone call w/ no paperwork involved.
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Old 10-06-2016, 01:50 PM   #84
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audreyh1.........yes, pls talk to customer service to confirm. I had 2 12mos.
CDs mature some months ago . I don't recall the exact details but it was painless and didn't leave any scars so I think it was just a phone call w/ no paperwork involved.
Good, thanks, that was what I was hoping. I don't need to deal with it until 1/15/17. I was hoping it was a fairly standard thing easily handled over the phone. They must have to deal with customers calling about maturing CDs all the time.
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Old 10-06-2016, 06:18 PM   #85
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Good, thanks, that was what I was hoping. I don't need to deal with it until 1/15/17. I was hoping it was a fairly standard thing easily handled over the phone. They must have to deal with customers calling about maturing CDs all the time.

I looked around and it does seem like some places have one path with a narrow 10 day grace period to avoid auto renewal (e.g. you can't modify before maturity or after the grace period and you have to call them with a verbal instruction). I'll avoid these places unless the rates are super attractive. Thanks for the heads up. I thought the online shops would be more liberal.


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Old 10-06-2016, 06:21 PM   #86
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I looked around and it does seem like some places have one path with a narrow 10 day grace period to avoid auto renewal (e.g. you can't modify before maturity or after the grace period and you have to call them with a verbal instruction). I'll avoid these places unless the rates are super attractive. Thanks for the heads up. I thought the online shops would be more liberal.


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The Synchrony rates have been at the top of the best.
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Old 10-06-2016, 07:46 PM   #87
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The Synchrony rates have been at the top of the best.

They're ok but not super attractive.


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Old 10-06-2016, 09:37 PM   #88
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Can a credit union refuse or otherwise stonewall someone into a renewal instead of a redemption on a maturing CD? Are there any consequences for the credit union & is there any recourse for the member when the member lives out of state & can't go to a branch in person?
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Old 10-07-2016, 07:26 AM   #89
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Can a credit union refuse or otherwise stonewall someone into a renewal instead of a redemption on a maturing CD? Are there any consequences for the credit union & is there any recourse for the member when the member lives out of state & can't go to a branch in person?
I doubt that they would do this on purpose but I can see things slipping through the crack. One possibility to have more control in your own hands for a taxable account..........have a checkwriting account (either checking or money market) to dump the CD into upon maturity. Ask them to transfer the funds into that account on day 1 of that 10 day window and follow up to make sure it gets done. Then write a check or do ACH transfer to get the funds out. You'd have to worry about any requirements to keep that other account fee free and order the checks or set up ACH ahead of time.
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Old 10-07-2016, 08:20 AM   #90
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The credit union will send you a maturity notice. And you can select from 5 different options. Renew at the same term. Redeem. redeem & transfer. Split the money up & transfer. Purchase for a new term. I was mostly asking if anyone experienced a credit union that seemed to try to wear you down so you just let the cd renew & stay there. Don't credit unions like banks have capital requirments? Isn't a bank or credit union more likely to be motivated to maintain deposits than to send out checks?
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Old 10-07-2016, 08:44 AM   #91
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Just when you think you think it's gross incompetence it's actually a planned strategy.
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Old 10-07-2016, 09:06 AM   #92
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The credit union will send you a maturity notice. And you can select from 5 different options. Renew at the same term. Redeem. redeem & transfer. Split the money up & transfer. Purchase for a new term. I was mostly asking if anyone experienced a credit union that seemed to try to wear you down so you just let the cd renew & stay there. Don't credit unions like banks have capital requirments? Isn't a bank or credit union more likely to be motivated to maintain deposits than to send out checks?
I don't think you can make any blanket assumptions. Like every business some credit unions are much better at supporting customers than others. Also many places are inefficient, understaffed, etc. (which is what drives some of us to seek ER). Just think about the fact that someone has to actually do something to send you a check vs. auto-renew. As I mentioned above, some places make it more difficult to do anything other than auto-renew and I plan to avoid those places.

Clearly you are unhappy and you should call them to ask if they can resolve your issue if you have not already.

I've noticed some places have a 10 day grace period while others are 21 or 30 days. You can change the maturity instructions anytime during the grace period. Do you know what the grace period is for this credit union?

Since you seem to be uncomfortable with the way your issue is being handled, it might be better to just move on to another bank or credit union. If the CD recently renewed, the penalty for early withdrawal if the grace period has expired should not be significant.
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Old 10-07-2016, 09:17 AM   #93
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Yeah its amazing how badly a business can be run & yet survive in the US.
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Old 11-15-2016, 06:04 AM   #94
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Penfed has some specials but they don't look all that great to me.........

1.21/1.31/1.41 for 12/15/36 mos.

Andrews FCU is having a Black Friday Promo til 11/30/16 with various special offers. It looks like they are extending the 3% for 84 mo CD special to non-IRA accounts.

https://www.andrewsfcu.org/whats-new/promotions.html
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Old 11-15-2016, 06:48 AM   #95
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Penfed has some specials but they don't look all that great to me.........

1.21/1.31/1.41 for 12/15/36 mos.

Andrews FCU is having a Black Friday Promo til 11/30/16 with various special offers. It looks like they are extending the 3% for 84 mo CD special to non-IRA accounts.

https://www.andrewsfcu.org/whats-new/promotions.html

I noticed they're compounded and credited quarterly which takes some of the shine off the higher rates.
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Old 11-15-2016, 07:57 AM   #96
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Good point. Andrews compounds quarterly. Penfed compounds monthly. I always focus on apy and the diff due to compounding isnt that much.
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Old 11-15-2016, 10:01 AM   #97
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Andrews FCU is having a Black Friday Promo til 11/30/16 with various special offers. It looks like they are extending the 3% for 84 mo CD special to non-IRA accounts.

https://www.andrewsfcu.org/whats-new/promotions.html
Thanks for posting this. I think 3% is an excellent rate given only a 6 month early withdrawal penalty. I am going to pursue opening up an account.
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Old 11-15-2016, 04:02 PM   #98
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The rates at Penfed are actually
1.21/1.31/1.46/1.61 for 12/15/24/36 mos
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Old 11-18-2016, 05:41 PM   #99
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Andrews FCU is having a Black Friday Promo til 11/30/16 with various special offers. It looks like they are extending the 3% for 84 mo CD special to non-IRA accounts.

https://www.andrewsfcu.org/whats-new/promotions.html
I just successfully opened and funded some Andrews FCU CD's. Thanks again, jazz4cash for posting this was available.

I opened a 3.01% 84 month CD (non-IRA) with only 6 month withdrawal penalty. If figure that if rates go up to 4% in a year, I can always withdraw and create new CDs.

I also opened a 3.01% 3 month CD (for cash I will need in 3 months).

You can qualify for membership to the CU by paying $5 and joining ACC. All in all it was an easy process and good service when talking to them on the phone.
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Old 11-18-2016, 07:16 PM   #100
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Oh darn we could have each gotten $50 on the refer a friend promo! I joined AFCU in August on a tip from a poster on this
forum as well.
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