Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Old 01-23-2014, 11:37 AM   #241
Thinks s/he gets paid by the post
 
Join Date: Jul 2013
Posts: 1,046
Doh to me! poor reading comprehension! Thank you REWahoo!
dvalley 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 01-23-2014, 11:59 AM   #242
Thinks s/he gets paid by the post
 
Join Date: Jul 2010
Location: Chicago
Posts: 1,008
Quote:
Originally Posted by dvalley View Post
Stupid question but can anyone open a PenFed account or do you have to be in active/retired service?
If you ever donated blood to the American Red Cross, you're qualified too. I almost missed this option myself.

Select "I belong to the following association or organization".
Dimsumkid is offline   Reply With Quote
Old 01-23-2014, 01:05 PM   #243
Thinks s/he gets paid by the post
 
Join Date: Jul 2013
Posts: 1,046
Quote:
Originally Posted by Dimsumkid View Post
If you ever donated blood to the American Red Cross, you're qualified too. I almost missed this option myself.

Select "I belong to the following association or organization".
I read 'I belong to the following association' as if I was employed by it. Are you sure it's ok to select Red Cross (yes I've donated blood through RC)? Thanks
dvalley is offline   Reply With Quote
Old 01-23-2014, 01:27 PM   #244
Thinks s/he gets paid by the post
 
Join Date: Jul 2010
Location: Chicago
Posts: 1,008
Quote:
Originally Posted by dvalley View Post
I read 'I belong to the following association' as if I was employed by it. Are you sure it's ok to select Red Cross (yes I've donated blood through RC)? Thanks
Yes, this is how I joined last month. I called and talked to a rep about it to make sure I qualified. They don't really check and I can't find my card, but my DW still has her card.

They even mentioned to use "I am an employee of a qualifying organization " if you actually worked for American Red Cross.
Dimsumkid is offline   Reply With Quote
Old 01-23-2014, 01:32 PM   #245
Thinks s/he gets paid by the post
Ready's Avatar
 
Join Date: Mar 2013
Location: Southern California
Posts: 3,995
I received a call from my Vanguard rep this morning to confirm the transfer from my IRA to the PenFed CD. I show the transaction as pending now and they promised to mail the check to Pen Fed in the morning. They said the transfers can't be done electronically for IRAs. So assuming it gets there within a week or so it looks like the transfer will be smooth and no issues with expiring rates.
Ready is offline   Reply With Quote
Old 01-23-2014, 01:47 PM   #246
Thinks s/he gets paid by the post
 
Join Date: Jul 2013
Posts: 1,046
Quote:
Originally Posted by Dimsumkid View Post
Yes, this is how I joined last month. I called and talked to a rep about it to make sure I qualified. They don't really check and I can't find my card, but my DW still has her card.

They even mentioned to use "I am an employee of a qualifying organization " if you actually worked for American Red Cross.
Awesome, thanks! I just opened an account with them using your method

Next step to transfer money from my .1% savings account to their CDs. Are most of you guys doing a 3yr or 5yr CD ladder?
dvalley is offline   Reply With Quote
Old 01-23-2014, 02:06 PM   #247
Thinks s/he gets paid by the post
 
Join Date: Jul 2010
Location: Chicago
Posts: 1,008
I opened up 5 yr CDs, no ladder.

You need to check your transfer (outgoing and incoming) limits if you're opening up bigger CDs. PenFed limits new members to a really low amount, like $500. They suggested I wire the money into my share account first, then open the CDs. I had all kinds of issues on my bank side trying to do the wires needed. Took me 4-5 days to finish the transfers.
Dimsumkid is offline   Reply With Quote
Old 01-23-2014, 02:09 PM   #248
Thinks s/he gets paid by the post
 
Join Date: Jul 2013
Posts: 1,046
Gah! you're right, I got this message at the end of the CD purchase process:

You will receive an account signature form in approximately 5-7 business days. Please complete the form and return it to Pentagon Federal Credit Union in the envelope provided. A certificate agreement will be mailed to your mailing address of record within 5-7 business days.
dvalley is offline   Reply With Quote
Old 01-23-2014, 02:16 PM   #249
Moderator Emeritus
 
Join Date: May 2007
Posts: 12,894
Quote:
Originally Posted by dvalley View Post
Gah! you're right, I got this message at the end of the CD purchase process:

You will receive an account signature form in approximately 5-7 business days. Please complete the form and return it to Pentagon Federal Credit Union in the envelope provided. A certificate agreement will be mailed to your mailing address of record within 5-7 business days.
That's different. Every time you open a CD with PenFed, you will have to sign and return a certificate agreement, whether you are a new client or not. It's a bit old school but really no bother at all. It has nothing to do with ACH transfers.
FIREd is offline   Reply With Quote
Old 01-23-2014, 02:48 PM   #250
Thinks s/he gets paid by the post
OAG's Avatar
 
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
Quote:
Originally Posted by FIREd View Post
That's different. Every time you open a CD with PenFed, you will have to sign and return a certificate agreement, whether you are a new client or not. It's a bit old school but really no bother at all. It has nothing to do with ACH transfers.
The form if completed in detail can be used to name a joint owner and/or designate beneficiaries for the CD. Comes in two copies one of which you can retain. They also provide a postage paid and addressed envelope to return their copy of the form.
__________________
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote
Old 01-24-2014, 05:44 AM   #251
Thinks s/he gets paid by the post
John Galt III's Avatar
 
Join Date: Oct 2008
Posts: 2,777
Is the online process at PenFed straightforward when opening more than one CD?

I have already opened an account with PenFed, and I'll be using external funding with ACH for the cd's.

These will all be non-IRA regular taxable cd's.

Thanks
John Galt III is offline   Reply With Quote
Old 01-24-2014, 06:29 AM   #252
Thinks s/he gets paid by the post
 
Join Date: Mar 2010
Posts: 1,994
Quote:
Originally Posted by John Galt III View Post
Is the online process at PenFed straightforward when opening more than one CD?

I have already opened an account with PenFed, and I'll be using external funding with ACH for the cd's.

These will all be non-IRA regular taxable cd's.

Thanks
It was straightforward for me John Galt III. I opened 4 at the same time. NO problem with limits or anything but I'd had a share account for a couple of years (only $5.00 in it...never funded it with anything else0.
sheehs1 is offline   Reply With Quote
Old 01-24-2014, 06:41 AM   #253
Full time employment: Posting here.
Willers's Avatar
 
Join Date: May 2013
Posts: 725
I opened a number of non-IRA CD's and was able to do it all online without any issues. You do have the already mentioned paperwork come to you to sign, but it was very easy.
__________________
“If you don't do it this year, you will be one year older when you do.” - Warren Miller
Willers is offline   Reply With Quote
Old 01-24-2014, 10:58 AM   #254
Dryer sheet aficionado
 
Join Date: Oct 2006
Posts: 29
I purchased 4 CD's over the phone 2 days ago. No problems. Customers service was helpful and it was quick and easy.
Lyle is offline   Reply With Quote
Old 01-24-2014, 06:12 PM   #255
Thinks s/he gets paid by the post
 
Join Date: Oct 2008
Location: Naples
Posts: 2,179
I just purchased six CD's today. Simple and easy so far. I talked to three different agents at PenFed at different times and they couldn't have been more helpful. The whole process of PenFed electronically requesting the funds from my bank is in the works but might take a couple days. I heard this is a normal time frame as I have made transfers myself electronically and it has taken three days. Keeping my fingers crossed. PenFed agent said the 3.04% rate is good through January 31.

I asked PenFed about doing an IRA rollover from my bank to them and they said it is not a problem. Just call them when the time comes (March). They agreed that it is better for me to stay out of that process (rollovers) and use them as the custodian.
JOHNNIE36 is offline   Reply With Quote
Old 01-24-2014, 07:32 PM   #256
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,309
Quote:
Originally Posted by FIREd View Post
That's different. Every time you open a CD with PenFed, you will have to sign and return a certificate agreement, whether you are a new client or not. It's a bit old school but really no bother at all. It has nothing to do with ACH transfers.
That has not been my experience. They mailed me a confirmation notice but nothing that I had to sign and mail back. I have been a member for many years. I keep an IRA share account open with $2 in it. I went into the branch with a check from my 401k payable to "Penfed Trustee IRA" with "FBO: My Name" in the memo section and marked "Rollover". They used an IRA Voucher Form #734 ....took 10 min. The deposit showed up immediately in my IRA share account and the following day the CD was established. The form has multiple lines if you wish to purchase individual CDs. I had looked all over thier website for the correct form and only found the form for new IRAs. When I got back home I checked again and sure enough the voucher was in the forms section.
Attached Files
File Type: pdf Penfed734.pdf (135.0 KB, 6 views)
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is offline   Reply With Quote
Old 01-24-2014, 07:50 PM   #257
Moderator Emeritus
 
Join Date: May 2007
Posts: 12,894
Quote:
Originally Posted by jazz4cash View Post
That has not been my experience. They mailed me a confirmation notice but nothing that I had to sign and mail back. I have been a member for many years. I keep an IRA share account open with $2 in it. I went into the branch with a check from my 401k payable to "Penfed Trustee IRA" with "FBO: My Name" in the memo section and marked "Rollover". They used an IRA Voucher Form #734 ....took 10 min. The deposit showed up immediately in my IRA share account and the following day the CD was established. The form has multiple lines if you wish to purchase individual CDs. I had looked all over thier website for the correct form and only found the form for new IRAs. When I got back home I checked again and sure enough the voucher was in the forms section.
If you open the CD in person at the branch (where they can check your ID), the procedure is probably different. I opened a dozen CDs online with Penfed over the past 3+ years, and had to sign and mail back the CD agreement form every single time.
FIREd is offline   Reply With Quote
Old 01-24-2014, 08:23 PM   #258
Recycles dryer sheets
Newventurer's Avatar
 
Join Date: Sep 2012
Location: in the sticks
Posts: 473
Interesting, I opened the required share account with $5.00 and was told that I could only transfer a maximum of $25,000 a day, so I had to do multiple transfers over multiple days. I have received a few of them but am missing one. Need to check with them next week.
Newventurer is offline   Reply With Quote
Old 01-25-2014, 06:49 AM   #259
Thinks s/he gets paid by the post
 
Join Date: Oct 2012
Location: Colorado Mountains
Posts: 3,165
Quote:
Originally Posted by jazz4cash View Post
That has not been my experience. They mailed me a confirmation notice but nothing that I had to sign and mail back. I have been a member for many years. I keep an IRA share account open with $2 in it. I went into the branch with a check from my 401k payable to "Penfed Trustee IRA" with "FBO: My Name" in the memo section and marked "Rollover". They used an IRA Voucher Form #734 ....took 10 min. The deposit showed up immediately in my IRA share account and the following day the CD was established. The form has multiple lines if you wish to purchase individual CDs. I had looked all over thier website for the correct form and only found the form for new IRAs. When I got back home I checked again and sure enough the voucher was in the forms section.
Thanks for the document jazz4cash. I'll use it when I get the transfers straightened out with my 401k.
Hermit is offline   Reply With Quote
Old 01-25-2014, 10:06 AM   #260
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 4,172
Quote:
Originally Posted by FIREd View Post
If you open the CD in person at the branch (where they can check your ID), the procedure is probably different. I opened a dozen CDs online with Penfed over the past 3+ years, and had to sign and mail back the CD agreement form every single time.
IRA CDs, perhaps because the titling can only be in individual name, you don't have to send anything back. Taxable account CDs, perhaps because you can title as jt, trust, etc. you have to send a form back.
kaneohe is offline   Reply With Quote
Reply


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


» Quick Links

 
All times are GMT -6. The time now is 10:32 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.