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Old 01-23-2014, 12:37 PM   #241
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Doh to me! poor reading comprehension! Thank you REWahoo!
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Old 01-23-2014, 12:59 PM   #242
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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".
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Old 01-23-2014, 02:05 PM   #243
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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
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Old 01-23-2014, 02:27 PM   #244
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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.
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Old 01-23-2014, 02:32 PM   #245
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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.
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Old 01-23-2014, 02:47 PM   #246
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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?
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Old 01-23-2014, 03:06 PM   #247
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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.
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Old 01-23-2014, 03:09 PM   #248
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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.
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Old 01-23-2014, 03:16 PM   #249
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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.
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Old 01-23-2014, 03:48 PM   #250
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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.
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Old 01-24-2014, 06:44 AM   #251
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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
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Old 01-24-2014, 07:29 AM   #252
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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.
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Old 01-24-2014, 07:41 AM   #253
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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.
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Old 01-24-2014, 11:58 AM   #254
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I purchased 4 CD's over the phone 2 days ago. No problems. Customers service was helpful and it was quick and easy.
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Old 01-24-2014, 07:12 PM   #255
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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.
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Old 01-24-2014, 08:32 PM   #256
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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)
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Old 01-24-2014, 08:50 PM   #257
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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.
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Old 01-24-2014, 09:23 PM   #258
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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.
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Old 01-25-2014, 07:49 AM   #259
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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.
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Old 01-25-2014, 11:06 AM   #260
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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.
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