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Old 02-10-2017, 12:10 PM   #21
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Just as Audrey says. Pull rather than push. We shift $100k+ amounts back and forth often and now I just have the bank I want the money in pull funds from the holding bank.

We were doing a lot of business through TIAA, an institution I cannot recommend highly enough, but they started looking sideways at us for what they viewed as business activities. They weren't wrong. Now we have cash camping in Discover - hopefully we can stay low-key enough in our 1% accounts not to disturb them.
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Old 02-10-2017, 01:42 PM   #22
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I'm pretty happy with PenFed - still. We've had multiple CDs with them and multiple 5/5 mortgages. It has been the case that they pay us a tiny amount MORE than they are charging on the mortgages! Wacky. We have a our last 3% CD paying off 12/2018 and our current 5/5 mortgage is due to reset its interest rate on 7/2017.

Been stewing over whether we should pull funds from a savings account earning 0.95% and pay off the mortgage or let the mortgage rate reset (expecting a 4% rate) and keep the money in the bank as security or to lend out.

Just checked out a mortgage rate reset offer PenFed sent. A mortgage at 0.0625% LESS than the current 5/5 ARM rate, $250 fee, done on the PenFed website in 2-5 minutes. The current 5/5 ARM rate is 2.75%, so that would be 5 more years at 2.6875% + $250 fee... We have till 45 days before our reset date to take advantage of the offer.

I love PenFed.
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Old 02-10-2017, 02:05 PM   #23
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On occasion, I've run into the PenFed employee from hell and that can be a trial, for sure.

But overall, during my 33 years with them, they have been excellent. Looking at the big picture, better than many other financial institutions I've dealt with.
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Old 02-10-2017, 02:26 PM   #24
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A 100% share-backed loan is obviously not their normal fare. 2-5 minutes would be great. A week would be wonderful. 1-2 months and 5 or more phone conversations per loan is somewhat extreme, don't ya think? Not to mention multiple stop payments they have had to do on checks being sent to me instead of funds being deposited in DS's account as they agreed to do. Fortunately, they do a pretty good job of documenting the conversations, so I don't have to convince them they screwed something up.
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Old 02-10-2017, 07:06 PM   #25
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I'm pretty happy with PenFed - still. We've had multiple CDs with them and multiple 5/5 mortgages. It has been the case that they pay us a tiny amount MORE than they are charging on the mortgages! Wacky. We have a our last 3% CD paying off 12/2018 and our current 5/5 mortgage is due to reset its interest rate on 7/2017.

Been stewing over whether we should pull funds from a savings account earning 0.95% and pay off the mortgage or let the mortgage rate reset (expecting a 4% rate) and keep the money in the bank as security or to lend out.

Just checked out a mortgage rate reset offer PenFed sent. A mortgage at 0.0625% LESS than the current 5/5 ARM rate, $250 fee, done on the PenFed website in 2-5 minutes. The current 5/5 ARM rate is 2.75%, so that would be 5 more years at 2.6875% + $250 fee... We have till 45 days before our reset date to take advantage of the offer.

I love PenFed.


For a nice 3BR house in Independence, OR, the break even would be ~1 yr. Is it worth it?
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Old 02-10-2017, 08:27 PM   #26
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I jumped through hoops to deposit nearly $400,000 from the sale of my house with PenFed to take advantage of their CD rates. They accused me of being a scammer because my address had recently changed. Well, when you sell a house, your address does change.

They had me get my driver's license , Social Security card and my latest electric bill notarized. Not good enough - that SS card doesn't look right and your address on the driver's license does not match the electric bill. Well, the SS card looked right when I was 14 and got it in the mail and yes, I have moved, thus the different addresses. I also mentioned that a clever criminal would not try to force them to take a huge sum of cash, to no avail.

I finally got a call from their security department late at night and we seemed to settle things, but not before I was about to tell them where to stick it. Still trying to get the accounts properly set up with joint ownership and a beneficiary.
If that is the hassle to put money in, wait until you try to get money out.

A few years ago, I opened an account with Vanguard. I did the application online, then transfer the initial amount in to open the account. Later, I wanted to move some more money in via ACH. No go!

A call to Vanguard was made, and the rep said I needed to get a signature guarantee from an officer at my local bank where the money came from. What?

I said "but that's the same bank from which the earlier amount came". No matter. I had to drive to my bank, and got a "Medallion signature guarantee" to be sure Vanguard would not make me do it again because it was just a plain "signature guarantee".

After that, my wife called them on another transaction, and the rep was so inept. That's enough for me. I have not bothered putting more money in since. They don't have anything that my other brokerages do not already offer.
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Old 02-11-2017, 07:50 AM   #27
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If that is the hassle to put money in, wait until you try to get money out. ..........
That is my worry. I did just sign up for a 12 month CD though I don't plan to buy for at least 15. That gives me 3 months to jerk around with their security department.
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Old 02-11-2017, 12:45 PM   #28
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Just as Audrey says. Pull rather than push. We shift $100k+ amounts back and forth often and now I just have the bank I want the money in pull funds from the holding bank.

We were doing a lot of business through TIAA, an institution I cannot recommend highly enough, but they started looking sideways at us for what they viewed as business activities. They weren't wrong. Now we have cash camping in Discover - hopefully we can stay low-key enough in our 1% accounts not to disturb them.
The Pull rather than the Push is what I plan to do when my 3% CD's mature in 2018.
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Old 02-11-2017, 01:19 PM   #29
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That is my worry. I did just sign up for a 12 month CD though I don't plan to buy for at least 15. That gives me 3 months to jerk around with their security department.
I have had no problem with a CD maturing deposited into my PenFed checking, then pulling the funds out from Fidelity in a single transaction.
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Old 02-11-2017, 02:40 PM   #30
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I have had no problem with a CD maturing deposited into my PenFed checking, then pulling the funds out from Fidelity in a single transaction.
You can also select to have the matured CD automatically transferred straight to your non-PFCU account, without a stop in your PFCU checking account. That's done on the screen where you select what to do with your maturing CD. I have ours sent to our Fido account if we're not renewing into a new CD ladder rung @ PFCU.
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Old 02-11-2017, 02:42 PM   #31
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You can also select to have the matured CD automatically transferred straight to your non-PFCU account, without a stop in your PFCU checking account. That's done on the screen where you select what to do with your maturing CD. I have ours sent to our Fido account if we're not renewing into a new CD ladder rung @ PFCU.
And there were no restrictions on the amount transferred in that case I take it.

I guess I have noticed an external account option for maturing CDs, I just hadn't thought about it.

Something to definitely consider. Thanks!
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Old 02-11-2017, 02:53 PM   #32
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You can also select to have the matured CD automatically transferred straight to your non-PFCU account, without a stop in your PFCU checking account. That's done on the screen where you select what to do with your maturing CD. I have ours sent to our Fido account if we're not renewing into a new CD ladder rung @ PFCU.
I did not see that option. All I saw was reinvest, transfer to a PenFed savings account or have it sent as a check.
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Old 02-11-2017, 02:57 PM   #33
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I did not see that option. All I saw was reinvest, transfer to a PenFed savings account or have it sent as a check.
If you have external accounts linked to your PenFed account, they will appear in the popup when you select that option.
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Old 02-11-2017, 03:59 PM   #34
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And there were no restrictions on the amount transferred in that case I take it.

I guess I have noticed an external account option for maturing CDs, I just hadn't thought about it.

Something to definitely consider. Thanks!
If there's an amount restriction, it's >$100k, as I've done it for slightly more than that.

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If you have external accounts linked to your PenFed account, they will appear in the popup when you select that option.
Yep, and right below that will be a link to add a non-PFCU account(s).
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Old 02-11-2017, 06:00 PM   #35
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.............
Yep, and right below that will be a link to add a non-PFCU account(s).
Thanks, I'll take another look to see if I can set up a link.
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Old 02-16-2017, 10:06 PM   #36
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This PenFed saga may never end...

I checked with PenFed this evening. There were no notes on the conversation I had with the manager last week. Even stranger, the e-mail she sent me was no longer in my in-box. I can only assume her attempting to place a stop payment on the check without it coming from my son was against the rules and rather than letting me know, she just erased all information about it. So I have been sitting here patiently all week waiting for her to contact me as she said she would do. Now it looks like my son will need to get involved to do a stop payment on this check.
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Old 02-17-2017, 08:03 AM   #37
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This PenFed saga may never end...

..............
In the lower right corner of the linked web page is a link to contact the board director. Might be a way to stir up some action.

https://www.penfed.org/Contact-Us/
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Old 02-17-2017, 11:14 AM   #38
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In the lower right corner of the linked web page is a link to contact the board director. Might be a way to stir up some action.

https://www.penfed.org/Contact-Us/
Thanks. I may need to resort to that.
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