Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Old 11-20-2018, 10:16 AM   #21
Moderator
braumeister's Avatar
 
Join Date: Feb 2010
Location: Flyover country
Posts: 25,198
Why are you being so cynical? I thought they were just trying to tell me how much they love me.

Yeah, I'm not surprised that they're feeling a bit desperate right now looking at all those big outflows.
__________________
I thought growing old would take longer.
braumeister 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 11-20-2018, 10:19 AM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,666
I am not overly worried about EWPs. I never put money into a CD that I will need prior to maturity. Even if it was 6 months EWP on a 3%+ CD, I still would not take it out.

Perhaps they are anticipating rates soaring in the foreseeable future and want folks to stay at a lower rate? Either way one should review one's circumstances before buying a long term CD.
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
ShokWaveRider is online now   Reply With Quote
Old 11-20-2018, 10:22 AM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,666
Quote:
Originally Posted by braumeister View Post
Yeah, I'm not surprised that they're feeling a bit desperate right now looking at all those big outflows.
They need to put their rates up then to make it worthwhile. I would re-invest mine if they were 4%+
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
ShokWaveRider is online now   Reply With Quote
Old 11-20-2018, 11:15 AM   #24
Recycles dryer sheets
jetpack's Avatar
 
Join Date: Aug 2013
Posts: 437
Why don't have set up each certificate to automatically transfer when it matures?

"Close the certificate and transfer the funds to one of my accounts (select account below)"
jetpack is offline   Reply With Quote
Old 11-20-2018, 11:30 AM   #25
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,666
Quote:
Originally Posted by jetpack View Post
Why don't have set up each certificate to automatically transfer when it matures?

"Close the certificate and transfer the funds to one of my accounts (select account below)"
Not so easy for registered funds moving to another institution. PenFed needs a hard signature. Perhaps it could be arranged in advance. But a few days here or there does not really make that much of a difference.

I just checked with Vanguard and they are not a bank so they have no routing number, so you cannot setup the auto transfer from PenFed to Vanguard. But there are no limits on either side when Vanguard initiates an ACH transfer.
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
ShokWaveRider is online now   Reply With Quote
Old 11-20-2018, 10:07 PM   #26
Recycles dryer sheets
 
Join Date: Nov 2013
Posts: 238
So if I want to move my matured Cds cash from Pen Fed Savings Acct to say BofAmerica or Ally, do I have to initiate a wire pulling money from the receiving bank? I need to figure this out soon. If I'm ultimately wanting to move it into 3 different banks, would it be easier to move it all into one bank (Ally, for example) and then separate and move from it from there?
Debinnov a is offline   Reply With Quote
Old 11-20-2018, 10:27 PM   #27
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 Debinnov a View Post
So if I want to move my matured Cds cash from Pen Fed Savings Acct to say BofAmerica or Ally, do I have to initiate a wire pulling money from the receiving bank? I need to figure this out soon. If I'm ultimately wanting to move it into 3 different banks, would it be easier to move it all into one bank (Ally, for example) and then separate and move from it from there?


I have these accounts linked for online (ACH) transfers. Very easy. BOA is my central bank and all my other accounts are linked to this one. I have a few links between the other banks (eg Penfed and NFCU) so it might be easier to use BOA as an intermediary if final destination is not already linked to PenFed. I use Billpay to move funds out of BOA.
__________________
...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 11-20-2018, 10:37 PM   #28
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 ShokWaveRider View Post
I am not overly worried about EWPs. I never put money into a CD that I will need prior to maturity. Even if it was 6 months EWP on a 3%+ CD, I still would not take it out.



Perhaps they are anticipating rates soaring in the foreseeable future and want folks to stay at a lower rate? Either way one should review one's circumstances before buying a long term CD.


+1. Ability to make partial withdrawals is more important to me than the EWP. If they don’t allow partials (like Ally), I just split them up. I’m getting a lot of emails without much to get excited about. I think it’s too early to write them off for not having a good rate to replace the 3% CDs. Plus I’m still holding some 5% CDs with 26 months to run.
__________________
...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 11-21-2018, 05:16 AM   #29
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,006
Quote:
Originally Posted by Debinnov a View Post
So if I want to move my matured Cds cash from Pen Fed Savings Acct to say BofAmerica or Ally, do I have to initiate a wire pulling money from the receiving bank? I need to figure this out soon. If I'm ultimately wanting to move it into 3 different banks, would it be easier to move it all into one bank (Ally, for example) and then separate and move from it from there?
I use ACH transfers initiated outside of PenFed.

I tend to use my brokerage accounts as my “clearinghouse” and have links to all my banks and credit unions there. Fidelity is generally fast with ACH transfers and there are no associated fees nor limits on number of withdrawals per statement cycle month.

I use ACH to pull funds from PenFed, initiated from Fidelity. Then once the funds are available I would push them to whichever other accounts I wanted.

BofA charges for outgoing transfers, I think. Ally charges nothing.

But you do have to have external account links established for transfers at whichever institution you want want to control these ACH transfers.
__________________
Retired since summer 1999.
audreyh1 is online now   Reply With Quote
Old 11-21-2018, 07:10 AM   #30
Recycles dryer sheets
jetpack's Avatar
 
Join Date: Aug 2013
Posts: 437
The CD transfer limit is $999,999
I think the $5k limit is just for transfers that you initiate through the website.
you need to have it automatically transferred, or you'll run into the 5k limits.
jetpack is offline   Reply With Quote
Old 11-21-2018, 07:13 AM   #31
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,666
Quote:
Originally Posted by jetpack View Post
The CD transfer limit is $999,999
I think the $5k limit is just for transfers that you initiate through the website.
you need to have it automatically transferred, or you'll run into the 5k limits.
I have it all set up now, in order to not hit the limits of how much can be transferred out to Vanguard (with Vanguard pulling via ACH) we will need to do 3 separate transactions. This is not a problem as they are maturing at 3 separate times.
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
ShokWaveRider is online now   Reply With Quote
Old 11-21-2018, 09:31 AM   #32
Thinks s/he gets paid by the post
 
Join Date: Oct 2013
Posts: 1,180
I think I'm just going to keep it simple and have them send me a check. The small amount of interest lost over 5 to 7 days for the check to reach me isn't a big deal.
freedomatlast is online now   Reply With Quote
Old 01-29-2019, 10:17 PM   #33
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Katsmeow's Avatar
 
Join Date: Jul 2009
Posts: 5,307
Quote:
Originally Posted by pb4uski View Post
My tentative plan is to have the proceeds from my PenFed IRA CDs go into my Penfed IRA savings account when they mature and then initiate a transfer with Fido or Vanguard to have them draw the total from PenFed and deposit it in my Fido or Vanguard IRA. Make sense?
Has anyone done this with Penfed to Vanguard? What is the process? Do we contact Vanguard or PenFed first on this?

DH just had a small IRA CD at Penfed that matured and the proceeds went into his Penfed IRA savings account. He would like to move that money back to his existing IRA at Vanguard. What does he need to do accomplish this the easiest way?
Katsmeow is offline   Reply With Quote
Old 01-29-2019, 10:44 PM   #34
Thinks s/he gets paid by the post
 
Join Date: Aug 2007
Posts: 2,857
The CDs in my PenFed IRA mature at the end of this week, at which point I’m going to initiate the transfer from Vanguard to get the funds back to my Vanguard IRA.

When I tentatively looked at this a month ago at Vanguard, it looks like it will be straightforward. But not having done it, who knows?

Like Katsmeow, I’d also be curious to know if anybody has already done this and if so, how well it went?

If not, I’ll update the thread as my transfer goes through.
__________________
Eat, Drink and Be Merry.
tulak is online now   Reply With Quote
Old 01-29-2019, 10:56 PM   #35
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,263
I just completed the process a while ago. I initiated a transfer request with Fidelity... signed it... they send it to PenFed... PenFed sends a check to Fidelity and Fidelity deposited it to my account. In my case the amount was large enough that I paid $20 for PenFed to wire it... I had to call them and give them the wiring instructions and also transfer $20 to my regular PenFed savings account to cover the wiring fee.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56
pb4uski is offline   Reply With Quote
Old 02-02-2019, 06:05 PM   #36
Thinks s/he gets paid by the post
 
Join Date: Aug 2007
Posts: 2,857
Quote:
Originally Posted by pb4uski View Post
I just completed the process a while ago. I initiated a transfer request with Fidelity... signed it... they send it to PenFed... PenFed sends a check to Fidelity and Fidelity deposited it to my account. In my case the amount was large enough that I paid $20 for PenFed to wire it... I had to call them and give them the wiring instructions and also transfer $20 to my regular PenFed savings account to cover the wiring fee.
This looks to be the same process with Vanguard. I initiated the roll-over on Vanguard's website Friday, which ended up with me having to print out the form and mail to to Vanguard. I mailed it the same day, so Vanguard should have it early next week, at which point they'll mail it to PenFed. I'm thinking it'll take a 2-3 weeks before the funds appear at Vanguard.
__________________
Eat, Drink and Be Merry.
tulak is online now   Reply With Quote
Old 11-23-2019, 09:12 AM   #37
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
harley's Avatar
 
Join Date: May 2008
Location: No fixed abode
Posts: 8,764
I didn't want to start a new thread about this, so I've resurrected this one.

I need to move ~$100K from PenFed to my personal checking account, and since I'm a cheapskate and there's not a pressing time limitation I decided to do the $5K/day ACH over the next month. So I did a couple, then tried to do one today (Sat.). I went through the process, hit submit, and PenFed dropped me back to my main accounts screen. I assumed the transfer went through, but when I checked the Pending Transfers tab it wasn't there. Long story short, I called to check on it and was told about various limitations shown earlier in this thread. When I questioned the lack of a failure message, the rep said "I'll mention it to the IT dept". But she couldn't tell me where I could read up on the limitations of the ACH.

I've never asked much of PenFed, but this was annoying as hell. Obviously I can do a Wire Transfer and pay the relatively minor costs, but I don't see why I have to pay them (and my bank) just to access my money quickly and easily. So I got on here and did a search and found loads more information than is easily available at PenFed. I'm in the process of setting up the ability to pull from my Vanguard account, which I can then push to my personal bank account. Soooo much easier than dealing with PenFed.

So I just wanted to say thanks. It's a rare situation when I can't find good information on this site.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
harley is offline   Reply With Quote
Old 11-23-2019, 09:42 AM   #38
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 4,172
Quote:
Originally Posted by freedomatlast View Post
I think I'm just going to keep it simple and have them send me a check. The small amount of interest lost over 5 to 7 days for the check to reach me isn't a big deal.
Doesn't help you now.............but if you had a MMSA (money market savings acct) you could move the funds there and then write a MMSA check to deposit where you wish .
kaneohe is offline   Reply With Quote
Old 11-23-2019, 10:32 AM   #39
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
harley's Avatar
 
Join Date: May 2008
Location: No fixed abode
Posts: 8,764
Quote:
Originally Posted by kaneohe View Post
Doesn't help you now.............but if you had a MMSA (money market savings acct) you could move the funds there and then write a MMSA check to deposit where you wish .
True, but that would require me to be within a reasonable distance of one of my financial institutions. When I get back down to FL I'm in walking distance, but not now. I assume you can do a mail deposit, but I've only ever deposited checks in person. This is easier for me.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
harley is offline   Reply With Quote
Old 11-23-2019, 12:48 PM   #40
Thinks s/he gets paid by the post
 
Join Date: Jan 2018
Location: Elyria, OH
Posts: 1,937
Quote:
Originally Posted by harley View Post
True, but that would require me to be within a reasonable distance of one of my financial institutions. When I get back down to FL I'm in walking distance, but not now. I assume you can do a mail deposit, but I've only ever deposited checks in person. This is easier for me.
Learn to do mobile deposit. That's what those of us without local banks do.
gwraigty 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


Similar Threads
Thread Thread Starter Forum Replies Last Post
Schwab vs. Fidelity vs. Vanguard panacea FIRE and Money 21 10-04-2011 08:46 PM
Vanguard, Fidelity or Schwab? Midpack FIRE and Money 3 11-13-2010 07:18 AM
who is better - schwab, fidelity or vanguard bobbee25 FIRE and Money 28 03-10-2009 04:49 PM
Vanguard vs. Fidelity vs. Schwab vs. etc. etc. Mikedb Hi, I am... 2 10-08-2008 09:03 PM
How important is using $$ efficiently for meeting your goals? Sandy FIRE and Money 30 08-12-2007 12:21 PM

» Quick Links

 
All times are GMT -6. The time now is 08:58 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.