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11-20-2018, 10:16 AM
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#21
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,198
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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.
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11-20-2018, 10:19 AM
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#22
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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
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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
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11-20-2018, 10:22 AM
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#23
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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
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Quote:
Originally Posted by braumeister
Yeah, I'm not surprised that they're feeling a bit desperate right now looking at all those big outflows.
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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
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11-20-2018, 11:15 AM
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#24
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Recycles dryer sheets
Join Date: Aug 2013
Posts: 437
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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)"
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11-20-2018, 11:30 AM
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#25
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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
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Quote:
Originally Posted by jetpack
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)"
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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
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11-20-2018, 10:07 PM
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#26
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Recycles dryer sheets
Join Date: Nov 2013
Posts: 238
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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?
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11-20-2018, 10:27 PM
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#27
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,309
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Quote:
Originally Posted by Debinnov a
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?
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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.
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11-20-2018, 10:37 PM
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#28
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,309
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Quote:
Originally Posted by ShokWaveRider
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.
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+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.
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11-21-2018, 05:16 AM
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#29
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,006
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Quote:
Originally Posted by Debinnov a
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?
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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.
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11-21-2018, 07:10 AM
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#30
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Recycles dryer sheets
Join Date: Aug 2013
Posts: 437
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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.
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11-21-2018, 07:13 AM
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#31
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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
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Quote:
Originally Posted by jetpack
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.
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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
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11-21-2018, 09:31 AM
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#32
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Thinks s/he gets paid by the post
Join Date: Oct 2013
Posts: 1,180
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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.
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01-29-2019, 10:17 PM
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#33
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2009
Posts: 5,307
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Quote:
Originally Posted by pb4uski
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?
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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?
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01-29-2019, 10:44 PM
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#34
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Thinks s/he gets paid by the post
Join Date: Aug 2007
Posts: 2,857
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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.
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01-29-2019, 10:56 PM
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#35
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,263
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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
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02-02-2019, 06:05 PM
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#36
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Thinks s/he gets paid by the post
Join Date: Aug 2007
Posts: 2,857
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Quote:
Originally Posted by pb4uski
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.
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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.
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11-23-2019, 09:12 AM
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#37
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Location: No fixed abode
Posts: 8,764
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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
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11-23-2019, 09:42 AM
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#38
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Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 4,172
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Quote:
Originally Posted by freedomatlast
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.
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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 .
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11-23-2019, 10:32 AM
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#39
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Location: No fixed abode
Posts: 8,764
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Quote:
Originally Posted by kaneohe
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 .
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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
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11-23-2019, 12:48 PM
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#40
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Thinks s/he gets paid by the post
Join Date: Jan 2018
Location: Elyria, OH
Posts: 1,937
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Quote:
Originally Posted by harley
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.
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Learn to do mobile deposit. That's what those of us without local banks do.
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