For my cash account - CD ladder I got a CD from World Savings a year and a half ago. They were bought out by Wachovia about a year ago.
The CD matured on 12-19 and I need the money - so here goes my call to W-Wachovia:
Call on 12-18 - Can I set this up in advance?
W- No sir you must call tomorrow
Call on 12-19 - Redeem account please.
W-Wait, we need written confirmation of this - let me check - no everything is OK here is your confirmation #. It will be 5 business days.
Can I have the funds transfered - W-NO Can I have the funds wired - W-NO
So I wait over the holidays. No check so I call again.
W-You have to wait 10 business days before we can do anything.
I wait 10 business days. Where is my check?
W- You needed to send confirmation in writing.
But I was told I didn't. I have a confirmation number.
W - She was wrong and should have called you back.
But she didn't.
W - I'm sorry sir - Your CD has been renewed
You can't renew it I have a confirmation of redemption.
W- Let me check - Sir you'll have to confirm in writing and we'll wave the penalty.(Isn't that nice of them)
I FAX confirmation and call today.
W-The correspondence team is working on this and you will get a check within 7-10 business days.
Please send a confirmation e-mail on this.
W-We don't do that sir.
Lost interest if it comes within the next 10 business days will be 34 days.
And the best part is that the person I talked with last said "I hope this doesn't put you off to working with Wachovia"
So my advice (many of you may already do this) is to always send written confirmation registered mail. I know I will from now on.