Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
remote credit unions and banks
Old 05-04-2010, 09:52 PM   #1
Recycles dryer sheets
 
Join Date: Apr 2004
Posts: 105
remote credit unions and banks

How safe is it having CDs with banks/cu and dealing via the telephone and internet ?
I was looking at Pen Fed and Fort Knox for example.
I assume that if they are insured there shouldn't be any issues, or are there ?
__________________

__________________
bobbee25 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 05-04-2010, 10:05 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
harley's Avatar
 
Join Date: May 2008
Location: Following the nice weather
Posts: 6,418
I've been doing it for years, no problems. It's relatively easy, and probably safer than carrying a check into a local bank. Usually I need to mail or fax a signed (sometimes notarized) form to the sending bank, setting up a wire transfer to the new bank. No big deal.
__________________

__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Will Rogers, or maybe Sam Clemens
DW and I - FIREd at 50 (7/06), living off assets
harley is offline   Reply With Quote
Old 05-04-2010, 11:44 PM   #3
Recycles dryer sheets
 
Join Date: Apr 2007
Posts: 354
We've been living overseas since 2002 and our main US accounts are 1) our local credit union (on the west coast, which we also used as our primary bank while we lived in NYC for a few years) and 2) ING. Have never had any problems. You do have to plan ahead a bit for transfers and, in our case, international wires, etc. I try to arrange the latter when in the US, so that we can use the toll-free number (have to pay when dialing from overseas).

I monitor accounts daily via yodlee moneycenter. Have never seen any strange activity, though.

The only real hassle I have had is with rolling over retirement accounts -- some institutions require a medallion signature guarantee, and you have to go in to a local bank branch for that. We had some delays in transferring accounts due to that requirement.

lhamo
__________________
lhamo is offline   Reply With Quote
Old 05-05-2010, 12:21 AM   #4
gone traveling
 
Join Date: May 2008
Posts: 3,864
I have had a checking account with a small Wyoming bank for many years; have maintained the account because of the great service (they still do escrow accounts, for example), with direct deposit and online banking, physical location has never been an issue. I also have an account with a local bank here in AZ only ,set it up because they were paying 3% on MMA's a year or so ago, that has changed, but it's nice to be able to get free notary services,coin counting, wire transfers, etc...
FDIC Insurance pretty much levels the playing field in terms of risk.
__________________
Westernskies is offline   Reply With Quote
Old 05-05-2010, 12:38 AM   #5
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,616
Quote:
Originally Posted by bobbee25 View Post
How safe is it having CDs with banks/cu and dealing via the telephone and internet ?
I was looking at Pen Fed and Fort Knox for example.
I assume that if they are insured there shouldn't be any issues, or are there ?
I've been with PenFed for over three years and it's been all done over the website with snail-mail followup. Never needed to phone them, let alone bother to visit our local branch.

Ironically their upstart practices have slowly siphoned our business away from Navy Federal Credit Union's brick & mortar branches.
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 05-05-2010, 09:27 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
 
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 5,913
My issue with PenFed is the lack of correspondent ATMs. First Tech is a member of the CU ATM network.
__________________
Duck bjorn.
Brat is offline   Reply With Quote
Old 05-05-2010, 11:07 AM   #7
Recycles dryer sheets
 
Join Date: Aug 2005
Posts: 480
I was going to put a CD in Ally Bank (the old GMAC), they are internet and phone only. Everything sounded great until I read several reviews where people had problems transfering money to another institution. They said that Ally got so picky about the paperwork details that it seems like gross incompetance or deliberate stalling.

We had a similar issue with a local bank, we called the person we were dealing with "The NO Lady", but we went back on her day off and got someone who was very helpful.
__________________
Gearhead Jim is offline   Reply With Quote
Old 05-05-2010, 11:21 AM   #8
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,616
Quote:
Originally Posted by Brat View Post
My issue with PenFed is the lack of correspondent ATMs.
Yep. We only use PenFed for CDs and our HELOC.

I read a snippy comment from a banker the other day that ATM use is dropping as people go to debit cards and cell-phone transactions...
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 05-05-2010, 11:45 AM   #9
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by Nords View Post
I read a snippy comment from a banker the other day that ATM use is dropping as people go to debit cards and cell-phone transactions...
Or using the debit card at a grocery store and getting cash back. It's not as relevant now that we have accounts that rebate ATM fees, but even then it's a convenient way to save an extra stop while out running errands.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
on-line banking
Old 05-05-2010, 12:21 PM   #10
Recycles dryer sheets
In-control's Avatar
 
Join Date: Mar 2007
Posts: 319
on-line banking

I have been using Bank of Internet for years! I can use others ATMs and have a limit of $8/month reimbursed fees. There CD's are ok but their checking and MM rates are more then some CD's!

You also get free checks etc.... it's all good! I am sure that there are others out there. Go to Bankrate.com and see what pop's up.
__________________
Just Trekking thru!
In-control is offline   Reply With Quote
Old 05-05-2010, 01:08 PM   #11
Recycles dryer sheets
 
Join Date: Sep 2009
Posts: 353
I opened FortKnox CDs recently. Pretty straight-forward. Wire fees: incoming $3 (first place I know that charges them), outgoing: $12. Yes, I believe NCUA insurance levels the playing field. Also, I believe they have additional $250k insurance on top of NCUA, but I am under NCUA limits...

I've wanted to open at Penfed for a while myself since they have high rates often, but every time I actually needed to open a CD there was a better place somewhere else... maybe next time :-)
__________________

__________________
smjsl is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
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
Banks and credit card weirdness Zoocat FIRE and Money 16 06-12-2009 10:59 PM
Do credit unions cancel credit cards because of inactivity? rec7 FIRE and Money 11 12-22-2008 05:21 PM
Rating banks, credit unions, cd's, etc.: how to find yours out Orchidflower FIRE and Money 1 09-30-2008 07:30 AM
Credit Union or Banks: Which is best? Orchidflower FIRE and Money 16 09-26-2008 09:31 AM
Credit Unions Vrs Bank CD's modhatter FIRE and Money 2 10-05-2006 02:15 PM

 

 
All times are GMT -6. The time now is 07:45 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.