Roth Conversion At PenFed
Anyone ever done a Roth conversion at PenFed. I was told that they close the existing CD (w/ no early withdrawal penalty), give you the same old rate, but change the term to be the closest of their existing CDs to the remaining term
(but must not exceed current maturity date.)............which just means if there are 3 yr 11 mos. remaining, you only get a 3 yr new CD w/ old rate.
Anyone ever done this there? Have no particular reason to not trust the answer I was given.....rep took long enough that it seemed she was confirming w/ someone else. Just would be more reassured if someone actually did it.
It would not be fun if 6% CD for 5 more yrs became a 3% and early withdrawal were assessed.