njhowie
Thinks s/he gets paid by the post
- Joined
- Mar 11, 2012
- Messages
- 3,933
One of my step CDs were called on Monday this week. Rate was supposed to go from 2.25% to 4.125% and of course they were going to call.
Today, at end of day, a transaction shows up reversing the call, I get the CDs back, they take back the proceeds, rate moves to 4.125%.
I'm on the phone with Fidelity minutes later. What happened was the issuing bank was required to give 15 days notice of their intent to call, but only gave 5 days. So the call was invalid, and they have to abide by the remaining terms - 4.125%, no more call dates, maturity 9/23/2024.
Works for me.
Today, at end of day, a transaction shows up reversing the call, I get the CDs back, they take back the proceeds, rate moves to 4.125%.
I'm on the phone with Fidelity minutes later. What happened was the issuing bank was required to give 15 days notice of their intent to call, but only gave 5 days. So the call was invalid, and they have to abide by the remaining terms - 4.125%, no more call dates, maturity 9/23/2024.
Works for me.