New at PenFed - 3% 5yr certificates

It looks like for each CD you buy, Penfed sends a paper form which needs to be filled out and returned. It makes me a little uneasy as the form asks for a SSN and I'd rather not send this through snail mail. Is there anyway around this?
 
photoguy said:
It looks like for each CD you buy, Penfed sends a paper form which needs to be filled out and returned. It makes me a little uneasy as the form asks for a SSN and I'd rather not send this through snail mail. Is there anyway around this?
Click to expand...
Maybe you could call them and whisper your SSN to the customer service rep? :LOL:

Seriously, if you are uncomfortable having your SSN go through the mail, you'll really freak out when you go on Medicare. Your SSN is your account number, known to every medical provider you come in contact with...
 
REWahoo said:
Maybe you could call them and whisper your SSN to the customer service rep? :LOL:

Seriously, if you are uncomfortable having your SSN go through the mail, you'll really freak out when you go on Medicare. Your SSN is your account number, known to every medical provider you come in contact with...
Click to expand...

Maybe he doesn't realize that his SS number was originally issued by the government years ago and is all over the web anyway? Maybe we should ask the gov is issue us secret SS numbers as an alternative? :D
 
photoguy said:
It looks like for each CD you buy, Penfed sends a paper form which needs to be filled out and returned. It makes me a little uneasy as the form asks for a SSN and I'd rather not send this through snail mail. Is there anyway around this?
Click to expand...

I fax mine. then you know they are getting it.
 
photoguy said:
It looks like for each CD you buy, Penfed sends a paper form which needs to be filled out and returned. It makes me a little uneasy as the form asks for a SSN and I'd rather not send this through snail mail. Is there anyway around this?
Click to expand...

I agree that it seems odd that every time you add another CD to your Penfed portfolio you need to go through the application and snail mail paperwork process. And it seems odd to send the SS# via snail mail. I have now opened 3 CDs. While I do not like their process, I do like the CD.
 
REWahoo said:
Seriously, if you are uncomfortable having your SSN go through the mail, you'll really freak out when you go on Medicare. Your SSN is your account number, known to every medical provider you come in contact with...
Click to expand...

Yeah i tend to be a little paranoid and think of all the various ways things can go wrong. SSN bugs me so much because it's used both as an identifier and a password.
 
IMHO, the US mail can be more secure than doing things online. Many crooks avoid getting involved with the US Mail because of the laws against using it to commit frauds. For example, a fraudster who wants your money will often send you a prepaid USP or FedEx envelope since the postal laws don't apply to these services, so it's one less complication should they get caught.
 
photoguy said:
It looks like for each CD you buy, Penfed sends a paper form which needs to be filled out and returned. It makes me a little uneasy as the form asks for a SSN and I'd rather not send this through snail mail. Is there anyway around this?
Click to expand...
You can FAX it instead.
 
I'm glad someone else worries about stuff they have no control over besides me. Makes me feel a well normal. A no maybe not
 
Thanks for the fax suggestions. I'll do that instead of mailing.
 
Thanks to the OP for posting this. I had a cd come due at another institution and using the info, I opened a Pen Fed account and cd instead of renewing at current institution.
 
Penfed is restocking the shelves with 3% 5 year cd money to loan out @ 5-6% on 30 year mortgages for housing bubble part deux.
 
Free bird said:
Penfed is restocking the shelves with 3% 5 year cd money to loan out @ 5-6% on 30 year mortgages for housing bubble part deux.
Click to expand...

Most banks yes, but Penfed has been loaning us money at less than the rate they pay us for CDs for years now. It's magic. or Madoff. or something.
 
I choose or something. Stay under the insurance limits & maybe when the music stops your deposits won't turn to dust. Ahh happy new year fellow cd buyers.
 
:mad:
Free bird said:
I choose or something. Stay under the insurance limits & maybe when the music stops your deposits won't turn to dust. Ahh happy new year fellow cd buyers.
Click to expand...

ALWAYS stay under the insurance limit, regardless of what you think of the institution.
 
Indeed. And regarding that deposit insurance. The maximum insurance per institution is 250k on an IRA. The adding of a benificiary on an IRA does not affect the insurance limit. The phone reps I've talked to at penfed depending on who you talk to have confused the regular share non IRA account insurance rules with the IRA rules. I wanted to believe that adding a beneficiary to an IRA would double the insurance from 250k to 500k.
 
This is correct for an IRA as it is in ONE Name by law. But for Real money (After Tax) you can insure up to $1,250,000 with Joint and BNFs.
 
Sorry I must have not had enough coffee this morning. I swear at 6:30 am it said 2%.
My bad
Term Dividend Rate APY
6 Month 0.300% 0.30%**
1-Year 0.750% 0.75%
2-Year 1.400% 1.41%
3-Year 2.000% 2.02%
4-Year 2.200% 2.22%
5-Year 3.000% 3.04%
7-Year 3.000% 3.04%
 
I'm always learning a new term in the financial industry. I've never heard the term Real money to describe non IRA deposits. When I was talking to the rep from penfed we got confused over penalties to withdraw money early from a CD. I was talking about a penalty to withdraw money from a non IRA CD & she was talking about the IRS penalty to withdraw from an IRA CD. Talking over the phone about this stuff can be stressful.
 
I filled out an application to open an IRA with PenFed today. This morning I emailed them the IRA transfer authorization to transfer funds from my Vanguard IRA, along with the PenFed IRA Application. I received an email acknowledging receipt of my email, but otherwise have not been able to confirm where it is in the process. A call later on in the day got me an agent who just said it takes longer than that for them to do anything with forms emailed in. She said no news is good news, but that doesn't leave me all that comfortable.

I'm going to be selling my shares of VG Total Bond Market, moving the funds into the money market, and then transferring the funds from money market to PenFed. Does anyone have experience doing this who can tell me how long it took from when you first sent in the application to when the funds were requested. I'd rather not sell shares in TBM and then have them just sit around for weeks in the money market. They have actually been going up a few cents lately, so maybe I'm make back some of the money I lost in 2013 if I wait a bit longer. Who knows.

The rep did confirm that the rates of 3% are guaranteed through 1/31. I asked what happens if by the time the check gets mailed from Vanguard it doesn't end up at PenFed until after 1/31. She was pretty quick to say don't worry, we will backdate the receipt if necessary. I was a little surprised she could commit to doing that actually.
 
You obviously missed post #181 of this thread :D Note that I used snailmail, not email.

pb4uski said:
I mailed my forms in about Nov 26. They pulled funds from Vanguard on Dec 12 and issued my CDs on Dec 16 (backdated to Dec 12).

I suspect timing may be a bit slower than normal due to volume.
Click to expand...
 
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