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12-19-2018, 12:53 PM
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#781
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,232
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Quote:
Originally Posted by audreyh1
I’ve never seen a credit pull from Ally on my credit records. So if they do pull it’s soft.
I don’t remember if there was an initial hard pull when I first became a customer.
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Thanks. It was not a hard pull when I became a customer, but wasn't sure about that first CD.
__________________
TGIM
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12-20-2018, 03:07 PM
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#782
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Recycles dryer sheets
Join Date: Apr 2005
Posts: 114
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12-20-2018, 03:34 PM
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#783
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,309
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Quote:
Originally Posted by Spock
I've seen massive (2x) differences between CD terms that I can get as a retail customer of a couple of the major banks and the terms I can get from those same banks on brokered CDs at Fidelity. Counter-intuitive.
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I think most large B&M banks don’t want to be bothered with individuals buying CDs in small quantities. I assumed places like Fido agree to distribute a huge bucket of these and handle the paperwork so they get better rates and pass them on to clients. Could be wrong and I’m not sure how they get paid.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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12-20-2018, 04:14 PM
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#784
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Moderator
Join Date: Nov 2015
Posts: 13,879
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Quote:
Originally Posted by Dtail
Thanks. It was not a hard pull when I became a customer, but wasn't sure about that first CD.
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I just called yesterday to bump my No-Penalty Ally CD up to the 2.3 (it's basically a close/open-new transaction, and easier on the phone I find).
They do a soft pull I guess. She indicated they do a pull but that it has zero impact on my credit (unlike a Hard inquiry).
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12-20-2018, 05:14 PM
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#785
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Thinks s/he gets paid by the post
Join Date: Mar 2012
Posts: 3,931
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Quote:
Originally Posted by jazz4cash
I think most large B&M banks don’t want to be bothered with individuals buying CDs in small quantities. I assumed places like Fido agree to distribute a huge bucket of these and handle the paperwork so they get better rates and pass them on to clients. Could be wrong and I’m not sure how they get paid.
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The issuing bank pays them a fee - usually between 0.1% and 0.2%. When ML gives the trade confirmations they explicitly indicate how much they were paid.
For example:
Quote:
WHEN ISSUED ISSUER HAS PAID ML A FEE OF 0.15 % YIELD 3.30% TO 11/29/2021.
INSURED TO FDIC LIMIT. FACT SHEET ENCLOSED OR UNDER SEPARATE COVER. INTEREST
FROM 11/28/18. FIRST COUPON 05/28/19.
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12-20-2018, 05:32 PM
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#786
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,232
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Quote:
Originally Posted by Aerides
I just called yesterday to bump my No-Penalty Ally CD up to the 2.3 (it's basically a close/open-new transaction, and easier on the phone I find).
They do a soft pull I guess. She indicated they do a pull but that it has zero impact on my credit (unlike a Hard inquiry).
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Okay great to know. Have to wait myself for the bonus period to end just to make sure no pullback of $ if moving monies beforehand.
__________________
TGIM
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12-21-2018, 05:29 AM
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#787
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Thinks s/he gets paid by the post
Join Date: Jun 2013
Posts: 2,518
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Ally has been very clear IMO, that the money only has to stay in the institution but can move around between accounts.
__________________
"Luck favors the prepared mind"
Pasteur
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12-21-2018, 08:21 AM
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#788
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Thinks s/he gets paid by the post
Join Date: Jun 2013
Posts: 2,518
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Quote:
Originally Posted by adrift
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Where did you see this rate? At a brokerage?
__________________
"Luck favors the prepared mind"
Pasteur
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12-21-2018, 09:18 AM
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#789
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,232
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Quote:
Originally Posted by Golden sunsets
Where did you see this rate? At a brokerage?
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Well certainly not at Ally and also not at Fidelity.
__________________
TGIM
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12-21-2018, 09:37 AM
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#790
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Thinks s/he gets paid by the post
Join Date: Jun 2004
Location: No. California
Posts: 1,858
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Quote:
Originally Posted by Golden sunsets
Where did you see this rate? At a brokerage?
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Click the 14 month link. They still show the 14 month CD on Ally.com when you click the link.
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12-21-2018, 10:03 AM
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#791
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Full time employment: Posting here.
Join Date: Apr 2015
Posts: 575
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Quote:
Originally Posted by KB
Click the 14 month link. They still show the 14 month CD on Ally.com when you click the link.
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Your right, certainly not a widely advertised rate although it does say it's a "Special". With the recent .25% interest rate hike we'll be looking at a few 18 month or less 3% rates very soon. My local Summit State Bank has had a 2.90% for the last few weeks.
With my $100,000. CD coming due next month I'll hopefully bump it up to at least 3%.
The only down fall with all these higher rates (although still low) is I'm back to earning some real money which only translates to real taxes being owed.
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12-21-2018, 10:14 AM
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#792
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,666
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Quote:
Originally Posted by Drake3287
The only down fall with all these higher rates (although still low) is I'm back to earning some real money which only translates to real taxes being owed.
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I am considering a Fixed Deferred Annuity (MYGA) for 3 years to offset the income. Basically these are CDs with an insurance company and are tax deferred. Fidelity has some 3% with A+ Companies.
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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12-21-2018, 10:34 AM
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#793
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,008
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Quote:
Originally Posted by Golden sunsets
Where did you see this rate? At a brokerage?
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Ally just now announced it. Good through Feb 2019.
__________________
Retired since summer 1999.
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12-21-2018, 12:11 PM
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#794
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Posts: 3,054
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Just did an Ally Bank 14 month at 2.85%. 60 day early withdrawal penalty.
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12-24-2018, 09:49 AM
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#795
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Thinks s/he gets paid by the post
Join Date: Jun 2016
Posts: 1,955
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I've never focused on CDs much until this year... but its curious to see the supply (at least at Fidelity) has really dried up here towards year end... There used to be 200-300 new issues spread across the durations, today there are 72. Glean out the foreign and lower rated institutions and its almost slim pickings.
Is this normal for this time of year? Or a result of stocks tanking (people moving to cash and soaking up the inventory)? Or a perceived top in rates so banks are holding off with locking in rates?
Or?
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12-24-2018, 09:55 AM
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#796
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Thinks s/he gets paid by the post
Join Date: Mar 2012
Posts: 3,931
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Quote:
Originally Posted by Spock
I've never focused on CDs much until this year... but its curious to see the supply (at least at Fidelity) has really dried up here towards year end... There used to be 200-300 new issues spread across the durations, today there are 72. Glean out the foreign and lower rated institutions and its almost slim pickings.
Is this normal for this time of year? Or a result of stocks tanking (people moving to cash and soaking up the inventory)? Or a perceived top in rates so banks are holding off with locking in rates?
Or?
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I've seen it happen before. I can't remember if it was at this time last year, or some other time. However, I do seem to remember that it did occur at the end of a month. There will be plenty more available soon, I'm sure. However, they (the banks) are probably trying to figure out the lowest rates they can get away with offering.
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12-24-2018, 10:06 AM
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#797
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Full time employment: Posting here.
Join Date: Sep 2008
Posts: 999
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waiting is the hardest part..........
__________________
"I couldn't wait for success, so I went ahead without it." Ret. 2013 @ 51.
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12-24-2018, 09:20 PM
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#798
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,309
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Guess I’ll be leaving Ally eventually. I’ve had issues on 3 out of last 4 transactions with them. I took a distribution of 10% from my IRA and got an email saying the account is closed. I log in and see account is not closed. I used the chat session and was told the balance dropped to 0 “in error” triggering an automated email. They haven’t sent anything saying to disregard prior email.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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12-26-2018, 07:38 AM
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#799
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,666
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VMMXX Paying 2.43% Compounded 7 day Yield
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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12-26-2018, 01:16 PM
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#800
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Full time employment: Posting here.
Join Date: Sep 2008
Posts: 999
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Last few days CD rates have been dropping? Brokered CD's are easiest to follow on a daily basis. Have the better paying ones been purchased as the stock market has been tanking?
Or was the last rate hike factored in / in advance and now unsettled due to shaky markets? Have heard both reasons. Was thinking rates would be going up a bit after the feds .25% hike on the 19th... With 2 more projected next year. There are isolated deals 12 month, 15 month etc. But those look like deals to attract new customers rather than across the board rates. With the better 5 yr still around 3.5%... Just something to talk about....
__________________
"I couldn't wait for success, so I went ahead without it." Ret. 2013 @ 51.
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