CDs at Countrywide

[renferme]

Warning: I've had my fill of Countrywide. Although they offer great CD rates, when it's time to collect your money after a CD matures, they won't give you the money immediately; they make you wait at least a week till they send the check.
Of course, waiting for the money means you can't earn on it, effectively lowering the real interest rate, and it means they have an extra week to earn for themselves.
I see no reason why they can't cut a check upon maturity and hand it over immediately. My CU puts monies right back into my account at maturity; I don't have to show up to direct them to do something.
Anyone else feel the same way?

 

[FinanceDude]

Well, Countrywide has had issues in the past year or so............

Maybe they think you'll "forget", and then they can roll you into a much lower yielding CD after 10 days.........

 

[cmy1176]

My mortgage was sold to them, and I have not been happy with their customer service. Plus they call me all the time trying to sell me a HELOC and other products.....

 

[renferme]

when you purchase a CD from them, they Fed-Ex immediately.
But when it matures they mail you your money snail-mail.
.
I suppose the fine print in the contract says that you will get your money back a week or so later, but they don't tell you that when you buy at their office.
And who reads the fine print completely at the office, they give it to you after the transaction has been completed and most will take it home to read later.
.

 

[FinanceDude]

I'm thinking float is the reason..........

 

[heyyou]

Had a problem at my CU with a HELOC check on an out of state bank (biggest bank here but headquarters is in Ohio), the CU staff agreed that the check was good, but couldn't credit my account for 10 working days/two weeks. Now there is some float.

 

[theronware]

Funny you should post this now as i am currently having issues with them too.

My CD with them matured two weeks ago. I refused to pay over $10 for an electronic bank transfer and so agreed to wait for a snail mail check. It STILL has not arrived. After I called them to say that it hadn't turned up, they sent me a replacement check affadavit form. Now I have to get this notified at a bank before I can return it to them and have them re-issue the check. Funny though -- when I called to say the check had not turned up in the mail, the guy on the phone didn't seem at all surprised (and the amount is over $80k!). Maybe it's just paranoia, but I began to wonder if this was a delaying tactic and that they had never sent it to me in the first place.

theronware

 

[retire@40]

I've got a Countrywide CD that's maturing tomorrow (Nov 17). I sent in my request last month to receive a check. Let's see what happens.

 

[kaneohe]

I thought the going in was bad losing 1 nights' interest on a live bank check made out to me and possibly more if the Fedex shipment got lost so I resolved only to deposit personal checks from then on. That little sting got me concerned about the coming out process so I asked the CSR about that. They suggested that 6-8 wks before maturity, you open a money market account. That would allow enough time to get the checks.
You needed something like $1500 min balance but the yield was actually fairly decent at the time. Then you could move the CD proceeds to money market, write a personal check to empty the account immediately, and not have to endure the uncertainty of when the CD proceeds would get to you. Have not done it yet because CD not yet mature but sounded good at the time.

 

[mathjak107]

i like buying my cd's thru fidelity, they day they mature they are put in my core account.

i may give up a fraction compared to the highest yiekding but noooo headaches and i can even sell before maturity with no penalty

 

[education]

No penalty?

What are the requirements for you to get this kind of service?

I know Fidelity is good & I've been with them for years with my Optional Retirement Plan and a Tax Sheltered Annuity, but I have always had to pay them for moving in and out of funds. Your news about CDs is almost to good to be true.

Professor

 

[mathjak107]

just have a fidelity account and you can buy cd's. of course there may be a slight adjustment on the price you get if you sell early but thats only if rates changed. you can even get a little more if rates dropped. there is no penalty

the convience of doing it thru my brokerage account is worthwhile.

 

[mathjak107]

No penalty?

What are the requirements for you to get this kind of service?

I know Fidelity is good & I've been with them for years with my Optional Retirement Plan and a Tax Sheltered Annuity, but I have always had to pay them for moving in and out of funds. Your news about CDs is almost to good to be true.

Professor

fidelity funds are no load so those fees are levied probley by the administrator of your plan.

 

[retire@40]

I've got a Countrywide CD that's maturing tomorrow (Nov 17). I sent in my request last month to receive a check. Let's see what happens.

In my mail today (Nov 20) is the check from Countrywide.

No Countrywide complaints from me.