New at PenFed - 3% 5yr certificates

[Chuckanut]

Quote:

Originally Posted by pb4uski Yeah, the Fed.

Or maybe some lucky stiff who got a 10 year loan under 3%.

[photoguy]

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?

[REWahoo]

Quote:

Originally Posted by photoguy 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?

Maybe you could call them and whisper your SSN to the customer service rep?

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...

[aja8888]

Quote:

Originally Posted by REWahoo Maybe you could call them and whisper your SSN to the customer service rep? 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...

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?

[ShokWaveRider]

Quote:

Originally Posted by photoguy 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?

I fax mine. then you know they are getting it.

[Earl E Retyre]

Quote:

Originally Posted by photoguy 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?

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.

[photoguy]

Quote:

Originally Posted by REWahoo 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...

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.

[Chuckanut]

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.

[audreyh1]

Quote:

Originally Posted by photoguy 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?

You can FAX it instead.

[Free bird]

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

[photoguy]

Thanks for the fax suggestions. I'll do that instead of mailing.

[FIYes]

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.

[Free bird]

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.

[calmloki]

Quote:

Originally Posted by Free bird 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.

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.

[Free bird]

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.

[brewer12345]

Quote:

Originally Posted by Free bird 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.

ALWAYS stay under the insurance limit, regardless of what you think of the institution.

[Free bird]

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.

[ShokWaveRider]

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.

[golfersailor]

Happy New Year PenFed 5 Yr CD now 2%!

[audreyh1]

Are you sure? This doesn't say that: https://www.penfed.org/money-market-certificate/ and has "Annual Percentage Yield (APY) is accurate as of January 01, 2014 - January 31, 2014 and is subject to change at any time." in the Details and Disclosures.