DRiP Guy
Full time employment: Posting here.
- Joined
- Nov 7, 2006
- Messages
- 548
Hmm, I have some 4.99% lifetime balance transfer checks. Can I use one of those to buy a PenFed CD?
I was just chortling over the fact that when clearing a check (or 'draft') is involved, usually we consumers end up on the wrong end of the 'float', but in this one instance, since Pen Fed is such an excellent institution, the moment I 'bought' the MMC (CD), they credited my account. Right then. That was the 27th and will be when the CD began earning interest. The ACH to actually take the money from my checking did not execute until 1 Oct., so I gained six days free interest on 10K at 6.0% (I think it's about ten bucks?)
Little things like this are what engender loyalty to an institution --so, in my case, they now have a growing chunk of my cash AA portion -- good for them and good for me, a true win-win!