Quote:
Originally Posted by brewer12345
Um, Nords, maybe this is a stupid question, but:
Knowing you had a CD coming due, why didn't you log in ahead of time and opt to have them send you a check when the CD matured?
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Quote:
Originally Posted by kaneohe
Or, if the proceeds could have been put in MMSA upon maturity, you could have written a check yourself........if a check would have useful. Then you wouldn't depend on anybody except yourself.
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No, those are both very good points.
A couple years ago (when a previous $20K CD matured) I was able to execute consecutive daily $5K transfers. That's faster than waiting 5-7 days for a letter to be sent from the East Coast to Hawaii. I've had checks "lost" in the postal mail during the last few years, too, so I prefer electronic transfers.
I could also have written checks on my PenFed HELOC and deposited them (with my iPad) at NFCU. NFCU has a daily limit of $10K for online deposits so I would have had to write three checks. That'd work fine too, although PenFed would take a dollar or two of interest charges on the HELOC.
I could've written a $20K check on my PenFed HELOC, gone four miles across our neighborhood to the new NFCU branch, stuffed the check in a deposit envelope, and put it into the ATM. That would've cleared in about the same time as a mailed check.
I would've done one of those things if I'd known about PenFed's new rules.
My frustration is the changing of the rules without notification-- especially that surprise about "$5000 in a three-day rolling period". That sounds like something John Cleese would utter in a Monty Python skit. It would've been easy for PenFed to have sent out an e-mail to tell us valued customers what new security features were being put in place so that we could adjust our transfer plans. There was never any notification about sending texts to cell phones, either, but I thought that was just because I was in Spain. Now it turns out to be another new rule.
Quote:
Originally Posted by SCGamecock
When my PenFed CDs mature, the balance is placed in my PenFed share account. After I verify the balance in the share account, I "pull" the funds out of PenFed using the ACH transfer feature of the receiving bank/credit union. This bypasses PenFed's transfer limits.
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Good point. I'm going to have to set that up.