Redeeming CDs

[Mysto]

For my cash account - CD ladder I got a CD from World Savings a year and a half ago. They were bought out by Wachovia about a year ago.

The CD matured on 12-19 and I need the money - so here goes my call to W-Wachovia:

Call on 12-18 - Can I set this up in advance?
W- No sir you must call tomorrow

Call on 12-19 - Redeem account please.
W-Wait, we need written confirmation of this - let me check - no everything is OK here is your confirmation #. It will be 5 business days.

Can I have the funds transfered - W-NO Can I have the funds wired - W-NO

So I wait over the holidays. No check so I call again.
W-You have to wait 10 business days before we can do anything.

I wait 10 business days. Where is my check?
W- You needed to send confirmation in writing.
But I was told I didn't. I have a confirmation number.
W - She was wrong and should have called you back.
But she didn't.
W - I'm sorry sir - Your CD has been renewed
You can't renew it I have a confirmation of redemption.
W- Let me check - Sir you'll have to confirm in writing and we'll wave the penalty.(Isn't that nice of them)

I FAX confirmation and call today.
W-The correspondence team is working on this and you will get a check within 7-10 business days.
Please send a confirmation e-mail on this.
W-We don't do that sir.


Lost interest if it comes within the next 10 business days will be 34 days.

And the best part is that the person I talked with last said "I hope this doesn't put you off to working with Wachovia"

So my advice (many of you may already do this) is to always send written confirmation registered mail. I know I will from now on.

 

[LOL!]

This is where a nice letter to the right person will get you the interest you should've earned from 12/19 to the day the check was written.

 

[bbbamI]

Sorry you had troubles Mysto.

That's the reason I still do business with the local brick and mortar banks. If I have a problem, I like to meet face to face with a person. Especially when it comes to my money.

I guess I'm just an old fogey that way.

 

[kaneohe]

Sorry about your problems Mysto. Maybe next time consider opening a money market account about a month or two before the CD matures. Have the CD transferred there upon maturity and then write a check to reclaim your funds. I got this suggestion from a Countrywide rep when opening a CD there. They have local branches but they are really only collection points for $$ and they can't issue funds there. I haven't actually successfully done this yet......they could fail to do the transfer into the m.mkt also if they wanted, I suppose.

 

[haha]

I guess I'm just an old fogey that way.

Old fogey maybe. But you sure have nice hair!

Ha

 

[Helena]

That's the reason I still do business with the local brick and mortar banks. If I have a problem, I like to meet face to face with a person. Especially when it comes to my money.

I guess I'm just an old fogey that way.

Me too.

At Wachovia I do all my business face to face with a banker.
She is very nice and professional. If I have any questions or
problems I contact her directly and she handles it. She is a gem !

 

[bbbamI]

Old fogey maybe. But you sure have nice hair!

Ha

How sweet...I'm flattered.

 

[LOL!]

The last time I did something face-to-face at a bank, they screwed me over royally. That's why I avoid walking into banks.

 

[Twinkle Toes]

Sorry about your problems Mysto. Maybe next time consider opening a money market account about a month or two before the CD matures. Have the CD transferred there upon maturity and then write a check to reclaim your funds. I got this suggestion from a Countrywide rep when opening a CD there. They have local branches but they are really only collection points for $$ and they can't issue funds there. I haven't actually successfully done this yet......they could fail to do the transfer into the m.mkt also if they wanted, I suppose.

That process worked for me on an IRA CD in Bank A. I set up a "free" checking account at Bank A and had the CD deposited into it on the date of maturity. Bank B, the new issuer of my IRA CD pulled the funds from the "free" checking account the next day. I had one day of no interest. I did have to provide written notice to transfer the CD into the "free" checking account, but everything else was done by fax. It did create a 60-day rollover, but it had no tax consequences.

 

[Notmuchlonger]

Guess Im not the only one. My credit union tried to pull that "You cant do that yet cd crap" We were going on vacation and I didnt want to deal with it while on vacation. I finally got the manager who took care of it. But they will song and dance you for as long as they can.

 

[FinanceDude]

Guess Im not the only one. My credit union tried to pull that "You cant do that yet cd crap" We were going on vacation and I didnt want to deal with it while on vacation. I finally got the manager who took care of it. But they will song and dance you for as long as they can.

Yup............lending institutions prey on customers NOT taking action..........

 

[cantlogin]

I was in a similar situation with World Savings / Wachovia where they ignored my e-mails untill the date of the CDs maturity. I just walked into a Walkoveryou branch and said gimmiee my money... and they did.

 

[MJ]

ANYTIME I feel I am hitting a brick wall after a short phone conversation, I ask to speak to his/her supervisor. If I hit a brick wall again, I ask to speak to the manager of the department. If I hit a brick wall again, I ask to speak to the president of bank. I have never had to speak to a president yet. To borrow a phrase from "The Untouchables" when Sean Connery says, "this is the Chicago way"

MJ