PenFed CD

[ripper1]

Unfortunately I need to break one of my 5yr CD's at Penfed. Looking on the website I can't find anyway to do that other than calling them. Does anybody know where on the website this can be done?

 

[Newventurer]

That's what it looks like to me as well, all options state 'at Maturity'

 

[audreyh1]

Unfortunately I need to break one of my 5yr CD's at Penfed. Looking on the website I can't find anyway to do that other than calling them. Does anybody know where on the website this can be done?

I have never seen an option do to this online.

 

[ShokWaveRider]

Unfortunately, that will turn out to be a poor decision. It really should not have that long to go. May be a better decision to borrow some money off them till it matures. Depending on the size there are EW penalties to take into account.

 

[ripper1]

This is only a 12k CD so I would lose one years worth of interest. About 360 dollars. Don't want to sell any stock because capital gain will cost me 15%. Whereas I will pay less than 3% on the cash.

 

[calmloki]

Think ShokWave was suggesting short term borrowing from Penfed (secured by the CD) rather than cashing the CD in. Might not be feasible given the $360 cost breaking the CD would cost.

 

[Sue J]

Unfortunately I need to break one of my 5yr CD's at Penfed. Looking on the website I can't find anyway to do that other than calling them. Does anybody know where on the website this can be done?

I did this last summer in order to pay cash for a car.

You can’t do it on the website. I called and the instructions from them were to compose a document, print it and both DH and I had to sign it. Then I scanned it and emailed it to an email address that they gave me.

The document had to specify the cd’s number and I think the maturity date and that I acknowledged the penalty for early withdrawal. You also need to tell them what to do with the proceeds, deposit to a PenFed account or send you a check.

Once we sent the email it was processed quickly, maybe took 2 days.

Give them a call and get the details. I’m pretty sure you can also do this by mail.

 

[ExFlyBoy5]

I don't have a CD with PenFed, but I haven't been too thrilled with the customer service. Over a month ago, I closed out our HELOC (never had a balance) since we will be selling the house. Well, they have yet to record the cancellation w/ the deed record folks and talking to someone about it has been quite the chore and so far I haven't gotten anywhere. I know they can record them quickly, as a little research shows that with a refi, the cancellation is filed within 5 business days around these parts.

Good customer service seems to be hard to find these days.

 

[deserat]

Yes - I am no longer with PenFed due to the customer service issues. n a recent WSJ article, the report how the new CEO has a drive to 75 - wants to increase assets from $18B to $75B - the history is that Penfed has purchased or absorbed several other credit unions and the associated 'membership' criteria which has increased the customer risk portfolio (analogy: how USAA has expanded from officers only to anyone in anyway somehow related to a military person). The WSJ article and comments mentioned how credit unions get some perks (minimal or no taxes) due to their charters of providing 'banking' services to a specific community and the new CEO seemed to be skirting the line between credit union and bank definitions.

Be that as it may, it was nigh on impossible over 10 years ago to get someone on the phone at Penfed - seems like it is worse now.....