Car-Guy
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Maybe I should just post this in the pet peeve thread but I wanted to “vent a bit louder” and didn’t want my post lost in the sea of whining with all the other pet peeves.
So, In the past few years I have accumulated a plethora of CD’s in my brokerage account ranging in 9mo to 24mo laddered maturities. I prefer CD’s that pay interest monthly for two reasons. (1) I can reinvest the interest in “something” else, or (2) use the interest if it’s needed (or wanted). So, my complaint (vent) is about half of these CD’s do not pay the interest on time. Usually, they are only a day or two late but occasionally even longer, but it irks me to no end.
If roles were reversed and I had a loan from any of these financial institutions, I bet they would expect (demand) I make my payments on the actual due dates! I guess the old Golden Rule adage applies here, “Those who have the gold”, make the rules.”
Now, from my naturally suspicious nature, I feel like they are using these funds as a float for a few extra days. I mean in many cases they are delaying paying out “millions” in interest payments to their client base. I’m sure (assume) it’s legal but it still irks me as the little guy. Oh, and I’ve been keeping track of those who consistently payout their interest payments late and I don’t buy from them again. Rant Off!
Anyone else notice this “practice” or even care?
So, In the past few years I have accumulated a plethora of CD’s in my brokerage account ranging in 9mo to 24mo laddered maturities. I prefer CD’s that pay interest monthly for two reasons. (1) I can reinvest the interest in “something” else, or (2) use the interest if it’s needed (or wanted). So, my complaint (vent) is about half of these CD’s do not pay the interest on time. Usually, they are only a day or two late but occasionally even longer, but it irks me to no end.
If roles were reversed and I had a loan from any of these financial institutions, I bet they would expect (demand) I make my payments on the actual due dates! I guess the old Golden Rule adage applies here, “Those who have the gold”, make the rules.”
Now, from my naturally suspicious nature, I feel like they are using these funds as a float for a few extra days. I mean in many cases they are delaying paying out “millions” in interest payments to their client base. I’m sure (assume) it’s legal but it still irks me as the little guy. Oh, and I’ve been keeping track of those who consistently payout their interest payments late and I don’t buy from them again. Rant Off!
Anyone else notice this “practice” or even care?
Last edited:
