I thought I understood this but a rep at Ally had a contrary opinion so double-checking. I thought when the CD was set up that I had the choice of reporting it on a current basis (at yr end) or at maturity (since < 1 yr maturity). The statement shows that the mo. end ending balance is the same as the original beginning balance (so all interest is accrued but does not change the balance). My understanding was that no interest would be reported until maturity (next yr) which is consistent with what I wanted then. I also understood that it was possible to change the tax reporting so that interest would declared for each partial yr at the end of each yr.
However,this AM the Ally rep told me that the interest would be reported at yr end and again at maturity. I should have asked for a supe then but didn't do it and now the wait has gone from 3 min to 25min.
However,this AM the Ally rep told me that the interest would be reported at yr end and again at maturity. I should have asked for a supe then but didn't do it and now the wait has gone from 3 min to 25min.
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