Best CD rates thread

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tbradnc
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Re: Best CD rates thread

Post by tbradnc » Tue Oct 29, 2019 7:54 pm

That was going to be a followup question - so I can wire money from Ally to PSECU just using my member number?

Way easier.

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indexfundfan
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Re: Best CD rates thread

Post by indexfundfan » Tue Oct 29, 2019 8:24 pm

tbradnc wrote:
Tue Oct 29, 2019 7:54 pm
That was going to be a followup question - so I can wire money from Ally to PSECU just using my member number?

Way easier.
You will need at minimum the routing number, the account number and your name. Of course Ally will also charge you a fee.
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tbradnc
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Re: Best CD rates thread

Post by tbradnc » Wed Oct 30, 2019 12:23 pm

Got my checking account number via secure message sent from website in less than 2 hours.

international001
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Re: Best CD rates thread

Post by international001 » Wed Oct 30, 2019 12:29 pm

You can get the account number for the PSECU savings account (My Shares) from the website. Why the need of a checking account?

Wire would be worth the $$ only with huge amounts, and depending on how much time you can save (vs ACH)

tbradnc
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Re: Best CD rates thread

Post by tbradnc » Wed Oct 30, 2019 12:33 pm

I'm sending a huge amount. :)

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Re: Best CD rates thread

Post by Chip Shot » Wed Oct 30, 2019 12:48 pm

My money should arrive at PSECU tomorrow. Now to decide on a 2yr CD or a 3 yr CD... What is the consensus?

MikeG62
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Re: Best CD rates thread

Post by MikeG62 » Wed Oct 30, 2019 1:07 pm

downrod wrote:
Wed Oct 30, 2019 12:48 pm
My money should arrive at PSECU tomorrow. Now to decide on a 2yr CD or a 3 yr CD... What is the consensus?
For me, mix of both, with about 2/3rds going into the 36-month CD and the rest into the 24-month CD.
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MikeG62
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Re: Best CD rates thread

Post by MikeG62 » Wed Oct 30, 2019 1:08 pm

tbradnc wrote:
Wed Oct 30, 2019 12:33 pm
I'm sending a huge amount. :)
If you have an account at Fidelity you can wire for no charge. I've done that twice now - first time with initial funding and second time to fund 1st add-on.
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HeelaMonster
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Re: Best CD rates thread

Post by HeelaMonster » Wed Oct 30, 2019 1:15 pm

downrod wrote:
Wed Oct 30, 2019 12:48 pm
My money should arrive at PSECU tomorrow. Now to decide on a 2yr CD or a 3 yr CD... What is the consensus?
I don't know about consensus, but for me it all went in the 3 yr CD. I am even happier to have that locked in today, since the Fed cut interest rates for the third time this year.

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Re: Best CD rates thread

Post by Kevin M » Wed Oct 30, 2019 1:16 pm

tbradnc wrote:
Wed Oct 30, 2019 12:23 pm
Got my checking account number via secure message sent from website in less than 2 hours.
Thanks for the tip. Just sent secure email requesting mine.

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Re: Best CD rates thread

Post by Kevin M » Wed Oct 30, 2019 1:20 pm

international001 wrote:
Wed Oct 30, 2019 12:29 pm
You can get the account number for the PSECU savings account (My Shares) from the website. Why the need of a checking account?
One reason is to avoid the limitation of six outgoing transfers per month.

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tbradnc
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Re: Best CD rates thread

Post by tbradnc » Wed Oct 30, 2019 1:22 pm

Seems like I read somewhere this deal is good through 11/30 - is this correct?

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Re: Best CD rates thread

Post by Kevin M » Wed Oct 30, 2019 1:23 pm

MikeG62 wrote:
Wed Oct 30, 2019 1:08 pm
tbradnc wrote:
Wed Oct 30, 2019 12:33 pm
I'm sending a huge amount. :)
If you have an account at Fidelity you can wire for no charge. I've done that twice now - first time with initial funding and second time to fund 1st add-on.
But the max is $100K per transfer, right?

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Re: Best CD rates thread

Post by Kevin M » Wed Oct 30, 2019 1:23 pm

tbradnc wrote:
Wed Oct 30, 2019 1:22 pm
Seems like I read somewhere this deal is good through 11/30 - is this correct?
Yes, that is the word on the street, but I don't think it's guaranteed.

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Re: Best CD rates thread

Post by Kevin M » Wed Oct 30, 2019 1:25 pm

downrod wrote:
Wed Oct 30, 2019 12:48 pm
My money should arrive at PSECU tomorrow. Now to decide on a 2yr CD or a 3 yr CD... What is the consensus?
In taxable, I put half in each, but I wish I had put it all in the 3-year. In IRA, I put it all in the 3-year.

Kevin
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Re: Best CD rates thread

Post by MikeG62 » Wed Oct 30, 2019 1:56 pm

Kevin M wrote:
Wed Oct 30, 2019 1:23 pm
tbradnc wrote:
Wed Oct 30, 2019 1:22 pm
Seems like I read somewhere this deal is good through 11/30 - is this correct?
Yes, that is the word on the street, but I don't think it's guaranteed.

Kevin
I've been told this from a couple of different CSR's in the certificates department at PSECU. I asked if it was possible that they would pull it early and was told by each person that they had never seen a promotional rate pulled early. So possible, but seems very unlikely.
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novice111
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Re: Best CD rates thread

Post by novice111 » Wed Oct 30, 2019 1:58 pm

PSECU today confirmed on the phone that it is extended until nov 30 2019

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Re: Best CD rates thread

Post by MikeG62 » Wed Oct 30, 2019 2:00 pm

Kevin M wrote:
Wed Oct 30, 2019 1:23 pm
MikeG62 wrote:
Wed Oct 30, 2019 1:08 pm
tbradnc wrote:
Wed Oct 30, 2019 12:33 pm
I'm sending a huge amount. :)
If you have an account at Fidelity you can wire for no charge. I've done that twice now - first time with initial funding and second time to fund 1st add-on.
But the max is $100K per transfer, right?

Kevin
Not sure Kevin. When I click on initiate a wire, the next screen says (under the box where you would input the transfer amount), "You have $100,000.00 remaining of the $100,000 daily transaction limit. For larger transfers, please contact a Fidelity representative at 800-343-3548."

So sounds like one could do more than $100,000.

If not, you could certainly do $100,000 per day.
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tbradnc
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Re: Best CD rates thread

Post by tbradnc » Wed Oct 30, 2019 2:38 pm

Wire showed up 4 minutes after being sent from Ally - at 3:33 PM EST. I submitted the wire request to Ally at 8:00 AM. They didn't send it until 3:29 PM EST.

Sent to member number and money went into checking account as others have said.

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Re: Best CD rates thread

Post by indexfundfan » Wed Oct 30, 2019 2:52 pm

MikeG62 wrote:
Wed Oct 30, 2019 2:00 pm
Kevin M wrote:
Wed Oct 30, 2019 1:23 pm
MikeG62 wrote:
Wed Oct 30, 2019 1:08 pm
tbradnc wrote:
Wed Oct 30, 2019 12:33 pm
I'm sending a huge amount. :)
If you have an account at Fidelity you can wire for no charge. I've done that twice now - first time with initial funding and second time to fund 1st add-on.
But the max is $100K per transfer, right?

Kevin
Not sure Kevin. When I click on initiate a wire, the next screen says (under the box where you would input the transfer amount), "You have $100,000.00 remaining of the $100,000 daily transaction limit. For larger transfers, please contact a Fidelity representative at 800-343-3548."

So sounds like one could do more than $100,000.

If not, you could certainly do $100,000 per day.
I think I posted this up thread -- after I pushed money from Vanguard to Fidelity and then used Fidelity to send two free wires, my account was locked and I had to call in to explain the wire transfers. So if your money isn't already at Fidelity, there's a chance this might happen to you.

In hindsight, I could have sent the wires directly from Vanguard for free too, since apparently Vanguard can now use voice authentication to authorize wire transfers. No medallion stamp needed.
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Re: Best CD rates thread

Post by Kevin M » Wed Oct 30, 2019 2:54 pm

tbradnc wrote:
Wed Oct 30, 2019 2:38 pm
Wire showed up 4 minutes after being sent from Ally - at 3:33 PM EST. I submitted the wire request to Ally at 8:00 AM. They didn't send it until 3:29 PM EST.

Sent to member number and money went into checking account as others have said.
Cool. Did you buy a CD?

My ACH from Vanguard went into member share, not into checking. My wire from Fidelity went into member share, but that's before I had a checking account. Will test wire from Vanguard on Monday (I reset my deposit day to 7th). Minimum for Vanguard wire online is $1,000, minimum at Fidelity is $100.

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Re: Best CD rates thread

Post by Kevin M » Wed Oct 30, 2019 2:59 pm

indexfundfan wrote:
Wed Oct 30, 2019 2:52 pm
In hindsight, I could have sent the wires directly from Vanguard for free too, since apparently Vanguard can now use voice authentication to authorize wire transfers. No medallion stamp needed.
I can select "Wire" instead of ACH in selling shares online at Vanguard, but as mentioned, the minimum for wire is $1,000, so I'm waiting until closer to my add-on date to test it. I've used wire for other transfers out of Vanguard, as long as the receiving bank or credit union does not charge an incoming wire fee (e.g., Ally, PSECU).

The fee for doing a wire this way at Vanguard is $10, unless you are Flagship, in which case it's $0.

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Re: Best CD rates thread

Post by tbradnc » Wed Oct 30, 2019 3:01 pm

Kevin M wrote:
Wed Oct 30, 2019 2:54 pm

Cool. Did you buy a CD?

My ACH from Vanguard went into member share, not into checking. My wire from Fidelity went into member share, but that's before I had a checking account. Will test wire from Vanguard on Monday (I reset my deposit day to 7th). Minimum for Vanguard wire online is $1,000, minimum at Fidelity is $100.

Kevin
Sure did. The wire did go into checking using just the member number. I posted this above but I was able get my actual checking account number by secure message in a couple of hours. I'm going to use that number to link from Ally. Assuming I have the rest of the month I'm not going to be in such a rush.

I'm pulling money out of several rewards checking accounts paying 3% (don't ask how many it's embarrassing) to fund the next CD and am going to refund them in late December when a batch of 2.86% CDs from Penfed mature.

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Re: Best CD rates thread

Post by indexfundfan » Wed Oct 30, 2019 3:08 pm

Kevin M wrote:
Wed Oct 30, 2019 2:59 pm
indexfundfan wrote:
Wed Oct 30, 2019 2:52 pm
In hindsight, I could have sent the wires directly from Vanguard for free too, since apparently Vanguard can now use voice authentication to authorize wire transfers. No medallion stamp needed.
I can select "Wire" instead of ACH in selling shares online at Vanguard, but as mentioned, the minimum for wire is $1,000, so I'm waiting until closer to my add-on date to test it. I've used wire for other transfers out of Vanguard, as long as the receiving bank or credit union does not charge an incoming wire fee (e.g., Ally, PSECU).

The fee for doing a wire this way at Vanguard is $10, unless you are Flagship, in which case it's $0.

Kevin
When I mention the voice authentication, I am referring to the one-time wire service using Vanguard. This is needed in the beginning because Vanguard takes like 10 days to link up and activate a new bank link.

If your bank account is already linked up at Vanguard, my experience was that the wire transfer is actually slower than ACH. If you submit an ACH withdrawal before 12pm ET, the money will appear in the bank by 8am ET the next day. If you send it by wire, the wire transfer actually takes place only during business hours the next day. So it is a few hours slower. You can test it and report if it is true for you.
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Re: Best CD rates thread

Post by indexfundfan » Wed Oct 30, 2019 3:16 pm

Kevin M wrote:
Wed Oct 30, 2019 2:54 pm
My ACH from Vanguard went into member share, not into checking.
For the money to go into checking, you have to link it up again, this time selecting "checking" as the account type.
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Re: Best CD rates thread

Post by Lloydo » Wed Oct 30, 2019 3:30 pm

Called the PSECU IRA/CD department (extension 3570), and the nice lady told me that if Vanguard would accept a faxed IRA transfer form, I could FAX the IRA application and transfer form to PSECU, then they'd FAX it to Vanguard; she gave me their FAX number. She guided me to the online IRA application, and it worked as smoothly as all of their other online stuff has. The only glitch is when I got to the step to print the forms, the forms opened in their interface without anything filled in, but there was a choice to open using another application, and when I clicked that and opened in Adobe, they were filled in as expected.

Called Vanguard, and they said they would accept a FAXed IRA transfer form, and the rep gave me the Vanguard FAX number to use. So, I faxed the signed forms to PSECU. If this actually works, it should be one of the fastest IRA transfers I've ever done.
Hi Kevin,

Did either party require the form to be notarized? If so, how'd you handle that with the fax. As others have stated, your fixed income advice is invaluable!

Thanks.

Lloyd
Last edited by Lloydo on Wed Oct 30, 2019 3:49 pm, edited 2 times in total.

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Re: Best CD rates thread

Post by Kevin M » Wed Oct 30, 2019 3:33 pm

indexfundfan wrote:
Wed Oct 30, 2019 3:08 pm
Kevin M wrote:
Wed Oct 30, 2019 2:59 pm
indexfundfan wrote:
Wed Oct 30, 2019 2:52 pm
In hindsight, I could have sent the wires directly from Vanguard for free too, since apparently Vanguard can now use voice authentication to authorize wire transfers. No medallion stamp needed.
I can select "Wire" instead of ACH in selling shares online at Vanguard, but as mentioned, the minimum for wire is $1,000, so I'm waiting until closer to my add-on date to test it. I've used wire for other transfers out of Vanguard, as long as the receiving bank or credit union does not charge an incoming wire fee (e.g., Ally, PSECU).

The fee for doing a wire this way at Vanguard is $10, unless you are Flagship, in which case it's $0.

Kevin
When I mention the voice authentication, I am referring to the one-time wire service using Vanguard. This is needed in the beginning because Vanguard takes like 10 days to link up and activate a new bank link.
Ah, thanks for clarifying.
indexfundfan wrote:
Wed Oct 30, 2019 3:08 pm
If your bank account is already linked up at Vanguard, my experience was that the wire transfer is actually slower than ACH. If you submit an ACH withdrawal before 12pm ET, the money will appear in the bank by 8am ET the next day. If you send it by wire, the wire transfer actually takes place only during business hours the next day. So it is a few hours slower. You can test it and report if it is true for you.
Thanks for the tip. I probably initiated my ACH transfer after 12pm ET. I'll try another one earlier.
indexfundfan wrote:
Wed Oct 30, 2019 3:16 pm
Kevin M wrote:
Wed Oct 30, 2019 2:54 pm
My ACH from Vanguard went into member share, not into checking.
For the money to go into checking, you have to link it up again, this time selecting "checking" as the account type.
So you edit the link and just change "Savings" to "Checking"? I see I can do that, but does that put another 10-day hold on outgoing transfers to PSECU, and does that initiate any additional trial deposits?

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Re: Best CD rates thread

Post by LABogle » Wed Oct 30, 2019 3:41 pm

I found the PSECU representatives have been helpful over the phone. I called them a few times already. I did have solve a few problems before setting up the CDs. The main problem was sending fund to PSECU. The PSECU representative provided my checking account number over the phone since I only received the checks more than one week later. The PSECU routing number is on the PSECU website. You can send wire transfer or ACH with your PSECU member ID and the money will arrive in your Saving account.

I did two transfer to PSECU. Last week I wired money from my regular federal credit union and paid the wire transfer fee of $20. The money went to my PSECU saving account since I used my member ID (I did not know my checking account number at that time). This week I added PSECU as External Bank in my Vanguard account. Once the small deposit verification step was complete, I was able to send money via ACH from my Vanguard account to PSECU before 1pm. The money arrived at PSECU the next day. Therefore it is easier to initiate the transfer from external institutions, rather than initiating it from PSECU due to the daily and monthly limit amounts set up PSECU. I did both 3 year and 2 year CD's. The two year CD has 3 months early withdrawal penalty which is very flexible. I specified for the funds to be deposited to my PSECU saving account when the CDs mature. Since I have a checking account with PSECU, they sent me some checks so I can easily transfer them back to my regular bank.

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Re: Best CD rates thread

Post by HeelaMonster » Wed Oct 30, 2019 4:59 pm

It would be interesting to know the total amount of funds that have flowed into PSECU on the basis of this thread alone. At the least, they must owe indexfundfan (the OP) a PSECU mug for a finders fee!? 8-)

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Re: Best CD rates thread

Post by indexfundfan » Wed Oct 30, 2019 6:52 pm

Kevin M wrote:
Wed Oct 30, 2019 3:33 pm
So you edit the link and just change "Savings" to "Checking"? I see I can do that, but does that put another 10-day hold on outgoing transfers to PSECU, and does that initiate any additional trial deposits?
No, I meant to set it up all over again at Vanguard. This will be another wait of about 10 days.

Not sure if you can just change "Savings" to "Checking.
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Re: Best CD rates thread

Post by Kevin M » Wed Oct 30, 2019 7:04 pm

indexfundfan wrote:
Wed Oct 30, 2019 6:52 pm
Kevin M wrote:
Wed Oct 30, 2019 3:33 pm
So you edit the link and just change "Savings" to "Checking"? I see I can do that, but does that put another 10-day hold on outgoing transfers to PSECU, and does that initiate any additional trial deposits?
No, I meant to set it up all over again at Vanguard. This will be another wait of about 10 days.

Not sure if you can just change "Savings" to "Checking.
Yeah, I went through the first couple of screens, changing Savings to Checking, and it was going to do another round of trial deposits and not allow outgoing transfers for 7-10 days, so I didn't complete it.

I got my checking account number via secure message today, so can set it up directly from now on.

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Re: Best CD rates thread

Post by iosid » Thu Oct 31, 2019 12:49 pm

I opened a membership/savings account with PSECU, but they told me that the account number will be provided by a regular mail letter (5 days waiting time). without account number/pin I could not set up my online access and i am not able to transfer money. Any way around? thanks

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Re: Best CD rates thread

Post by tintin » Thu Oct 31, 2019 3:00 pm

In case anybody wondering, how long the promotion will last. I just spoke to one of the customer service rep and they mentioned that the promotion is extended till end of November.

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Re: Best CD rates thread

Post by HeelaMonster » Thu Oct 31, 2019 3:45 pm

iosid wrote:
Thu Oct 31, 2019 12:49 pm
I opened a membership/savings account with PSECU, but they told me that the account number will be provided by a regular mail letter (5 days waiting time). without account number/pin I could not set up my online access and i am not able to transfer money. Any way around? thanks
I received account number immediately, as soon as account was established (which was 1.5 days after I applied). I received emails providing links to my online account info, where the letters in question were waiting (membership welcome, account no. and PIN, etc). I did eventually receive hard copy of one letter by snail mail..., but by that time I had already purchased CD, filed everything away, and forgotten all about it.

So no, you shouldn't need to wait for 5 days.

[ETA: Here is the text of email I received, as soon as I joined...]

Welcome to PSECU! We're happy to have you as a member.

To receive your member account number, view or print your welcome letter at https://apps.psecu.com/VirtualCapture/L ... nInProfile.

If you haven't already, visit https://homebank.psecu.com/activation/activation.aspx to create your User ID for online banking. You will need your member account number, which can be found in your welcome letter, and your account PIN.
Last edited by HeelaMonster on Thu Oct 31, 2019 4:17 pm, edited 3 times in total.

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Re: Best CD rates thread

Post by Scooter57 » Thu Oct 31, 2019 4:10 pm

iosid wrote:
Thu Oct 31, 2019 12:49 pm
I opened a membership/savings account with PSECU, but they told me that the account number will be provided by a regular mail letter (5 days waiting time). without account number/pin I could not set up my online access and i am not able to transfer money. Any way around? thanks
Did you get a PDF welcome letter? If you did, look carefully at it. It has your account number at the bottom of one of the pages.

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Re: Best CD rates thread

Post by tbradnc » Thu Oct 31, 2019 4:27 pm

As you step through the application you're offered the following choices: I'm guessing you picked the 3rd option?

RECEIVING YOUR DOCUMENTS

Please select your choice for signing and saving a copy of your documents:

[ ] Electronically sign and download the documents. (fastest)
[ ] Print the documents online
[ ]Have the documents mailed

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Re: Best CD rates thread

Post by iosid » Thu Oct 31, 2019 8:19 pm

thanks for your answers. I called back, spoke with different CS and i was able to get access to my account and pin. I was able to log in. Now, it is transfer time (need to decide between wire or ACH).

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Re: Best CD rates thread

Post by barber » Fri Nov 01, 2019 11:09 am

I just opened my first PSECU certificate and was disappointed that I could not add a beneficiary without using their tenative trust form

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Re: Best CD rates thread

Post by Kevin M » Fri Nov 01, 2019 1:48 pm

barber wrote:
Fri Nov 01, 2019 11:09 am
I just opened my first PSECU certificate and was disappointed that I could not add a beneficiary without using their tenative trust form
Yeah, not as easy as at Ally Bank, for example, at which beneficiaries can be added to a POD account online, but it's a credit union, and they all have their quirks. The form is a pain, since you have to fill in all of your info again, as if opening a new account, but at least they have a way to do it.

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Re: Best CD rates thread

Post by Kevin M » Fri Nov 01, 2019 7:37 pm

Lloydo wrote:
Wed Oct 30, 2019 3:30 pm
Called the PSECU IRA/CD department (extension 3570), and the nice lady told me that if Vanguard would accept a faxed IRA transfer form, I could FAX the IRA application and transfer form to PSECU, then they'd FAX it to Vanguard; she gave me their FAX number. She guided me to the online IRA application, and it worked as smoothly as all of their other online stuff has. The only glitch is when I got to the step to print the forms, the forms opened in their interface without anything filled in, but there was a choice to open using another application, and when I clicked that and opened in Adobe, they were filled in as expected.

Called Vanguard, and they said they would accept a FAXed IRA transfer form, and the rep gave me the Vanguard FAX number to use. So, I faxed the signed forms to PSECU. If this actually works, it should be one of the fastest IRA transfers I've ever done.
Hi Kevin,

Did either party require the form to be notarized? If so, how'd you handle that with the fax. As others have stated, your fixed income advice is invaluable!

Thanks.

Lloyd
Sorry, I had missed this, but Lloyd followed up with me via PM. For everyone else's benefit, Vanguard does not require notary or signature guarantee on IRA transfer forms, and apparently not even original signature, since they accepted a FAXed form. Normally, it would only be the sending custodian that might require a signature guarantee, but no, PSECU does not require anything special on their IRA transfer form.

Of all the banks and credit unions I've done IRA transfers between, the only one that used to require a signature guarantee was Ally Bank. Fortunately, they dropped that requirement, as I found out during a transfer for which I was having a hard time getting a signature guarantee. I was at my local credit union trying to get the signature guarantee, but there wasn't a formal space on the form for it, and the CU wouldn't do a signature guarantee without that. So I called Ally while sitting at the CU rep's desk, and that's when Ally told me they no longer require it.

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Re: Best CD rates thread

Post by Kevin M » Fri Nov 01, 2019 7:48 pm

indexfundfan wrote:
Wed Oct 30, 2019 3:08 pm
If your bank account is already linked up at Vanguard, my experience was that the wire transfer is actually slower than ACH. If you submit an ACH withdrawal before 12pm ET, the money will appear in the bank by 8am ET the next day. If you send it by wire, the wire transfer actually takes place only during business hours the next day. So it is a few hours slower. You can test it and report if it is true for you.
More data points.

Yesterday I did ACH transfers from both Vanguard Fed money market fund (settlement fund) and from Treasury MM fund (non-settlement MM fund) to PSECU savings at about 8:20am PT (so 11:20am ET). The one from Fed MM fund arrived there today before 10am PT (1pm ET), but the one from Treasury MM did not arrive today at all. Note that Vanguard indicates settlement for the transfer from Fed MM was 10/31, but settlement for the sale of Treasury MM shares is 11/1.

I also initiated an ACH transfer from my local bank to PSECU checking yesterday at about 9:55am PT (so 12:55pm ET), and it arrived at PSECU today before 9:45am PT (12:45pm PT).

I'll run tests of wire and ACH (again) from Vanguard Fed MM and Treasury MM funds on Monday, and I'll test Ally ACH as well.

Kevin
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dollarsaver
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Re: Best CD rates thread

Post by dollarsaver » Fri Nov 01, 2019 8:22 pm

Kevin M wrote:
Fri Nov 01, 2019 7:48 pm
indexfundfan wrote:
Wed Oct 30, 2019 3:08 pm
If your bank account is already linked up at Vanguard, my experience was that the wire transfer is actually slower than ACH. If you submit an ACH withdrawal before 12pm ET, the money will appear in the bank by 8am ET the next day. If you send it by wire, the wire transfer actually takes place only during business hours the next day. So it is a few hours slower. You can test it and report if it is true for you.
More data points.

Yesterday I did ACH transfers from both Vanguard Fed money market fund (settlement fund) and from Treasury MM fund (non-settlement MM fund) to PSECU savings at about 8:20am PT (so 11:20am ET). The one from Fed MM fund arrived there today before 10am PT (1pm ET), but the one from Treasury MM did not arrive today at all. Note that Vanguard indicates settlement for the transfer from Fed MM was 10/31, but settlement for the sale of Treasury MM shares is 11/1.

I also initiated an ACH transfer from my local bank to PSECU checking yesterday at about 9:55am PT (so 12:55pm ET), and it arrived at PSECU today before 9:45am PT (12:45pm PT).

I'll run tests of wire and ACH (again) from Vanguard Fed MM and Treasury MM funds on Monday, and I'll test Ally ACH as well.

Kevin
Hello, for ACH from Vanguard Fed MM to PSECU, did you call Vanguard to do it or link Vanguard to PSECU. I called Vanguard to wire money to PSECU today and will get there Monday as the money was still in the Prime MM. If the money was in the Fed MM, it would be a same day wire. Learned that today.

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Re: Best CD rates thread

Post by Kevin M » Fri Nov 01, 2019 8:41 pm

dollarsaver wrote:
Fri Nov 01, 2019 8:22 pm
Hello, for ACH from Vanguard Fed MM to PSECU, did you call Vanguard to do it or link Vanguard to PSECU. I called Vanguard to wire money to PSECU today and will get there Monday as the money was still in the Prime MM. If the money was in the Fed MM, it would be a same day wire. Learned that today.
I linked to PSECU share account from Vanguard, and waited the 10 days or so before they opened it up for outgoing transfers.

Thanks for the heads up on same-day wire from Fed MM. I'll be testing that on Monday, along with wire from Treasury MM, but with online wire transfers (just select wire instead of ACH in the sell screen).

Those of us doing add on deposits need certainty in the transfer times if we want to minimize lost interest. If the money isn't in the PSECU account early in the morning on the day of the transfer, they will only deposit into the CD whatever is in the PSECU account, and I believe then your future add-on amount will be limited to that amount. I'm not clear on how it works with more than one add-on CD -- I have two, but I really don't want to find out.

Kevin
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Re: Best CD rates thread

Post by aida2003 » Fri Nov 01, 2019 8:58 pm

Hello,

I learned about this PSECU CD from SeekingAlpha today and the article linked to this thread. You have been discussing so much, but I still have a few questions so I hope somebody can share/clarify.

1. A few people mentioned that they opened a checking account in addition to a CD at PSECU. What's the benefit of having it? Can you do two instead of one monthly add-on this way (1st by funding PSECU checking account and moving to the CD and the 2nd by letting the CD pull $$ from your external account)?

2. If I want to fund once a month, I hope I don't need to open a checking account there and instead add-on by pulling $$ from my local bank account. Would this work?

3. I have a hard time interpreting how the add-on feature works at PSECU. The website says that an automatic transfers can be stopped or reduced at any time. Does that mean I cannot increase the amount *after* I reduced it? And once I stop it, I cannot reinstall it?
I moved $$ to my GTE 5-year CD yesterday, so I'm too late to discover this PSECU deal today. My next CD expires in the middle of February, so this "reduce the amount" is tricky for me because it will be a bit of a challenge to find even $1k/mo to fund. I wish it said 'you can increase or reduce any time".

4. Has anyone tried to link their Wells Fargo checking account? I didn't notice that anyone tried, but maybe ...?

Thanks in advance. Going to unlock my credit and hoping this new CD process will not be too painful.

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Re: Best CD rates thread

Post by indexfundfan » Sat Nov 02, 2019 7:04 am

aida2003 wrote:
Fri Nov 01, 2019 8:58 pm
Hello,

I learned about this PSECU CD from SeekingAlpha today and the article linked to this thread. You have been discussing so much, but I still have a few questions so I hope somebody can share/clarify.

1. A few people mentioned that they opened a checking account in addition to a CD at PSECU. What's the benefit of having it? Can you do two instead of one monthly add-on this way (1st by funding PSECU checking account and moving to the CD and the 2nd by letting the CD pull $$ from your external account)?

2. If I want to fund once a month, I hope I don't need to open a checking account there and instead add-on by pulling $$ from my local bank account. Would this work?

3. I have a hard time interpreting how the add-on feature works at PSECU. The website says that an automatic transfers can be stopped or reduced at any time. Does that mean I cannot increase the amount *after* I reduced it? And once I stop it, I cannot reinstall it?
I moved $$ to my GTE 5-year CD yesterday, so I'm too late to discover this PSECU deal today. My next CD expires in the middle of February, so this "reduce the amount" is tricky for me because it will be a bit of a challenge to find even $1k/mo to fund. I wish it said 'you can increase or reduce any time".

4. Has anyone tried to link their Wells Fargo checking account? I didn't notice that anyone tried, but maybe ...?

Thanks in advance. Going to unlock my credit and hoping this new CD process will not be too painful.
1. The checking account is only to help you overcome the 6 monthly withdraw limits imposed on savings account.

2. The money for the add-on has to come from an account within PSECU. It's your responsibility to get the money into the funding account before the transfer date.

3. The add-on is as described. You cannot increased it after the first 30 days.
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Re: Best CD rates thread

Post by indexfundfan » Sat Nov 02, 2019 8:18 am

Kevin M wrote:
Fri Nov 01, 2019 7:48 pm
indexfundfan wrote:
Wed Oct 30, 2019 3:08 pm
If your bank account is already linked up at Vanguard, my experience was that the wire transfer is actually slower than ACH. If you submit an ACH withdrawal before 12pm ET, the money will appear in the bank by 8am ET the next day. If you send it by wire, the wire transfer actually takes place only during business hours the next day. So it is a few hours slower. You can test it and report if it is true for you.
More data points.

Yesterday I did ACH transfers from both Vanguard Fed money market fund (settlement fund) and from Treasury MM fund (non-settlement MM fund) to PSECU savings at about 8:20am PT (so 11:20am ET). The one from Fed MM fund arrived there today before 10am PT (1pm ET), but the one from Treasury MM did not arrive today at all. Note that Vanguard indicates settlement for the transfer from Fed MM was 10/31, but settlement for the sale of Treasury MM shares is 11/1.

I also initiated an ACH transfer from my local bank to PSECU checking yesterday at about 9:55am PT (so 12:55pm ET), and it arrived at PSECU today before 9:45am PT (12:45pm PT).

I'll run tests of wire and ACH (again) from Vanguard Fed MM and Treasury MM funds on Monday, and I'll test Ally ACH as well.

Kevin
The ACH timeline depends on several factors, both on Vanguard side and receiver side.

My experiments with ACH withdrawals from the settlement MMF (day T)
o Submit before 1pm ET, money arrives at Fidelity by 7.30am ET day T+1.
o Submit before 4pm ET, money arrives at Fidelity by 3.50pm ET day T+1. If your destination is a bank, it might not post until the morning of day T+2.

My experiments with ACH withdrawal from a non-settlement MMF (day T)
o Submit before 4pm (could also be 1pm) ET, money arrives at Fidelity by 3.50pm ET day T+1. If your destination is a bank, it might not post until the morning of day T+2.

Note: Fidelity has been known to post credits earlier than banks.
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Re: Best CD rates thread

Post by MikeG62 » Sat Nov 02, 2019 9:15 am

Kevin M wrote:
Fri Nov 01, 2019 8:41 pm

...Those of us doing add on deposits need certainty in the transfer times if we want to minimize lost interest. If the money isn't in the PSECU account early in the morning on the day of the transfer, they will only deposit into the CD whatever is in the PSECU account, and I believe then your future add-on amount will be limited to that amount. I'm not clear on how it works with more than one add-on CD -- I have two, but I really don't want to find out.

Kevin
Kevin,

The rules here area bit unclear.

On the one hand, the language in the CD letter I received says, "if you selected ATS to your Certificate and the transfer amount is not available in your ATS Share Account on the transfer date, only the available funds (emphasis added by me) will be transferred".

That sure reads as if the scheduled transfer amount is not available, they will then pull whatever available funds are in the transfer account (which I would assume is everything but the $5 minimum to keep the account open).

However, calls into the PSECU certificate department have yielded different answers to this question. I've been told that if the scheduled transfer amount is not in the share (transferring) account, then $0 will be transferred. Next month the scheduled transfer will try again. I've been told by one person that this will happen for every month during the duration of the CD (or unless the transfers are turned off by the account holder) and by another person that the scheduled transfers will be shut down if someone makes a habit of not having sufficient funds in their share account to satisfy the scheduled transfer. I was told earlier this week by the person who told me the scheduled transfers would try again month after month until the CD matured that the language in the CD letter (highlighted above) is wrong and they are trying to figure out how to deal with that.

It is a little concerning that we are being told that the printed language on the CD letter is wrong as well as being given different answers from different people about how the schedule transfers will work where there are insufficient funds in the share account to meet the agreed upon transfer amount.

The way around this confusion is to simply make sure sufficient funds are in the share account at least one day before the scheduled transfer. While I know I can place funds in the account within a few hours if I wire the funds from Fidelity, some of the future transfers I have planned will come from other places (Ally and Marcus for example) where I have already set up the link for ACH transfers. So, for the reasons indexfundfan has pointed out earlier in this thread about the potential impact of the anti-money laundering rules on repeated wire transfers (including my own comment made regarding that as well) I do not plan to pass all future transfers through Fidelity. Instead I plan to get the funds to my PSECU share account by way of ACH from the bank where the funds are sitting immediately prior to the transfer. I may do a test transfer with a smaller dollar amount from each bank several days in advance of the scheduled transfer date to be sure I know how long each takes to process the ACH.
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Re: Best CD rates thread

Post by indexfundfan » Sat Nov 02, 2019 10:27 am

MikeG62 wrote:
Sat Nov 02, 2019 9:15 am
However, calls into the PSECU certificate department have yielded different answers to this question. I've been told that if the scheduled transfer amount is not in the share (transferring) account, then $0 will be transferred. Next month the scheduled transfer will try again. I've been told by one person that this will happen for every month during the duration of the CD (or unless the transfers are turned off by the account holder) and by another person that the scheduled transfers will be shut down if someone makes a habit of not having sufficient funds in their share account to satisfy the scheduled transfer. I was told earlier this week by the person who told me the scheduled transfers would try again month after month until the CD matured that the language in the CD letter (highlighted above) is wrong and they are trying to figure out how to deal with that.
I asked about this and was told by the rep that on the transfer date (for the add-on CD), if there is insufficient fund, the transfer would simply "wipe out" the balance in the account and then stop thereafter.

I think to avoid contradicting with PSECU's goal of only being able to start the add-on feature within the first 30 days, it is logical that PSECU would stop future transfers once there is an insufficient fund transfer failure.
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Re: Best CD rates thread

Post by aida2003 » Sat Nov 02, 2019 5:39 pm

indexfundfan wrote:
1. The checking account is only to help you overcome the 6 monthly withdraw limits imposed on savings account.

2. The money for the add-on has to come from an account within PSECU. It's your responsibility to get the money into the funding account before the transfer date.

3. The add-on is as described. You cannot increased it after the first 30 days.
TY, Indexfan.

Re.# 2, Can add-on money be transferred from the share account that holds my $5?

I see people linking account to different banks. What's the average time for an ACH to clear and deposit into the share account at PSECU?
GTE Financial takes long: sometimes a week (!!) and other times only 2-3 business days. This is maybe because I pull money instead of pushing from Wells Fargo to GTE.

One last question... PSECU says that I need a "Credit or debit card to fund your new account with a $5 minimum opening deposit to establish your membership." If I use a CC to pay, will it be considered a cash advance by Citi, Chase, or BofA? Maybe it's safer to use a debit card instead?
Can I use pay $15-$20 for the park's membership and $5 min deposit? I don't want to experience an over-draft.

TY again. Hope I will not ask any other questions.
Last edited by aida2003 on Sat Nov 02, 2019 6:47 pm, edited 1 time in total.

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Re: Best CD rates thread

Post by Kevin M » Sat Nov 02, 2019 6:09 pm

aida2003 wrote:
Sat Nov 02, 2019 5:39 pm
indexfundfan wrote:
1. The checking account is only to help you overcome the 6 monthly withdraw limits imposed on savings account.

2. The money for the add-on has to come from an account within PSECU. It's your responsibility to get the money into the funding account before the transfer date.

3. The add-on is as described. You cannot increased it after the first 30 days.
TY, Indexfan.

Re.# 2, Can add-on money be transferred from the share account that holds my $5?
Yes, that is the default.
aida2003 wrote:
Sat Nov 02, 2019 5:39 pm
I see people linking account to different banks. What's the average time for an ACH to clear and deposit into the share account at PSECU?
GTE Financial takes long: sometimes a week (!!) and other times only 2-3 business days. This is maybe because I pull money instead of pushing from Wells Fargo to GTE.
If you read the last page or so of the thread, you'll see that several of us have provided details about our ACH and wire experiences.

To recap my ACH experiences, ACH from my local bank got there next day, ACH from my Vanguard Federal money market fund (settlement fund) initiated at about 8:45am PT got there next day, ACH from a non-settlement Vanguard fund at the same time gets there one day later. I haven't actually done it yet, but Ally Bank transfer screen indicates a transfer I initiate now will be withdrawn on Nov 4 (Monday) and arrive at PSECU on Nov 5 (Tuesday); I'll verify on Tuesday.

Kevin
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