Closed 10 no penalty CD's this morning and moved proceeds to my Ally checking account. Then immediately opened 10 new no penalty CD's and funded with cash sitting in my Ally Checking account. All was done online and without the need to speak to an Ally rep. BTW, my credit report with the 3 major CRA's are all frozen as is my account with ChexSystems. No issues encountered whatsoever. Took all of 10 minutes. Was surprised this could all be done on holiday, but it was. All transactions show effective date of 01/01/18.MikeG62 wrote: ↑Fri Dec 29, 2017 11:27 amYou may be right. I think you can do what you suggest - open the new CD's and fund in the 10 days that follow if you can't get the checking account open in time.marcopolo wrote: ↑Fri Dec 29, 2017 9:08 amI could be wrong, but it appears that process you described above only changes the instructions for what to do with the rollover once the CD matures. I was not able to make that process rollover an active CD that is months from maturity.MikeG62 wrote: ↑Thu Dec 28, 2017 7:48 pmMarcoPolo, try what I suggested in my post upthread. Although I have not actually done it, it appears the funds will simply move from the old to the new 11 month no-penalty (without stopping over in the savings account first). I intend to try to do that on January 1st with the nine CD’s I have.marcopolo wrote: ↑Thu Dec 28, 2017 9:50 amAnyone know if there is a way to directly convert these to the higher rate (prior to maturity) without round tripping them through another account?
I do not have a checking account at Ally, just a Savings.
Having problems opening new checking due to credit freeze.
I have 17 of these CDs at 1.5%. Round tripping them through Savings acct. will cost a few hundred dollars due to transaction limits.
Worst come to worse, you can always open a checking account (you do not need to order checks) and sweep the funds through that so as not to run afoul of the 6 Withdrawal limit in 30 days with the online savings account. As an aside, I opened an Ally checking account years ago when my first daughter went to college so she could access cash at an ATM transaction fee free. My youngest daughter now uses that same checking account for the same purpose.
I went through the process to open a checking account but instead of opening it right away as i would have expected, i got a message that someone would be contacting me in 3-5 business days (other have reported similar response, possibly due to frozen credit). That was back on 12/22, still have not heard anything.
I believe you can open the new CDs and take up to 10 days to fund them and still get the locked in rate. So, i will plan to open them Jan 2, and hope my checking account gets opened by Jan 12, otherwise i will convert them paying the $10 for the extra transactions...
I'll just push all the money through my checking account.
One thing to note for those with many of these CD's. You can only open 5 accounts at one time. So this means you do the first 5 at one time, then once done with those (including funding) you just go back to the open new account screen and do the next 5 or however many more remain (if less than 6). If you've got more than I do, you may have to repeat this process several times.