CD discussion thread

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friar1610
Posts: 2073
Joined: Sat Nov 29, 2008 9:52 pm
Location: MA South Shore

Re: CD discussion thread

Post by friar1610 »

As alluded to upthread, I tried to do two IRA CDs today (one each for me and spouse). I had done two taxable CDs a couple of days ago and they said we could only have one each. So I asked if they could cancel both of those and we’d go with with the IRA CDs instead. NFCU was happy to comply. Spouse and I each have big IRA CDs maturing at NFCU in Sept. and I want to have the option of leaving most of that money at NFCU at a decent rate. They let me transfer $1K each from the accrued dividends on the Sept IRA CDs to fund these new ones. Since they’re add-ons, I can just add to it once the Sept ones mature.
Friar1610 | | I have recently concluded that when it comes to investing I am a satisficer, not an optimizer.
meebers
Posts: 424
Joined: Sat Apr 14, 2012 7:20 pm
Location: Florida

Re: CD discussion thread

Post by meebers »

MikeG62 wrote: Wed Aug 03, 2022 8:06 pm
meebers wrote: Wed Aug 03, 2022 7:53 pm I also jumped on the NFCU 33 mo CD yesterday. Was able to do it from home, funded it from a NFCU MM account. Last June, I funded another FCU cd from my savings account to their savings account with out any problem. Tried to do the same thing last week and NFCU put the breaks on saying that I had to fund it from my checking account. I did not have a checking account with NFCU, so had to add one. Tried again and it was refused due to the gaining FCU also has to have a checking account (NFCU RULES) :oops: . So I had to add yet another checking account. Now did the funding from checking account to checking account. NFCU stated that they could better control the transaction using checking accounts.
I had none of those issues. I wired the funds from my Marcus high yield savings account to my NFCU savings account. Then opened and funded the CD using the funds just transferred into my savings account. Could not have easier.
My understand is that as long as it is an "internal" transfer, I also had no problems when I funded my 33 mo CD. Having a ACH funding transfer to an established "external" account has the checking to checking rule???
MikeG62
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Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: CD discussion thread

Post by MikeG62 »

meebers wrote: Fri Aug 05, 2022 7:33 pm
MikeG62 wrote: Wed Aug 03, 2022 8:06 pm
meebers wrote: Wed Aug 03, 2022 7:53 pm I also jumped on the NFCU 33 mo CD yesterday. Was able to do it from home, funded it from a NFCU MM account. Last June, I funded another FCU cd from my savings account to their savings account with out any problem. Tried to do the same thing last week and NFCU put the breaks on saying that I had to fund it from my checking account. I did not have a checking account with NFCU, so had to add one. Tried again and it was refused due to the gaining FCU also has to have a checking account (NFCU RULES) :oops: . So I had to add yet another checking account. Now did the funding from checking account to checking account. NFCU stated that they could better control the transaction using checking accounts.
I had none of those issues. I wired the funds from my Marcus high yield savings account to my NFCU savings account. Then opened and funded the CD using the funds just transferred into my savings account. Could not have easier.
My understand is that as long as it is an "internal" transfer, I also had no problems when I funded my 33 mo CD. Having a ACH funding transfer to an established "external" account has the checking to checking rule???
Good point. I have always used an external source to transfer funds to or pull funds from my NFCU savings account, so I did not encounter this issue. CD's always funded from the savings account.
Real Knowledge Comes Only From Experience
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