FDIC-insured. A small, one-branch bank with traditional passbook-based transactions and tiered interest rates. Their website is primitive, and no online access means the hassle of banking in person or by mail or wire, but you get the highest liquid rate in America on high balances for your trouble. They also offer CD's of varying maturities. Rates are subject to change at any time, which has been monthly.
mbaker4096
Senior Member - 1K
posted: Apr. 27, 2006 @ 5:50p
Leader in what?
No offense, but it's pointless to start off a thread without a link to either the object of discussion or at least a few bits of info to really start the discussion / generate interest.
edit: I'll rescind my neg if you edit your post and include more info.
No offense, but it's pointless to start off a thread without a link to either the object of discussion or at least a few bits of info to really start the discussion / generate interest.
edit: I'll rescind my neg if you edit your post and include more info.
No offense likewise, but how about cutting OP some slack?
Cheap
Senior Member
posted: Apr. 27, 2006 @ 6:41p
Added to the rate thread.
Any exeriences would be nice. I am thinking about Centennial Bank myself.
mbaker4096
Senior Member - 1K
posted: Apr. 28, 2006 @ 2:47a
Thanks for the info, Cheap...
Yeah, I was cranky this afternoon. Probably took as much effort to write the snide post as it would have to do a quick search and link the stuff in myself. I'm feeling more generous now.
It still irks me when people put no efforts in their posting and expect others to spend time responding to a completely vapid post.
decades
Senior Member
posted: Apr. 28, 2006 @ 2:53a
mbaker4096 said: Leader in what?
APY ... what else?
tylr
Member
posted: Apr. 28, 2006 @ 3:55p
Was seriously considering this bank for one more HY liquid option but after conversation w/ rep, am having second thoughts. - No online capability - No ACH capability ie. other external banks can't pull funds from it either - If you're not near a branch, then the only option for withdrawals is check by mail or $25 outgoing wire fee plus whatever the receiving bank charges for incoming to it. Limit to 4 withdrawals per month which is not a big deal. For those near a branch, this is probably a good deal but if not, then there are a few inconveniences to consider.
Cheap said: Why not just park your big money here, have a HSBC/ED account for ACH needs?
I assume you can ACH in/out from an external source... Even if you can't, you can close out and get a check/wire, right?
I don't think they do ACH of any kind. You can have your funds wired ($25) or mailed by check, but that will cost you the interest in transit plus the hassle of the hold on the funds received, not to mention the possibility of loss in the mail.
Cheap
Senior Member
posted: Apr. 28, 2006 @ 7:07p
tylr said: other external banks can't pull funds from it either
Sorry, didn't see that.
I'm still thinking about dumping some money there that I don't need to see for a while. They have been good at keeping up with having good rates for a while now.
wasisdas
Member
posted: May. 1, 2006 @ 2:31p
yeah, but withdraw is a pain. Having to call them so the'd mail the check is lame... IMHO, lower rate, but ability to write checks is worth it.
badguy
Senior Member
posted: May. 1, 2006 @ 7:19p
wasisdas said: yeah, but withdraw is a pain. Having to call them so the'd mail the check is lame... IMHO, lower rate, but ability to write checks is worth it.
They told me they would provide check the passbook saving account and I did a search for their routing number, it's 322271630. Anyone has an account with them, please try and see if you can push/pull funds using HSBC or CapitalOne. Please let us know.
The FDIC link is: http://www.fedwiredirectory.frb.org/details.cfm?aba=322271630
wasisdas
Member
posted: May. 3, 2006 @ 5:05p
that's not what they told me. So i just emailed them at kthompson@centennialrates.com with this question, let's see what or if they reply...
decades
Senior Member
posted: May. 4, 2006 @ 3:29a
I sent them an e-mail asking about the 5.01% passbook account.
response:
I have attached our Disclosure for the Tiered Varible rate Passbook Savings accout. To make withdrawals on this account from out of State you would need to provide us a written authorization letter to make the withdrawal, by fax or mail. If you have any further questions please contact us at 800-251-0705. Thank you
5.30% I'll jump. It's something of a relief that COUNTRYWIDE's site was so f'cked up earlier this week they never did manage to get their online TRANSFERS tab up and running (over two days) after boasting about their 5.25% rate. Oh and, never returned emails; and lied over the phone.
$100,000 Heading south (by check) to CENTENNIAL BANK (with or without ACH).
Tytie
mitrii
Member
posted: Jul. 1, 2006 @ 7:14p
If the idea is to park big money there, it's better to park it in 3 month T-Bills at Treasury Direct. Should be 5.25-5.30% starting from July and not deal with any wires, written letters of authorizations, wire fees, etc.
mitrii said: If the idea is to park big money there, it's better to park it in 3 month T-Bills and not deal with any wires, written letters of authorizations, wire fees, etc.
No wire fees here, because I'm going to mail a check and enclose the application. No written authorization because I'm in California. And no way would I lock up (any) funds for a period longer than one month with the way rates have been leapfrogging each other (every week, it seems).
I have however emailed them about the one question that I think we all have: Can another bank pull funds from Centennial using Centennial's Routing number — and if not, why not. As far as I'm concerned this is part of my Continuing Education in the (increasingly profitable) world of moving money around quickly and inexpensively — knowledge this forum has armed me with for which I am eternally grateful! Really, I've never learned so much about moving money around in my life, having just graduated with a BP (Bachelors Degree in Paypal lol).
Tytie
astrocase
Member
posted: Jul. 5, 2006 @ 1:14a
Now that I've read up on T-bills, and I live in California, it makes a lot more sense to park them in 1 month (or greater) t bills rather than have to drive out to Fountain Valley.
TYTBUDGET said: I have however emailed them about the one question that I think we all have: Can another bank pull funds from Centennial using Centennial's Routing number — and if not, why not.
OmOd said: TYTBUDGET said: I have however emailed them about the one question that I think we all have: Can another bank pull funds from Centennial using Centennial's Routing number — and if not, why not. So did they reply your email? Please let us know what they say. thanks. No reply, nothing.
TYTBUDGET said: OmOd said: TYTBUDGET said: I have however emailed them about the one question that I think we all have: Can another bank pull funds from Centennial using Centennial's Routing number — and if not, why not. So did they reply your email? Please let us know what they say. thanks. No reply, nothing.
Tytie
Who knows if this tiny one-branch bank even has email - looks like it has about 8 employees. They can't even cash a check because they have no cash, unless someone else deposited some that day.
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