markkundinger said:Technologist said:I bumped today, to let everyone know that I received my notices last night, telling me that the CD's would be coming up for maturity / renewal soon (end of April)!!

Time to start planning on how fast I can move the money elsewhere, if I find a competitive rate....
Tech, did the maturity notice mention options on what to do at maturity (renew the CD vs cut a check vs transfer to prime share?)

My tentative plan is to have the CD disburse to the prime share, then initiate two ACH pulls (I'm over $100k) to brokerage accounts to get the money out. But I haven't actually talked to anyone at SECU (ever!) so I'm not completely sure this is possible.

I'd be giving up a couple days' interest, but I don't think it's worth the hassle of opening a money market to disburse into.

This CD will be maturing before we know it. What's everyone's plans for getting their money out and where are you planning on parking your swag?

markkundinger said:To note, I called a CSR, and he said the three things that the CD can do automatically at maturity are:

1) Renew for another 7 months
2) Autotransfer to a share of my choice
3) They'll mail a cashier's check

I was able to request an autotransfer and he configured it over the phone.

Thanks for info. what do you meanb by "transfer to a share" ? I opened a savings acct with $10 along with CD. Can I move the matured amt to this account and then ACH it to a CD or some other acct with a diff bank?

They told me they need in writing a request to move the CD funds to the share savigns account. I'm faxing in the letter tomorrow to do this. Then, you Wire Transfer out for $10 fee (same day if done before 1 PM) with this form. . Just fax in the wire form before 1 PM on the day your cd matures. The $10 fee is very likely much less than you will lose with the delays of an ACH transfer.

Edit: Fax to 410-487-7202, ATTN: MEMBER SERVICES. (thanks mnsweeps)

I did the full $200k, which earned almost $11k, and that comes out to about $24 a day in interst lost at my 4.05% rate at Indymac (higher if you have open reward checkings available. So basically, if you are pulling out $100k+, and your ACH time is at least one day, it is better to pay the $10 wire fee then do a free ACH.

MikeR397 said:They told me they need in writing a request to move the CD funds to the share savigns account. I'm faxing in the letter tomorrow to do this. Then, you Wire Transfer out for $10 fee (same day if done before 1 PM) with this form. . Just fax in the wire form before 1 PM on the day your cd matures. The $10 fee is very likely much less than you will lose with the delays of an ACH transfer.

I did the full $200k, which earned almost $11k, and that comes out to about $24 a day in interst lost at my 4.05% rate at Indymac (higher if you have open reward checkings available. So basically, if you are pulling out $100k+, and your ACH time is at least one day, it is better to pay the $10 wire fee then do a free ACH.

They just said the same thing to me that I need to fax the request to move matured CD to the share account. The fax number is 410-487-7202 and should be addressed to MEMBER SERVICES.

How quickly seven months have come and gone!

Since SECU’s current rates are not attractive, I don’t see a reason to renew the CD.

It’s important to keep in mind that SECU will not pay interest during the seven-day grace period unless the CD is renewed. So to minimize loss of interest, it’s best to close out the CD on the maturity date, or as close to it as possible.

As MikeR397 has posted, SECU requires written instructions, with signature, to close the CD and to inform them of exactly how/where the funds should be disbursed. The instructions can be snail mailed or faxed (Fax to Member Services at 410.487.7202).

The disbursement options are:

- transfer to another SECU account (free)
- snail mailed Bank Check (free)
- wire transfer ($10 - domestic)

If you choose wire transfer, you will also have to download a Wire Transfer Authorization Form, fill it out, and fax or mail it to SECU along with a copy of your Driver’s License. The Wire Transfer Authorization Form, copy of Driver’s License, and your letter of instruction to close the CD can all be faxed/mailed to Member Services at the same time.

If you choose to have the funds moved to another SECU account, such as the Share Account, you can subsequently ACH the money out using an external source. I was told by a CSR that SECU does not impose a dollar limit on withdrawals. SECU’s routing number is 255076753.

I was told last October that a Bank Check can also be sent by over-night courier such as FedEx. But the CSR I spoke with recently said she wasn’t sure if SECU still offered this option.

Wire Transfer Authorization Form
SECU wire transfer information
SECU Member Services Fax # 410.487.7202
SECU routing # 255076753

SECU of MD, Inc.
971 Corporate Boulevard
Linthicum, MD 21090-2337

mh83 said:mnsweeps said:...I opened a savings acct with $10 along with CD. Can I move the matured amt to this account and then ACH it to a CD or some other acct with a diff bank?
Yes you can transfer the funds to your Share account and then ACH out. But remember that the Share account earns about 1% APY.

Knowing the amount of your CD, why aren’t you considering a wire transfer? Are you planning a pull using Countrywide?

can i wire money out of the matured CD account? One of my CD matures on May 4 and other one on May 9...are u saying I can wire out on these dates from CD account directly?

mnsweeps said:can i wire money out of the matured CD account? One of my CD matures on May 4 and other one on May 9...are u saying I can wire out on these dates from CD account directly?
Sorry, I didn't know you had two CDs. You can instruct them to close the CDs on the respective maturity dates and wire out the balances on those dates, but it will cost two wire fees. And of course, depending on which bank you're wiring to, there might also be incoming wire fees.

You can also instruct them to close the CDs on the maturity dates and move the funds to your Share account. Then schedule ACH pulls for the maturity dates using a 'fast' bank, like Countrywide. Was that your plan?

mh83 said:mnsweeps said:can i wire money out of the matured CD account? One of my CD matures on May 4 and other one on May 9...are u saying I can wire out on these dates from CD account directly?
Sorry, I didn't know you had two CDs. You can instruct them to close the CDs on the respective maturity dates and wire out the balances on those dates, but it will cost two wire fees. And of course, depending on which bank you're wiring to, there might also be incoming wire fees.

You can also instruct them to close the CDs on the maturity dates and move the funds to your Share account. Then schedule ACH pulls for the maturity dates using a 'fast' bank, like Countrywide. Was that your plan?

My plan was to wire from the share acct after transferring the money from matured CDs. I did not know you can wire directly from CD account..and yeah i dont have countrywide account..can i open a cd account at CFC and then wire money into it?

mnsweeps said:My plan was to wire from the share acct after transferring the money from matured CDs. I did not know you can wire directly from CD account..and yeah i dont have countrywide account..can i open a cd account at CFC and then wire money into it?

It think it is much easier on them (and then, less hassle on you following up w/ them) if you do redeem the CD to the share acct and wire from there.

CFC will let you fund the CD by wiring the funds, but they need have specific reference information in the wire for it to locate the right CD. Again, it may be less hassle for the funds to be wired to you and then you can ACH, wire, or write a check to CFC. All this b/c it is much easier to do a wire in-person than calling/faxing instructions from one party to the next. One typo or misunderstanding from SECU and neither CFC or SECU will have your money for at least a few days. Most FedWires need at least 48 hours before they can even be traced/recalled (dependent on SECU's policies).

mnsweeps said:My plan was to wire from the share acct after transferring the money from matured CDs. I did not know you can wire directly from CD account..and yeah i dont have countrywide account..can i open a cd account at CFC and then wire money into it?
If you wish to simply close a CD and have the entire balance of that CD wired out, you don’t have to involve your Share account. You’re not technically wiring from the CD account. The account will be closed and all the contents turned over to you by wire transfer. That is what I did last year.

Have you considered opening some high yield savings accounts, Countrywide, Indymac, Alliant, etc, if you don’t have them already? That way, you can wire or ACH to those until you’ve thought out where you’d like to invest the funds instead of rushing into things