Several months ago there was a thread here about people having trouble getting their money
back from matured CDs at Countrywide with long delays before the check was received. Just
wondering what more recent experience has been and the best way to get your money back these
days.
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- kaneohe
- Member
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posted: May. 9, 2008 @ 8:55a 
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- wxl31
- Member
kaneohe said:Several months ago there was a thread here about people having trouble getting their money
back from matured CDs at Countrywide with long delays before the check was received. Just
wondering what more recent experience has been and the best way to get your money back these
days.
Called them the day after the CD matured and they transferred the balance into my SavingsLink account within 24 hours.
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- scott1961
- Senior Member - 6K
Same for me, Had one mature on 5/7, Money was in my Savingslink on 5/8 and now on 5/9 it's at my local bank. Also they did give me interest for 5/8 on the CD
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- ThursdaysChild
- Grumpy Batman
One of my CDs matured on 4/30 - I called that day to have it transferred to my SavingsLink account. They said it would take 24 hours to transfer. Logged in the next day and not only was the $$ in the savings account, one day's interest for May 1st had been added!
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- jlgrandam
- Addicted Member
Would like to hear experiences of people who did not have other accounts at CW to which they could transfer the matured CD.
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- JennaG
- Member
kaneohe said:Several months ago there was a thread here about people having trouble getting their money back from matured CDs at Countrywide with long delays before the check was received. Just wondering what more recent experience has been and the best way to get your money back these days.
Have you actually had an issue or are you just assuming the worst will happen? I had no problems when my CD matured.
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- scott1961
- Senior Member - 6K
jlgrandam said:Would like to hear experiences of people who did not have other accounts at CW to which they could transfer the matured CD.
Have been doing CDs with them since before I had my Savingslink, I use to request they Fedx overnight check to me. Was about $14 and always had next morning. Have never had any negative issues with Countrywide
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- kaneohe
- Member
Thanks all for the responses. I haven't had any mature yet but the time will be here soon. I hadn't heard of the
savings link before so that was useful to learn......not a bad yield too at 4%. A branch CSR had suggested a money
market account but it looks like the savings link might be even better. I wonder if you can set it up with the funds from
the CD and still get the first night's interest or do you need to have it funded and set up before the CD matures.
btw, can you push from the Countrywide Savings Link or do you have to pull from the other bank? (for free ACH)
Message edited by: kaneohe on 2008-05-09 14:55:06 CDT-
- scott1961
- Senior Member - 6K
Not sure how it works with funding Savingslink from CD but you could call and ask, They have good CSR's. You can push from them and it's always done in one day
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- JennaG
- Member
jlgrandam said:Would like to hear experiences of people who did not have other accounts at CW to which they could transfer the matured CD.
I don't have a CW savings account. When I got my maturity notice in the mail I just called and told them I wanted to close out the CD...they sent me a check. It must have been within a week of maturity. I don't remember exactly, but it showed up before I had time to think, "it should be here by now."
The only downside was that I had to deal with a paper check...as far as I know they don't allow ACH from a CD to an external account. Still, the process was painless, if old-fashioned.
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- ThursdaysChild
- Grumpy Batman
kaneohe said:btw, can you push from the Countrywide Savings Link or do you have to pull from the other bank? (for free ACH)You can push from SavingsLink -- so far, the date the money leaves the SavingsLink account is the same date it arrives at the other bank.
You can also use SavingsLink to pull money from another bank but be aware that the money won't be available for 5 business days.
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- kaneohe
- Member
ThursdaysChild said:kaneohe said:btw, can you push from the Countrywide Savings Link or do you have to pull from the other bank? (for free ACH)You can push from SavingsLink -- so far, the date the money leaves the SavingsLink account is the same date it arrives at the other bank.
You can also use SavingsLink to pull money from another bank but be aware that the money won't be available for 5 business days.
Typically, how long does the push from Savings Link take to reach the external bank?
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- scott1961
- Senior Member - 6K
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- Trinidon2k
- Senior Member - 1K
anyone who has a countrywide account should have a savingslink account...it earns great interest (better than most cd's) and their is no minimum and their ACH transfers take one day.
Plus you can transfer your CD money instead of getting a check. Thats what I did.
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- davegod75
- New Member
I have a CD maturing on 11 Ma7 (Sunday). I was told to call on that day to tell them what I wanted to do with the money. However, they are closed on Sundays so I figured I would call on Monday (10 day grace period).
However, I just logged in today (10 May) to find that they have automatically renewed my CD at much lower rate. Needless to say I will be calling them first thing Monday to sort things out.
uggh, I thinking I'm switching banks.
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- wxl31
- Member
davegod75 said:I have a CD maturing on 11 Ma7 (Sunday). I was told to call on that day to tell them what I wanted to do with the money. However, they are closed on Sundays so I figured I would call on Monday (10 day grace period).
However, I just logged in today (10 May) to find that they have automatically renewed my CD at much lower rate. Needless to say I will be calling them first thing Monday to sort things out.
uggh, I thinking I'm switching banks.
My CD automatically showed up as renewed online after the maturation date. Yours may have done so early because of the weekend, not sure. However you still have a 10-d grace period afterwards to get your CD balance transferred (and from the posts above, you'll even get the interest for however many days you're into the grace period).
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- scott1961
- Senior Member - 6K
davegod75 said:
However, I just logged in today (10 May) to find that they have automatically renewed my CD at much lower rate. Needless to say I will be calling them first thing Monday to sort things out.
uggh, I thinking I'm switching banks.
Don't worry about it, Even with instructions to close it shows that way for the day of maturity since CD automatically renew. Like the above poster said you will have no problem moving to savingslink Monday. Wont show there till Tues but you will get interest
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- mh83
- Senior Member
scott1961 said:Don't worry about it, Even with instructions to close it shows that way for the day of maturity since CD automatically renew. Like the above poster said you will have no problem moving to savingslink Monday. Wont show there till Tues but you will get interest
But Scott, the odd thing is he’s saying the CD has been renewed to the lower rate before the maturity date (May 11). I agree that he won’t have any issues closing the CD, but I hope he continues to earn the old interest rate for today (May 10).
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- MikeRT
- New Member
mh83 said:scott1961 said:Don't worry about it, Even with instructions to close it shows that way for the day of maturity since CD automatically renew. Like the above poster said you will have no problem moving to savingslink Monday. Wont show there till Tues but you will get interest
But Scott, the odd thing is he’s saying the CD has been renewed to the lower rate before the maturity date (May 11). I agree that he won’t have any issues closing the CD, but I hope he continues to earn the old interest rate for today (May 10).
Same thing just happened to me. My CD matured 5/10, but I forgot to call them this morning to transfer the funds. I just logged in and the website shows the CD automatically renewed 5/9. No big deal, 10 day grace period. I'm not too worried about 2 days of interest at a possibly lower rate.
In response to Kaneohe, you don't have the option to directly fund the savingslink account from a CD, but you can just open the Savingslink account online and when you're asked to fund it, select the option to mail a check. Then when the CD matures, just call and have the funds transfered and forget about the check.
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