I have a PenFed Cd maturing in January and I just received a letter saying it would be renewed unless I changed the option. I have quite a few PenFed cd's back in the day when they had good rates and I have always chosen to have them cashed out or sent to another bank and I never choose the renew option. Somehow all of mine (10) seemed to have reverted back to renew. So just a head's up.
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posted: Nov. 27, 2016 @ 2:38p
Had the same issue as well, PENFED is doing some very shady things. Please write to the CFPB !
posted: Nov. 27, 2016 @ 6:14p
same here on my reg cd, ira did not change. I did notice one thing which is they have more options that i had previously. I can now close and transfer to an external account. That option was not there before for me, which they may have changed the setting and wiped out prior instructions
posted: Nov. 27, 2016 @ 8:05p
Thanks OP will have to check mine as well
posted: Nov. 27, 2016 @ 8:51p
while it's a shady thing from one-angle....it's also a not-so-shady-thing from the opposite angle.....where they are atleast giving you a heads-up in November for a CD Maturing in January.....in cases where customer is okay with the renewal then he/she don't need to do nothing.....in other cases you received ample notice time to do what ever you were planning alternatives....
posted: Nov. 27, 2016 @ 9:00p
Odd indeed. On mine, the Regulars remained as "do not renew" but ALL the ira's went to renew status. I guarantee I didn't select that.
Switched them back.
If its not a programming error then they have some explaining to do.
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