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.
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
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....
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