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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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Had the same issue as well, PENFED is doing some very shady things. Please write to the CFPB !

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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

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Thanks OP
will have to check mine as well

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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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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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susrivas said:   Had the same issue as well, PENFED is doing some very shady things. Please write to the CFPB !
  
better write to them while they are still around!

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All ours are still on "close" option at maturity. No change out of about 30 of them (all long term 7-10 yr ones at 3-5%). None were IRAs.

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