: This is just a reminder that those who did not reserve these 10-year CDs in September, are not eligible for these 10-year CDs. PenFed is not currently offering a promotion on new money 10-year certificates to any member. Update 1/1/11
: It looks like all CDs that were reserved have taken effect. A reader provided the following comment:
For all those worried about PenFed's 10yr CD promo, fear not. I had reserved through the glitch starting 1 Jan 2011. It is now posted as one of my CDs. Note: I had no CD maturing in Sep or Oct or whatever those stupid promo rules stipulated. Was all new money. Update 12/31/10
: Although I have not heard back from my PenFed contact, readers have been in contact with PenFed customer service supervisors who have informed them that PenFed will start funding all the reservations beginning on Jan 1st.
A reader in the blog post The 10 Best Bank Deals for Savers
in 2010 provided the following comment concerning PenFed's Watch It Grow CD promotion. I forwarded it to my PenFed contact for confirmation and clarification.This contradicts what I was told in September
. I'll update the thread when I hear more.
I was just on phone with PedFed. And the representative cleared with their upper management on the reseved CD funding. They state whatever CD amount you reserved can not be more than your previous CD with PedFed, even if the online reservation let you do it and even if it still shows up in your reserved CD online.There are 3 situations:
1. your reserved CD amount equals or less than your previous qualified CD with PenFed. Then you are OK.
2. your reserved CD amount is more than your previous qualified CD with PenFed: When you send the money in, they are only going to put the max of previous CD amount, and leave the rest in the saving/checking account that you have. You have to request it yourself to get the money return it to you, otherwise it stays in the saving/checking account
3. You reserved CD, but didn't have qualified CD with PedFed before. Your money will stay in the saving/checking account. You have to request it yourself to get the money return it to you.
This is very different from what they said before that they are going to honor the CDs because of the online system mistake. Just want everyone to know.