I was just on the phone with a CD rep from Navy FCU verifying info for certain maturing CDs and wanted to confirm their 14 day Grace Period. She said I must have an older CD which has not been updated but they now give 21 days for their Grace Period and when I get the Maturity Notice in the mail it will state that even for the older CDs. I told her I was looking at my Disclosure as we spoke and it showed "14 days" Grace period. She said that did not matter because it has been updated and now is 21 days. Goodness, I could drive wherever Navy is in that time and make a real trip of it if I have 21 days! However, they don't want or need their paperwork back and will just wire the funds back to customers if requested or mail a cashier's check. I will probably go with the wire.
Maybe Navy is trying to make up for the low interest rates by raising the grace period but the norm has always been 7 - 10 days for all our CDs. This 21 days really caught me off guard. Just thought I would share this just in case any of our members have CDs maturing with Navy and won't be caught off guard when they see the new Grace period on any maturity notice they get. She insists it is real and covers all their CDs. Sure would love to be surprised by "higher" interest rates on their CDs soon! :)
