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"No One Buying Cds Anymore Per Banker"???

paoli2
  |     |   2,641 posts since 2011

I called my local bank to ask what were their Early Withdrawal Penalties on a certain CD I was interested in. I was told they are not allowed to give out the EWP "until" after we purchase the CD! The person was a young man who was not a banker so I decided to call another one of their local branches I had used to get a banker to help me. Well, "she" blew my mind! She insisted no one could have an account at their bank without a "personal banker" who would suggest better financial products than CDs. In fact she said "No one purchases CDs anymore." I told her I knew of a lot of "no ones" like myself who had purchased CDs for over 50 years and I wanted to know what their EWP was on the CD they were showing.

She tried her best to change my mind about CDs and seem to have a hard time finding the EWP. I told her maybe I needed to come to her branch and show her where it was in their Disclosure form! She finally found it for me and I asked her to email it to me and she had the nerve to actually say to me "I have given you as much time as I can with this so you will have to read it and make up your mind what you want to do". I did not know we had a time limit to discuss CDs. I bet if I wanted to discuss anything with their "financial banker" he/she would have given me all the time I needed. The reason I am posting this is to find out if any of our members on DA have had to put up with such negative and rude attitudes from their bankers when trying to purchase CDs. If CDs are going to be discontinued, I think Ken would be the first to announce this since DA is all about CDs.

What I think is that now that 5 year CDs have "finally" crawled up to 3% at certain banks and cus , they don't want to sell them to us. This bank is the first to talk down CDs to me "in this rude fashion". They must be related to my former bank Chase!

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7


Answers
Slime
  |     |   8 posts since 2017
I think it's time for you to find another bank. I would not put up with a bank like that!
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RJM
  |     |   499 posts since 2011
My guess is they "push" everyone toward products that earn the bank and the banker more money.

You're not opposed to a 6-8% front end load are you?
LOL
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4
paoli2
  |     |   2,641 posts since 2011
Oh, I am not taking such treatment without a payback for them and it's not going to be in money. I just have tons of financial work I have to get done this week and trying to make decisions on whether to close out CDs for higher rates. I have rarely ever done this but it has been soooo long since I have seen 3% 5 year rates while mine are less than 2% that I have to find a way to get more interest! I'll see what Ken's computer genie tells me to do.
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RJM
  |     |   499 posts since 2011
I'm probably going to open a NASA 3.25% 15 month. Has not made the front page blog yet as its brand new but it will.

Id prefer a longer term but not below 4%+.
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paoli2
  |     |   2,641 posts since 2011
RJM From what I read, it's the short term rates they are raising. I don't think we are going to see the ones I want go up that high. I will take the 3% if I can lock it in for 5 years. I read about the NASA rate which is great but after 15 months, I'd be out looking again. They just keep savers jumping these days!
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RJM
  |     |   499 posts since 2011
In a rising rate environment, short terms are your friend.

5 years have been paying 3.35% or more for months now. I sure would not lock in 5 years for 3.35%. Even if it is easier than having to switch after so many months.

Nasa has a 49 month too but 3.35% is not enough for me.
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enelrad1123
  |     |   75 posts since 2017
I encountered a similar situation with Chase. Before I had access to online banking and the helpful info the DA website provides, I would routinely call my local banks to check CD rates. Every bank, except Chase, would quote rates over the phone. At Chase, you had to go to the bank to speak to a personal banker as they wouldn't even mail you a rate sheet. If you were at a branch and the personal banker was busy, the tellers couldn't even quote rates. I think they have since changed this and become more customer friendly, but their rates are pitiful. I also had different banks  trying to set up an appointment with their financial advisor who could suggest better products than the bank offered. I always declined. I think it wise for you to move your money out of this institution given the personal banker's attitude and rude treatment to you. You would probably be doing the bank a favor if you would report this incident to a supervisor, as I'm sure banks don't really want to lose customers due to this kind of behavior from one of their employees. Good luck with moving your funds. I have NASA CD's and have been well pleased with their customer service.
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me1004
  |     |   1,379 posts since 2010
Don't do business with that bank, they obviously are crooked. They are trying to lie you into taking something other than an FDIC insured CD.

And, it is illegal for them to pen any saving, checking or CD account for you without first giving you a copy of the disclosures, including information about any early withdrawal penalties. Yes, some places are sloppy about that, but nonetheless, they never can have a policy that you can't have the information until after signing on the dotted line!

While you suffered no damage or loss since you have not proceeded, I still think it would be helpful to file a complaint with the proper regulatory agency to warn them of the practices at this bank, and make sure you tell the agency that the bank refused to let you have disclosures, including the EWP info, until after you opened the CD. This sounds even worse than Wells Fargo!
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paoli2
  |     |   2,641 posts since 2011
Oh I got the info I needed. I called another branch of theirs and she was the creep who said "no one buys CDs anymore" and I threatened to report her unless she emailed me the entire Disclosure which she did saying "I have given you all the time I can so this is all I can do for you". They don't want us to see the EWPs since they are so high! Well I went to a different bank and got the 5 year CD I wanted with a 6 month EWP like I wanted! I know people say go short not long but I always do the opposite since I don't trust the Feds and it has worked for me for over 50 years.
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