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IRA CD Transfer Within Same CU Subject To 10% Penalty?

barry_NY
  |     |   107 posts since 2015

I just had a big argument with my CU over my IRA CDs. I was converting a no-penalty IRA CD into a higher interest no-penalty CD. No problem. But I also wanted to add to the CD the available interest from another IRA CD. They claimed that this was a distribution that was subject to a 10% penalty.

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barry_NY
  |     |   107 posts since 2015
Followup: I contacted upper management about the problem. A senior VP got back to me and apologized for their customer service and admitted that their CSR IRA "expert" was clearly wrong about the IRA rules.
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