Andrews FCU - How Best To Retrieve Funds From Matured CD

arlo48
arlo48   |     |   9 posts since 2015

I have a CD with Andrews that's about to mature and plan to reinvest the money at another institution. I have a checking account at Andrews but unfortunately do not have checks. I learned I can only get counter checks by going into a branch, which isn't possible. I think my only option is wire ($25) or have them mail me a check which I will deposit, wait to clear, and then mail a check to the new bank, a process that would probably take three weeks at least. Any suggestions on what else I might do?



Answers
Sylvia
Sylvia   |     |   203 posts since 2012
Do you have an account at an outside financial institution with liberal ACH limits? If yes, get Andrews verified as an external account with that FI. At maturity, transfer CD proceeds to the Andrews account that's verified, either savings or checking, then initiate ACH withdrawal through outside FI. Once monies are received at that FI, you can then transfer them to 3rd account (which you'd also have to get verified with hub FI).  Plan B is to request that Andrews allow you to pick up check at a shared branch. While better than waiting for a check in the mail, this option is inferior to an ACH pull and push as it entails some running around. Check will also be subject to a hold when deposited.  With Plan A, you'd be able to get money from Andrews to new account within a matter of days, providing you've got everything set up properly.
arlo48
arlo48   |     |   9 posts since 2015
Thank you. Unfortunately Andrews has ACH limits of 5K daily and 25K monthly, which are too low. There is a shared branch 40 minutes away but not an option for me.
JDubs
JDubs   |     |   64 posts since 2016
Those limits only apply to ACH transfers initiated (push) from your Andrews account. They don't apply if you initiate the ACH transfer from an outside financial institution (pull).
arlo48
arlo48   |     |   9 posts since 2015
I read that the limits were incoming and outgoing. I can't recall where I saw that but online banking is down for maintenance now so I can't check.
DAJunkie
DAJunkie   |     |   12 posts since 2016
The terminology 'incoming and outgoing' you may have encountered in policy
documentation likely refers to internally initiated pull / push from your AFCU
account, as JDubs indicates. Externally initiated transfer limits, if any, are typically only imposed by the originating (external) institution.
111
111   |     |   65 posts since 2019
In 2017 I ACH-pulled just under $100K from my Andrews "Free Checking" account, to my account with another CU. I initiated this from the other CU's website. So at least at that time, Andrews was not placing restrictions on transfers initiated elsewhere.
AnnO
AnnO   |     |   129 posts since 2018
And I pushed in several larger-than-$5k chunks of money when I opened some 84mo CDs at Andrews a couple years ago.
arlo48
arlo48   |     |   9 posts since 2015
Just an FYI for those following this thread. I just called Andrews and learned that because of our "relationship" with the CU, the wire fees will be waived! If I had only known. I never thought of that. It's not like we have a ton of money with them - the CD that's maturing is ~50K, and another one has $10K. But I guess that qualifies me.
pgroove_fan
pgroove_fan   |     |   62 posts since 2019
If your scenario of having to deposit, wait, then mail a check to the new "bank" is actual, then you might well be setting yourself up for a repeat of this transition problem at your maturity date with the new "bank." Perhaps pursue at least one institution with modern electronic processing.

That $25 wire fee could easily be better than the lost interest during your estimated 3 weeks rollover with paper instruments.
arlo48
arlo48   |     |   9 posts since 2015
Thank you. It seems like ACH transfers for large amounts are always a problem. What I regret is when I opened a checking account at Andrews, I never got checks! I learned a lesson for sure.

The wire fee just got worse because I learned the new bank charges $10 for incoming wires. So total $35 now.
diamondx
diamondx   |     |   138 posts since 2011
If you are a shared banking member from another cu ---just transfer the cd to your AFCU savings at maturity and then either transfer to your other cu or get a cashiers check and re-deposit to your cu.  I transferred my funds from AFCU to my other cu  from a cu nearby that I do not belong to. I work out of my home area for months at a time and the shared banking is really nice.    Also, see if AFCU offers bill pay of some sort. It will be drawn from your checking account and paid to whomever you want ..yourself, your bank, etc.
arlo48
arlo48   |     |   9 posts since 2015
Thank you. Pick up at shared branch is not an option. When I look online, bill pay from AFCU to another bank has options for only "credit card" or "loan" payments, so I don't know if there's a way around that. I'll have to call to ask.
AnnO
AnnO   |     |   129 posts since 2018
Another option, since you do have a checking account, would be to simply order some checks for yourself. Use a site like checks.com for the cheapest deal - less than $5 for a box.
arlo48
arlo48   |     |   9 posts since 2015
Thank you, I looked into this. However, the CD matures on 5/13 and a rush order and shipping plus the days of interest I'd lose through mailing and clearing bring me pretty close to the cost of a wire...
Ally6770
Ally6770   |     |   2,764 posts since 2010
I just closed 2 matured IRA's and then the savings account and a few dollars in a Roth IRA savings account from interest a few days later. The 2 CD's were closed with transfer papers and when I called within 5 minutes the accounts were closed immediately and I had the Cashier Check number on my emailed receipt. I had forgotten my 2 savings accounts and called to close them and they transferred the savings to me by check and the few dollars in my Roth IRA to Navy also within minutes (less that 5) with the Cashiers check numbers emailed to me. It took 3 days for the IRA money to get put into my Navy account. This credit union was NASU credit union. They were very quick with requests. I am extremely happy with their customer service. They do not do ACH with an IRA. Navy has done overnight requests for free with IRA money and I paid $5 for another overnight transfer to Achieva last summer. They also are amazing to work with.
Nick11
Nick11   |     |   5 posts since 2017
Ask Andrews to waive the wire fee. They have waived this fee for me several times. I don't know if you have to have a certain balance or not, but it never hurts to ask them if they will waive it. I love their great customer service!
Nick11
Nick11   |     |   5 posts since 2017
Love that they waived this fee for you! Now be sure to ask the new bank to waive theirs!
willy12
willy12   |     |   120 posts since 2019
I would think you could still ACH out from a place like Ally. Another option might be to try and get a check from a shared branch credit union. I have never done that but heard its possible.


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