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Sun East Cd Terms

Slocks
  |     |   3 posts since 2022

Am I reading the fine print correctly that Sun East’s cds mature automatically in to a 12 month cd with no grace period?

“Renewals. Unless otherwise stated in the Account Schedule, your

account will automatically renew at the end of each term at the

dividend rate and annual percentage yield (APY) offered on the

maturity date for accounts of similar balance and terms. There is

no grace period following maturity of this account.”

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1


Answers
fred_b
  |     |   172 posts since 2022
Automatic renewal is standard for all Sun East certificates. Your quote is from their Depository Agreement and Disclosures. And yeah, there's no grace period! I've had a CD at Sun East before and there's no problem closing the CD at maturity but you need to call them.

I've never seen another FI with no grace period. It freaked me out when I first learned about it.

Actually, the representative who set up my 6-month CD asked me if I wanted to just close out the CD to my Sun East savings account at maturity rather than automatically renew into a 12-month. I told her yes please.
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Slocks
  |     |   3 posts since 2022
Thank you so much for your reply!!! It’s exactly the information I was looking for!!!
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3
Ltssharon
  |     |   471 posts since 2020
You may not be reading it correctly. Possibly it renews for the same duration period as the duration period of the maturing cd. So, if the cd was a 5 year duration, it would be another 5 year duration. That no grace period part is not something i would like.
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3
Slocks
  |     |   3 posts since 2022
It’s in regards to their 6 month and 9 month cds. They’re offering a very high apr for those lengths, but it states in the terms that they will automatically renew in to a 12 month cd and that there is no grace period. So part of me thinks that essentially what you’re getting isn’t a 6 or 9 month cd, but an 18 or 21 month cd with the first 6/9 months being at the higher rate, and then the rate changing to *unknown* for the remaining 12 months. Which I guess is fine, but then how can you call it a 6/9 month cd??
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