GTE Won’T Waive EWP

CDmanFL | Dec 4, 2022 | 137 posts since 2019

Despite our good friend SouthernGirl’s advice, I’ve been unable to get GTE to waive the EWP for a higher yielding and longer term CD. I’ve talked to everyone and their brother over there (so did my wife) and they will not under any circumstances waive the EWP even though I have over $400K there. This talk that they don’t invade principal is hogwash at least as it pertains to me. I’m curious what others have experienced in trying to get them to waive the EWP. Good night friends.

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Answers

CDsuckers | Dec 4, 2022 | 70 posts since 2022

Apparently, you ignored SouthernGirls "Don't ask, don't tell" methodology.
She advised to just call and have them give you all of your earned dividends.
Once this was done she said to call back and ask them what the funds would be if you closed the CD.
If that matched the entire balance of the CD, she said to go ahead and cash it in.
Personally, this thing sounds like one of those "too good to be true" scenarios.
Unless of course, GTE's computer system lets you get away with it.
Which I find hard to believe.
Most CU's consider dividends to be principal once they're posted to the CD.
They may let you get away with a penalty-free withdrawal of the dividends.
But, this not having an EWP levied on anything else is news to me.
You're problem was asking them.
It looks like SoutherGirl didn't go that route.
If you're stuff is in an IRA, you might want to be careful about this.
If you don't move it into an IRA savings account, it might be considered to be a taxable distribution.

Roush | Dec 4, 2022 | 2 posts since 2012

Edited by author..................................................................................................

111 | Jan 10, 2023 | 301 posts since 2019

In this DA.com thread (https://www.depositaccounts.com/community/ask/50021-gte-early-withdrawal-penalty.html), way back on 11/7/22, I listed some information and analysis regarding the Disclosure Form which covered my 2019 GTE add-on CDs. A few days ago I finally followed SouthernGirl's suggestions and closed them out. (The delay between then and now has to do with some other processes I wanted to finish up at GTE and otherwise, and is not relevant to her suggestions.)

Long story short, her suggestions worked for me, and kudos to her. I made only slight variations - I first called x40453 to have all paid, and all accrued-but-not-yet paid, interest from all my 2019 CDs extracted and transferred to my GTE liquid fund. (This in itself is a fairly common practice which customers often do at FIs which allow extraction of interest - and many do. Folks occasionally need spare cash for all sorts of reasons.)

But then out of an abundance of caution I chose to ACH-pull those funds to another FI. So the next day, I called x40401 but was on hold for a while, so I decided to try x40453 again (this was partly based on the x40453 CSR from the day before being surprisingly open about the process - even though I hadn't mentioned to them anything about fees, EWPs, etc. And I still haven't.). Got a different CSR this time, also knowledgeable. She processed the then-accrued interest for all 2019 CDs, which of course was 1 day's interest, and that was my total EWP. She then transferred all the principal to the liquid account, and I ACH-pulled them out.

I'd been prepared to call GTE again at whatever extension, or chat, or secure message, etc., to try to get the job done with (essentially) no EWP, and if all else failed to argue my point based upon the actual text in my Disclosure Forms for these CDs - but I didn't have to.

This situation has caused me to revisit some of my other CD documents, and I find that their disclosure statements are really kind of a spectrum, if not a circus. Sharonview FCU, for example (and I mention this because many here on DA.com bought their 4% CDs in 2018) specifically allows invasion of principal by the EWP. However, my Andrews FCU CD disclosure form is perhaps the most “invasive-friendly” in that regard. It states “If the principal amount being withdrawn together with accrued but unpaid dividends is insufficient to pay the penalty, the Credit Union may deduct the balance of the penalty from any funds remaining in the share certificate, as applicable or in any other of your accounts at the Credit Union; or, on our request, you will pay us the balance of the penalty.” Yikes! The only thing missing is that they authorize Vinnie and Guido to come by some night and extract the rest of the penalty from my kneecaps!

I might add, though that this CD has only a 180-day EWP. In fact I probably should have closed it out before now.

So the moral of the story is, Know Your Paperwork.

lou | Jan 10, 2023 | 1,028 posts since 2010

"Vinnie and Guido"

LOL

lou | Jan 10, 2023 | 1,028 posts since 2010

Bottom line: As far as I know GTE is the only credit union I know where anyone has been successful doing this. If I am wrong, I would like to know where else it has been tried successfully.

SouthernGirl | Jan 13, 2023 | 152 posts since 2022

111,
Thank you for the update!!! I know another user that closed a CD today by calling extension #40453 and asking for the closing withdrawal amount. Rep asked, " have you been withdrawing your interest and they replied "yes." Rep closed the CD with no EWP or maybe 1 day of interest.

LongTimeDAFan | Dec 8, 2022 | 25 posts since 2022

Long time lurker and first post here since having to register to post, but I wanted to add my experience with GTE. We had several GTE 5 yr add-ons, opened back in 2019. We were planning on taking our funds out to reinvest in a better rate, and we were expecting to pay a 180 day EWP to do so. Then I read what SouthernGirl had said about how to not get charged the EWP. At first, I did not believe it could be so, but I mentioned it to my husband and we figured we would try it and see. Last month, we decided to pull the trigger after the CPI report came in lower than expected, as we were seeing long-term treasuries had peaked in October. So, the first thing I did was to contact GTE via Chat and withdraw all of our dividends, putting them in the share fund. There was no EWP on the dividend withdrawal. Two days later, I logged in a gain and pulled up the Chat. I was really sweating it at this point, not knowing if it would work because the EWP would have been a LOT of money. I told the Chat rep that I wanted to withdraw everything in one CD but leave the minimum balance of $500. The rep asked me to wait a moment while they figured out the EWP. That's when I really started to sweat, and my stomach acid was in my throat. Then the rep came back and said, "There is no EWP at this time. I will process your request now."

After they transferred the requested amount and asked me if there was anything else they could do for me, I told them that I wanted to take out everything but the minimum from the next CD. They processed it right away. When they asked again if there was anything else they could help me with, I told them to withdraw everything but the minimum out of our jumbo CD, and they did so with NO EWP!!! I still can't believe it, but it's true. Then I asked them if they could set up a wire transfer for me, which they did for their $25 fee.

So, to SouthernGirl... THANK YOU, THANK YOU!, THANK YOU!!! You saved us a TON of money! I did get a followup call from upper management at GTE who had to approve the wire, asking me what the reason was for the withdrawals. I just told her we just bought some 20 yr treasuries and needed the funds.
Now, I will say that a few months ago I called GTE and asked about the EWP. I was told then that it was 180 days. They told me that interest earned and re-invested has the EWP on it. So... apparently not.

lou | Dec 8, 2022 | 1,028 posts since 2010

Did you really buy 20-yr treasuries?

LongTimeDAFan | Dec 10, 2022 | 25 posts since 2022

Yes. We are sick and tired of chasing rates and figured now is the right time to lock up something that will be long-term for us. We looked at annuities, but we are over the state insurance limit. In the past, we've had to worry about insurance limits and titling, had banks go under and lost those higher rates, had numerous different credit unions at the same time, and had to worry about what rates will be down the road. We've even worried about negative interest rates. So, now we have 4% locked up for 20 years, and we can sell some bonds here or there if we want to. And, if we hold them for 20 years we get our par value back, unlike those lifetime annuities (!).

lou | Dec 10, 2022 | 1,028 posts since 2010

How old are you?

ImperialMatt | Feb 25, 2023 | 3 posts since 2011

This is the way. I followed your example, also had some heart palpitations with the second day's chat, and it went smooth like butter. I got my dividends and the cash ready to redeploy. SouthernGirl is a goddess!

John19 | Dec 13, 2022 | 178 posts since 2022

CONFIRMED! THE SOUTHERN GIRL METHOD WORKS!! i JUST DID IT!

alan1 | Dec 4, 2022 | 805 posts since 2015

These are my experiences using the "SouthernGirl method" to close certificates at GTE.

1. In mid-November, I withdrew interest from several small CDs and then called back to close the CDs. The representative looked up the amounts as per the computer, and promptly closed the CDs without penalty.

2. About one week later, interest was posted to a large CD at GTE. I withdrew the interest and then called back. The representative came back with a closing amount that included the penalty. I called back later that day, and the result was the same. I've called two or three times since -- always an amount that included the penalty.

When I closed the first group of CDs, it took the representative several seconds to give me the closing amounts. On the subsequent occasions, it took quite a while for the representatives to computer the numbers -- one said she was doing it "manually".

I think it is possible that GTE wised up, and recognized that their computer system was allowing people to close CDs without penalty.

How recently has anyone been able to close a GTE CD without penalty?

ETA: And many thanks to SouthernGirl for her posts on this subject.

CDmanFL | Dec 4, 2022 | 137 posts since 2019

Yes, they must have wised up. I even tried the strategy do you want to let me walk rather than accommodate me and they would let me walk. Sadly, what I’m finding is that most places will let you walk away. I’ve even offered to add significant money if they would accommodate me and they would still let me walk. I understand the rules but where’s the common sense. Navy and Connexus get it and thank goodness for them.

SouthernGirl | Dec 4, 2022 | 152 posts since 2022

CDmanFL,
Did you withdraw the interest from GTE? If not, GTE is still in compliance to take that EWP from your interest. If the interest is removed from the equation.....GTE will not be in compliance to take EWP from the principal, since it is not disclosed in the Truth-In-Savings Disclosure.

SouthernGirl | Dec 4, 2022 | 152 posts since 2022

Alan1.
I sent you a private message. Thanks!

NewStar | Dec 4, 2022 | 18 posts since 2018

SouthernGirl,
I sent you a private message, thanks

alan1 | Dec 4, 2022 | 805 posts since 2015

SouthernGirl -- Thank you for your posts in the forum on this topic, and for the private messages you have sent to numerous people. You're terrific. (and I have responded to your message)

111 | Dec 4, 2022 | 301 posts since 2019

@alan1 - Regarding your earlier post, I think your conclusion is the likely explanation. However, there's possibly an alternative explanation, although less likely IMO. Comparing the specific disclosure form(s) for your “several small CDs [at GTE]” versus that for your “large CD at GTE” - were there material differences in verbiage that required the EWP to come ONLY from dividends in the former, but did not do so (or were ambiguous) in the latter?

Thank you.

alan1 | Dec 4, 2022 | 805 posts since 2015

111 - the disclosure statements are the same. As to my speculation as to a "possible" reason for my varying experiences -- I have no opinion as to whether my speculation is a "likely explanation" or any explanation at all. In my experiences with GTE, there have often been gross inconsistencies, depending on which person or unit I've dealt with.

blazer9 | Dec 5, 2022 | 208 posts since 2019

Alan 1
Seems Just the right amount of time you know those
rushing without Solid Procedure that
SouthernGirl VERIFIED
MUCKED IT UP.
thanks

John19 | Dec 13, 2022 | 178 posts since 2022

Confirmed! The SouthernGirl method does work!

John19 | Dec 4, 2022 | 178 posts since 2022

If there is any bank I was certain would never waive the EWP it's GTE, they charge $2 for an outgoing transfer. Good effort though. I still got my 3.30% GTE add-on, I'm waiting till after the first of the year to break it.

SouthernGirl | Dec 4, 2022 | 152 posts since 2022

John19,
Did you receive the private message that I sent to you on November 12, 2022? Please private message me if you have any questions.

John19 | Dec 4, 2022 | 178 posts since 2022

Just looked at the message now. Thanks. I've had the dividends withdrawn monthly to the share account. So they only take the penalty off accrued dividends? Or they take if off principal if you already withdrew the dividends? Thanks for your help.

MY2CENTSWORTH | Dec 4, 2022 | 209 posts since 2016

CDmanFL and others...what part don't you understand??? SouthernGirl couldn't have been more clear in her public posts on DA and I'm sure that she repeated that to you in a private message. Read it veerrrrry sloooooooooowwwwwwwly!!! Maybe that will help! OMG! Unbelievable!

John19 | Dec 4, 2022 | 178 posts since 2022

Lol. I'm still having trouble with it. I have to go back and read that 122 comment GTE EWP thread.

SouthernGirl | Dec 4, 2022 | 152 posts since 2022

John19,
I sent you a private message.

SouthernGirl | Dec 4, 2022 | 152 posts since 2022

Edited by author......................

decades | Dec 10, 2022 | 83 posts since 2010

I broke a 48 month add on cd in July at GTE. I had set up 24, 36, 48, and 60month add on accounts with $500 apiece so whenever one would come due would just roll it to the next longer term one. When the 36month came due I rolled it to the 48 month as usual but changed my mind about it a few weeks later. Called and took an EWP but it was only $40.00 or so. Definitely wasn't 6 months interest. I only talk to the sr. reps there. Good luck trying any of the csr's from general population. Still have an IRA cd am thinking about moving from them.

Kaight | Dec 13, 2022 | 692 posts since 2011

Please forgive just a tad bit off topic . . . . .

But I received an unsolicited telephone call from GTE Financial yesterday endeavouring to peddle a new CD with a lower four handle. I didn't bite.

Did seize the opportunity to rattle the poor caller's chain over GTE's persistent failure to offer three month CDs. He was nice about it and more patient with me than I deserved.

deplorable_1 | Dec 13, 2022 | 897 posts since 2020

Hmmm Kaight I better PM you about this one.

HZ | Feb 11, 2023 | 21 posts since 2019

I got it to finally work. First withdrawal all the interest you have earned so you only have principal left.
I tried calling 3 times after that and even went into the local branch but could not get them to waive the penalty. THEN, i called again and asked for a MANAGER. The manager did it for me and it was very easy!! Don't give up (My 5 year Cd was bought in 2019)

wm24 | Dec 4, 2022 | 9 posts since 2022

I can assure you SouthernGirl's advice works.

CDmanFL | Dec 4, 2022 | 137 posts since 2019

Didn’t work for me and I followed it exactly. In fact, the rep told my wife that he couldn’t break his CD without paying a penalty. That I find hard to believe but that’s what he said. I guess it all depends on the rep that handles the matter and how accommodating they want to be. At this point, I’m still debating whether to break my 3.3% CD and pay the penalty.

John19 | Dec 4, 2022 | 178 posts since 2022

I think the penalty is like roughly 32-bp less than the rate of any 5 year CD you replace it with. My math is probably bad though. Hopefully that advice works for me, I'd cry with joy if I didn't have to pay that penalty.

SouthernGirl | Dec 4, 2022 | 152 posts since 2022

CDmanFL,
It appears that rep has not requested the withdrawal of dividends first and then requested the closing withdrawal amount. At that point, to pay an EWP, he would have to manually calculate the EWP for it to be collected on their system. Which is not in compliance. I am sure that he would not add back an EWP, and collect it from principal, if it were not showing up.

CDmanFL | Dec 5, 2022 | 137 posts since 2019

My wife and I simply didn’t have luck with this. It’s ok. I was perturbed at first but we are alive and relatively healthy and that’s what matters most. I’ve realized in my old age to accept certain things for the sake of sanity and peace of mind. I do appreciate your efforts and commentary. Very kind and generous of you to help us in this forum. It would be lovely if GTE would offer another add on CD but I’m just happy that between my Social Security income and lifelong savings that I’m doing ok. Good night friends.

SouthernGirl | Dec 5, 2022 | 152 posts since 2022

CDmanFL,
Like you said it is ok. But, everyone should be treated fairly. I am a retired technical person in the banking industry. If you have received all of the dividends from GTE, you can walk into a GTE branch tomorrow and get a print out of the closing withdrawal and it will not charge you an EWP. Are you near a branch? With that said, can you call a branch manager to see if they will process it for you?
No one at GTE should be manually calculating an EWP to be taken from your principal. GTE is not supposed to be taking an EWP from principal. At GTE, EWP's are taken from dividends and has been stated on the disclosure for many years.
Good luck to you!

CDmanFL | Dec 5, 2022 | 137 posts since 2019

Not near a branch as I’ve moved out of Florida. But I may try again this week and see what happens. Thank you for the well wishes.

Fussybob | Dec 4, 2022 | 16 posts since 2022

GTE can't have two different sets of rules. Someone reading this post won't get the break and will complain to the FEDs. The Feds might institute an investigation that GTE surely doesn't want them anywhere near their FI looking at the books. This post is creating too much exposure. Thus GTE will comply with their rules and regulations......

SouthernGirl | Dec 4, 2022 | 152 posts since 2022

Fussybob,
Thanks! Also, what this will boil down to is the verbiage on the Truth-In-Savings Disclosure in effect for the last 5 years to remain in compliance. Whereas, GTE has not reduced principal for an EWP for the last 5 years. GTE has taken EWP from dividends only for the last 5 years.

denki | Dec 5, 2022 | 21 posts since 2019

SouthernGirl's method DOES work. But you have to pay attention and do it the way she tells you to. In other words, it's a TWO part process, both parts treated separately, done over more than one day, not done all at once. It works if done correctly. Thanks again, SouthernGirl.

alan1 | Dec 5, 2022 | 805 posts since 2015

denki -- How recently did it work? (It worked for me around Nov. 15, but it has not worked me on several occasions beginning around Nov. 22.) Thank you.

denki | Dec 5, 2022 | 21 posts since 2019

alan1,
Hm, mine was earlier, not more recent like your later attempts. Maybe they have indeed changed it noticing too many people doing it. But that go against the language in the terms I believe (I don't have the language handy right now). Sorry to hear that.

fred_b | Dec 5, 2022 | 118 posts since 2022

Hey SouthernGirl did you ever try your GTE method at PenFed? Did it work?

SouthernGirl | Dec 5, 2022 | 152 posts since 2022

fred_b,
Hello, I did not. I do not have a CD at PenFed. I am curious to find out for other depositors. I believe PenFed discloses "there will be no loss of principal". I am certain that you will have to receive interest monthly already in order to determine their calculation for an EWP.

trader531002 | Dec 5, 2022 | 8 posts since 2019

They hit me for 18k on a ewp last week....I have not read the disclosures just assuming it was based on the total amount minus you interest. Came from the 3.25 5 yr add on. And they did it by hand not by a computer.

deplorable_1 | Dec 12, 2022 | 897 posts since 2020

Ugggh I really didn't want to comment on this on the public forum anymore but SouthernGirl's method works I have done it several times. The key is to move the dividends out ahead of time the cost is $0. Then the following day just close the CD through online chat. Do NOT even mention an EWP. That's the problem here. Silence is golden. The cost is $0 and you get all your principal back. Hopefully their generous policy has not changed due to them reading these posts.

Choice | Dec 12, 2022 | 937 posts since 2020

And, the reason for the posting which merely confirms that which was previously reported…wouldn’t it be helpful for those that didn’t succeed to post that! And/or a private message to SG!

JWARREN | Dec 12, 2022 | 45 posts since 2017

Based on the "trader531002" comment above it appears that GTE has a "hole" in their disclosure agreement -- ie, there is no EWP if reinvested dividends are not explicitly considered to be part of the CD's principal. Has anyone tested this theory/language recently?

111 | Dec 12, 2022 | 301 posts since 2019

Dear "J." -

Perhaps the answer to your question lies in the fact that you have not appropriately perused the current and prior threads / posts re. GTE?

Just sayin.

JWARREN | Dec 12, 2022 | 45 posts since 2017

Thanks, not helpful, but thank you for pointing this out to me.

111 | Dec 12, 2022 | 301 posts since 2019

Oh, but no, I insist on thanking YOU. And furthermore, I feel obligated to point out that there's almost certainly between a "1 in 512" and a "1 in 1024" chance that should you indeed peruse the current and prior threads / posts re. GTE, as I suggested - you'll find what you seek!

JWARREN | Dec 12, 2022 | 45 posts since 2017

111: Thank you again for your wise counsel. My point is that we should all be seeking equal treatment as opposed to hoping that we just happen to contact a CSR that gives an individual favorable treatment. Do we know if this is just one keen investors good luck or acknowledged GTE policy?

trader531002 | Dec 12, 2022 | 8 posts since 2019

Great point Jwarren I just withdrew money and the dividends were removed from the EWP. Dividends are not part of that. Plain and simple. I have not taken any div so the ewp is based on your initial deposit and any add on money that you contributed.

SouthernGirl | Jan 14, 2023 | 152 posts since 2022

DA Readers,
UPDATE!!! As of Friday, January 13, 2023, or earlier, GTE has a new procedure. Chat agents cannot process any withdrawal on a CD with a balance over $100K, Chat agent will advise you to call extension #40453 for withdrawal of dividends, for a partial withdrawal, or for a closing withdrawal.

SouthernGirl | Jan 15, 2023 | 152 posts since 2022

DA Readers,
SECOND UPDATE!!!! As of Saturday, January 14, 2023, Chat agents were processing dividend withdrawal requests for a CD with a balance over $100K. Chat agents will probably process a partial withdrawal amount. Chat agents cannot process a closing withdrawal amount over $100K.

HZ | Jan 16, 2023 | 21 posts since 2019

I tried to get dividend payments with large CDs last week and I was told I couldn't.without penalty
I tried again, just now, and I got the payments with no penalty!

Maybe you should try again.

SouthernGirl | Jan 16, 2023 | 152 posts since 2022

HZ,
Please confirm. Did you call extension #40453?

sharon907 | Dec 5, 2022 | 36 posts since 2022

I hope GTE has the common sense to charge the EWP.

Unless the disclosure statement plainly states the EWP only applies to interest, I can't comprehend why people think EWP would be waived.

I recall when people were (rightly) upset GTE tried to cancel the add-ons. Glad they changed their mind then. And hope they recover some of their costs through the EWP.

trader531002 | Dec 5, 2022 | 8 posts since 2019

I just pulled this from the disclosures on the GTE website ...

Early Withdrawal
Withdrawals before the maturity date are subject to an early withdrawal penalty. The
credit union may require up to 60 days written notice prior to any intended withdrawal
in accordance with federal credit union bylaws. The penalty is calculated as a forfeiture
of part or all of the dividends. Withdrawals within six days of opening a certificate will
be assessed a penalty of seven days dividends which may invade principal. The penalty
applies to the amount withdrawn each time a withdrawal is made, and is based on the
dividend rate in effect at the time of the withdrawal. The penalty will equal 90 days of
dividends for accounts with terms of 12 months or less, and 180 days of dividends for
account with terms greater than 12 months.

IGR | Dec 5, 2022 | 203 posts since 2020

may want to check my update for "GTE Early Withdrawal Penalty"

IGR | Dec 5, 2022 | 203 posts since 2020

or may not

IGR | Dec 7, 2022 | 203 posts since 2020

I've done two more large withdrawals. Mission to transition to higher-yielding CDs is mainly accomplished.
The calculations and transfers were not done as term-to-term.
GTE CD remains active with large balance to take care of past and future EWP if it comes up as an issue.
my plan is to draw GTE CD down to the minimum allowable balance next round of withdrawals.
My personal datapoints are somewhat contradictory.
1. GTE will NOT WAIVE EWP.
2. GTE does NOT APPLY Penalty when withdrawal is requested!

CDsuckers | Dec 10, 2022 | 70 posts since 2022

This is for a taxable CD?

JWARREN | Dec 12, 2022 | 45 posts since 2017

Well, this has to be one of the more fascinating threads that I've read here recently. I withdrew my accrued dividends (interest) from my 3.3% APY Add-on CD back in August (and started to have the interest deposited into a checking account monthly), and have, more or less, been patiently watching the Fed doves and hawks influence rates since then -- just waiting to break that CD to chase a better rate. I've fully expected that I would have to take an EWP hit. But now if I do, I'll be VERY disappointed. Sometimes, ignorance IS bliss?

LongTimeDAFan | Dec 12, 2022 | 25 posts since 2022

If you have no interest left in your CDs, I would go through the Chat to close/withdraw funds. That is how I did it, and it worked. I had previously called in back in August so I would know what to expect for an EWP, and the CSR told me it's 180 days on the withdrawal amount, including any interest reinvested. But, that is not what actually happened. I withdrew my interest first via the Chat online,then 2 days later went back into Chat and requested my withdrawals. At first, I got the response that they would need to check to see what the EWP would be, then they came back and wrote, "There is no EWP at this time." I honestly did not expect it to work, but SouthernGirl was spot on with how to do it, and I had zero issues doing it. Mind blown! Good luck to you.

glasses | Dec 20, 2022 | 20 posts since 2019

If you have withdrawn all the dividends in your old cds, contact Coralis Jordan to help you close your low interest cd and redeposit into higher interest ones. There is NO penalty. Her contact is [email protected] She just helped me do it, saved me thousands. I asked if it's ok to give out her contact info, and she said ok!

interested | Dec 22, 2022 | 49 posts since 2019

glasses - did you roll your entire CD balance into new higher rate CD or did they allow you to withdraw any? Do you have phone # for your contact at GTE? Thanks

Eil | Dec 22, 2022 | 21 posts since 2018

glasses, bottoms up to you. Ms. Jordan very efficiently assisted me today in closing a 3.04% certificate with 15 mos remaining and opening a 5 yr at 4.54% APY. I had withdrawn all interest earlier this month, and the interest that had accumulated since then was added to the balance of the new certificate. No penalties for this transaction. (@ interested, I did not withdraw any $ so can't comment on that)

h_meister | Dec 22, 2022 | 30 posts since 2014

Eil, I had spoken with GTE while moving my interest from inception out of my 5 year add on CD at GTE. I asked if I could move the principal balance into a new, longer term CD. She advised based on terms of my CD I wouldn't without taking an EWP. She said she I could speak with a "share certificate specialist" to see if they could make an exception for me. So far no response from GTE on that inquiry. She did mention that for CDs with a "bump" feature, GTE may be offering making modifications such as you have described. I'm not doubting the CD modification GTE offered you, but I wonder if it was a targeted offer based on terms of your original CD. What features were part of your prior CD at GTE? Thanks.

decades | Dec 22, 2022 | 83 posts since 2010

I called GTE today and asked if I could move an IRA cd from my 2.9 % 48 months add on into the 5 year 4.53%. NO dice. not without paying a 180-day penalty. Will probably wait till it comes due in april

Eil | Dec 23, 2022 | 21 posts since 2018

h_meister, 60 mo add on. No bump. You might consider emailing the person mentioned by glasses. Tell her in general terms what you are seeking, provide your name, she should reply back and go from there.

SouthernGirl | Dec 23, 2022 | 152 posts since 2022

h_meister,
Hello, I would suggest that you chat today and ask for the closing withdrawal amount. Do not mention EWP at all. If you agree with the closing withdrawal amount, then close the cd or do a partial withdrawal and leave a $500.00 balance. Deposit the principal in share savings account and re-invest accordingly next week.
Please feel free to private message me. Thanks.

Choice | Dec 23, 2022 | 937 posts since 2020

All....I quote from above, i.e. remember..."I personally don't have an oar in this matter"...

"The penalty is calculated as a forfeiture of part or all of the dividends. Withdrawals within six days of opening a certificate will be assessed a penalty of seven days dividends which may invade principal...." This clearly indicates that the penalty is from dividends except during the first 7 days...if otherwise, there is a conflict and the member should prevail!

Soooo, what does the quoted part mean...There could be a forfeiture of all/part of dividends (note no mention of principal). Further, principal can be invaded at opening (note not mentioned at other times...the infamous "negative pregnant" rule --look it up!)

A principal can ONLY be invaded during the first 7 days...not otherwise!

Pursue the matter up the chain...is what i suggest if "real" money is involved!

IGR | Dec 23, 2022 | 203 posts since 2020

it will go ON forever unless very basic advice is followed.
Where one doesn't want to incur EWP, one should NOT ASK ABOUT EWP!
Where one wants some balance to be transferred away from GTE CD, ALL needs to be done is to ASK for the BALANCE to be TRANSFERED.
101 posts PAST

SouthernGirl | Dec 23, 2022 | 152 posts since 2022

h_meister,
FYI. To close via chat, it must be below 100K. So if over 100K, request partial withdrawals, then GTE chat will not contact "specialists". Do not mention EWP and Do not mention transferring to the higher rate cd. Deposit into share savings account.

jeremyharrison | Jan 11, 2023 | 40 posts since 2011

SouthernGirl - Can you elaborate on "To close via chat, it must be below 100k"? I just withdrew my dividends (had them transferred to regular savings, then ACH'ed out - no problem. I was about to use chat to withdraw as much principal as I could (My principal is about $2M - I was planning to just ask "If I withdraw all existing principal by having it transferred to my regular savings account, what would that amount be, and once transferred into regular savings, can I transfer that amount out at any time, or immediately?" - and if the chat rep's answer as to the amount matched up with my exact existing principal amount, I was just going to instruct the rep to transfer it all into my regular savings - then ACH it out from a couple of other banks where I have linked GTE as an external link. The certificate was opened with $100K, the minimum opening amount at the time back in 2019.

Thoughts on this? And how does on do a private message on this site? Thanks!

NewStar | Jan 11, 2023 | 18 posts since 2018

GTE reps will tell you that they do not have the authority to close any CDs with principal above $100K via chat.

SouthernGirl | Jan 11, 2023 | 152 posts since 2022

jeremyharrison,
Click on the user name and then click Send PM. Please see post above by LongTimeDAFan, I do not know how many partial withdrawals that she had to make or the amounts, or if she requested one closing withdrawal.

SouthernGirl | Jan 11, 2023 | 152 posts since 2022

LongTimeDAFan,
Will you please respond to jeremyharrison.

Thank you so much!

jeremyharrison | Jan 11, 2023 | 40 posts since 2011

What prompted you to say that "to close via chat, it must be below $100K?" Curious to know if that was your experience, or if someone else related that info to you. Thanks!

SouthernGirl | Jan 11, 2023 | 152 posts since 2022

jeremyharrison,
Someone else relayed that info to me. The comment was "CSR cannot process and close a CD via chat if over $100K.

FrankSavage | Jan 13, 2023 | 37 posts since 2017

SG, sent you a PM.

SouthernGirl | Jan 13, 2023 | 152 posts since 2022

FrankSavage, I responded to your PM.

decades | Dec 23, 2022 | 83 posts since 2010

I just contacted Coralis about my 109 k IRA 48 mo. add on cd. She said I would take about a $1500 hit to move it to the 5 year 4.54% one but I would make it back quickly at the new higher rate... WTH! . Weird because earlier today in chat I closed out a smaller regular 48 mo. add on and was no EWP. I had taken the dividends out yesterday. Will wait till IRA cd comes due in April.

decades | Dec 23, 2022 | 83 posts since 2010

Looks like should have transferred dividends and partial to an IRA share savings first.

HZ | Jan 14, 2023 | 21 posts since 2019

I just tried to withdrawal dividends only and they charged early withdrawal fee for those dividends

SouthernGirl | Jan 14, 2023 | 152 posts since 2022

HZ,
Why? On GTE disclosure, you can withdraw dividends at any time. Did you phone or chat? Did you have GTE to process that transaction? If so, you need that transaction reversed ASAP, if a penalty was charged!!! Please call GTE back and let them know that an error was made in processing the dividend withdrawal and you were charged an EWP in error and that you need the transaction corrected now!!!
Please notate the first and last name of the person that processed the transaction and the first and last name of the person that will correct the transaction.

You may not be able to resolve this by chat today. You may have to call GTE extension #40453 on Tuesday, January 17, 2023 to resolve this error.

Send me a private message to resolve and if you have any other questions.

HZ | Jan 16, 2023 | 21 posts since 2019

I had talked to live person. On my original sign up sheet it did not say you can withdrawl dividends without penalty. I will try again

SouthernGirl | Jan 16, 2023 | 152 posts since 2022

HZ, I suggest that you call extension #40453 to withdraw dividends. Prior to the call, calculate the dividends that is owed to you, to be able to check GTE's amount of dividends.
Ask the questions:
1. What is the amount of dividends? Compare the amount to your calculation.
2. If you agree with the amount, then withdraw the dividends.
There is no EWP on this transaction, at all.

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