Withdrawing Funds Before Interest Post

yogooglethis | Dec 21, 2022 | 32 posts since 2022

I never thought this was a thing but read a post on this forum that said that some banks won't credit you for interest if you pull funds out before interest payout date? If so any banks that may be listed on this forum I should be aware of? Right now I want to transfer funds from NASB and Foundation to fidelity mmf before end of month.Also would this ever apply to money market funds?

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Answers

SouthernGirl | Dec 21, 2022 | 210 posts since 2022

yogooglethis,
Please contact NASB and Foundation to determine the financial institution's policy on withdrawing funds before interest post and the procedure on handling accrued interest. Please report back the answer to the forum.

yogooglethis | Dec 21, 2022 | 32 posts since 2022

I hate calling banks ,cable companies, insurance co.,mobile phone service etc that's why i ask for the collective wisdom of this forum.I will try google first and call the bank if google fails to get me the answer and report back.

sams1985 | Dec 21, 2022 | 781 posts since 2022

That sounds unusual, i pulled everything out of Marcus and i kept the account open at $0 and received interest for the 15 days of the month i had funds- if that's the case then just withdraw all your funds minus like $20 until the end of the month?

IGR | Dec 21, 2022 | 580 posts since 2020

You shouldn't care or worry about such nonissue.
Don't close the account or go below minimum balance and you'll have the interest deposited on-time

yogooglethis | Dec 21, 2022 | 32 posts since 2022

that's what I thought i already knew but i read a post on here that gave me concern.thanks all that replied!

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