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Question For Southerngirl On GTE EWP

jeremyharrison
  |     |   56 posts since 2011

SouthernGirl - Can you elaborate on your statement in the earlier thread - "To close via chat, it must be below 100k"? I just withdrew my dividends (had them transferred to regular savings, then ACH'ed them 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 entire 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 using 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 - it's an add-on certificate and I kept adding on as other CD's matured and my GTE add-on certificate had a rate that exceeded new CD's everywhere else....

Thanks in advance! And how does one send a private message here?

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Answers
NewStar
  |     |   22 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.
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jeremyharrison
  |     |   56 posts since 2011
If that's the case, then what is the best strategy? For example, if I have exactly $2M in principal in the add-on certificate, what should I ask of the chat rep? Possibilities:

1 - "Hi, If I have you transfer $1,900,000 from my certificate to my regular savings account, will that entire $1,900,000 be available for immediate withdrawal?" or

2 - "Hi. How much can I currently have you transfer from my add-on share certificate and still have my add-on certificate remain open?" And if the reply is "You can transfer out all but $100,000 (in this case, $1,900,000)" do I then follow up with the question, "Once you transfer that $1,900,000 in principal into my regular savings account, will that entire amount be available for immediate withdrawal?" - And then in the future, do this again - have my existing dividends on the (now) $100,000 certificate transferred to savings, ACH that out of savings, and when my remaining principal is $100,000, THEN ask them "If I have you close the certificate right now, how much would be transferred to my regular savings account?" - and if the reply is "$100,000", then ask "And will that entire $100,000 then be available for immediate withdrawal?" if the answer is "yes" then proceed?
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NewStar
  |     |   22 posts since 2018
Any of your scenarios may work. However, I am not sure if they have the authority to transfer anything above $100k via chat. The best way to know for sure is to chat with them.
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SouthernGirl
  |     |   210 posts since 2022
NewStar,
FYI, Chat can process and transfer over $100K if it is partial withdrawals and not a closing withdrawal.
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SouthernGirl
  |     |   210 posts since 2022
NewStar and others,
UPDATE!!!! As of Friday, January 13, 2023 or earlier, GTE has a new procedure, Chat agents cannot process any withdrawals on a CD with a balance over $100K. Chat agent will advise you to call extension # 40453 for a withdrawal of dividends, or for a partial withdrawal, or for a closing withdrawal.
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SouthernGirl
  |     |   210 posts since 2022
DAReaders,
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.
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SouthernGirl
  |     |   210 posts since 2022
jeremyharrison,
I have sent LongTimeDAFan a private message and asked her to respond to you.
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jeremyharrison
  |     |   56 posts since 2011
SouthernGirl - thanks. I'm new here - how do I see private messages sent to me?

Also, curious to know how you're aware that chat can process over $100K if it is a partial withdrawal, and how you're aware that they cannot process a closing withdrawal if over that amount. And given what you know, does my scenario #2 above seem like the best approach? Thanks!
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SouthernGirl
  |     |   210 posts since 2022
jeremyharrison,
I just sent you a private message. Under mydepositaccounts, click your user name, and then click private messages on the left side, at the bottom. You will be able to see private messages and later to choose Inbox/Sent.
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John19
  |     |   395 posts since 2022
They did charge me a small penalty when I closed my 100K add-on that had 248.5K on it when I closed it. I might have done the process a little wrong though. I think the penalty was like $507. Sounded better than $4,000, so I took it. I don't think the penalty was the interest because I closed it mid-month. And I received monthly payments. I don't know how they came up with that penalty amount. Still very generous of GTE to do that.
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SouthernGirl
  |     |   210 posts since 2022
John19,
I think it was the accrued interest of about 22 days on the CD record as of the date that you requested to close the CD. You have to specifically ask for the accrued interest to be paid to you, prior to obtaining the closing withdrawal amount.
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LongTimeDAFan
  |     |   69 posts since 2022
Just saw your PM, SouthernGirl (Sorry, I am guilty of not checking for any messages before)
Jeremy, I can tell you my experiences in withdrawing our funds from GTE, as your scenario is almost identical to ours.
I did all withdrawals through Chat. First, I moved all of our interest from our CDs to our share account. Then 2 days later, via Chat again, I simply requested to withdraw everything but $500 from one of our non-jumbo add-on certificates (@ the 3% rate). The rep requested a moment to see if there would be any penalty. We waited with crossed fingers and toes. The rep came back and wrote that there would be no penalty at this time, and asked if we would like to continue with the transaction. We said yes, and they moved all but $500 from that CD into our share account.

When asked if there was anything else they could do for me, I requested the withdrawal of everything but $500 from our next 3.0% CD. With no further hesitation, the rep processed that request as well.

When asked again if there was anything else they could do for me, I requested the withdrawal of everything but $500 from our jumbo CD (@3.25%). This particular CD had a similar balance to what you are describing. The rep transferred everything but $500 to our share account. (!)

Once the 3 CDs were all down to the balance of $500, I asked how I can withdraw those funds and send them to another institution. I was told that that would need to be done via wire transfer over the phone. So I called in and requested to wire transfer the funds. The phone rep did need to talk with her manager due to the balance being wired, but there was no issue. The wire cost me a fee of $25 (plus $15 charged as an incoming wire fee from my other bank). I had to go through some verification hoops in order to verify that it was indeed myself requesting this wire. (I had no problem with that security feature.)

I did receive a call from one of GTE's VPs asking if there was anything they could do to keep our business. I just told her we needed the funds for something else, and that was that.

You will not be able to ACH out that much money, but you can do it easily with a wire transfer ($25 fee) and some verification hoops. My funds were available for immediate withdrawal. I did my withdrawals in the morning, and my funds were in my other bank account via wire that same day.

Also, because I did not close the certificates, I was paid the accrued interest from the large balances withdrawn on their next regular interest payment date. In other words, I did not have to request the accrued interest at the time of withdrawal in order to get it. And because I had previously requested to have all interest automatically withdrawn and transferred to my share account, there was no EWP on any accrued interest.

At no time did I ask what my EWP would be; I simply requested the withdrawals with no preamble or other questions. The rep is the one who checked for an EWP and then said there would be none at this time.

As a side note, I did wonder if my jumbo CD at 3.25% would go down to 3.0%, but the interest posted last month reflected the 3.25% rate.

Good luck!
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SouthernGirl
  |     |   210 posts since 2022
LongtimeDAFan
Thank you. However, today a user reported to me that Chat is not processing a partial withdrawal, if the CD balance is over $100K and requested that customer to call in.
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LongTimeDAFan
  |     |   69 posts since 2022
I did all my withdrawals via Chat, but that was back in November. When I had previously called them last summer about the EWP, they had told me then it would be on any amount withdrawn, including anything that was re-invested. So when I saw your post and instructions and people said it worked, I jumped on it. I didn't wait to see if GTE would decide to change anything, but got out when we could. Very glad we did, as the term we re-invested that money at/in has had rates dropping ever since.

Hopefully there is another work-around for people who have not withdrawn their funds yet. Will GTE convert the CDs over to their 4.54% CDs with no EWP, like Navy was doing last month?
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SouthernGirl
  |     |   210 posts since 2022
LongTimeDAFan and njs,
Please see comment by h_meister dated December 22. 2022 on GTE Won't Waive EWP. Please see my response to h_meister dated December 23, 2022. Please do not try to convert the CD to a higher rate, as a part of the closing withdrawal. It complicates the transaction and the goal is to withdraw the funds with no EWP. You can invest those funds accordingly, later on. 
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njs
  |     |   71 posts since 2019
I also have one of those jumbo add on cd's from 4/19. I don't understand why they waive the EWP just because the withdrawal was by chat. Has anyone tried to convert to their current cd?
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SouthernGirl
  |     |   210 posts since 2022
njs,
I have sent you a Private Message.
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SouthernGirl
  |     |   210 posts since 2022
njs,
I have sent you a PM.
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SouthernGirl
  |     |   210 posts since 2022
jeremy harrison,
I have sent you a private message.
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FrankSavage
  |     |   45 posts since 2017
@SG, I have sent you a PM.
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SouthernGirl
  |     |   210 posts since 2022
FrankSavage, I have responded to your PM.
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