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Pen Air Credit Union EWP

daylilly
  |     |   19 posts since 2022

Pen Air calculates the EWP on your entire balance withdrawn including dividends earned. Don't most FI's only base the EWP on your principal?

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SouthernGirl
  |     |   210 posts since 2022
daylilly,
Do you have an open CD with Pen Air or considering to open a CD? If you have an open CD, withdraw the dividends first without EWP, as you are able to withdraw dividends at anytime. At that time the dividends are no longer in the balance to calculate a penalty on the amount. If you want to open a CD, someone probably gave wrong information. If not, request to receive dividends monthly to eliminate this issue
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daylilly
  |     |   19 posts since 2022
Thanks so much, SouthernGirl! Yes, I have an open CD. Can I request the dividends over the phone and then close out the CD the next day?
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SouthernGirl
  |     |   210 posts since 2022
daylilly,
I think so. I do not have an account. What is the tentative quoted amount of EWP? Have you calculated the dividend amount to verify the amount that you are expecting to receive? I suggest verifying the amount of the dividends. What is the term, maturity date and EWP number in months? I suggest verifying the EWP amount. After you receive the dividends, I would get the principal and calculate the EWP and then make a decision whether or not to close the CD. Also, there is a possibility that PenAir might negotiate a new cd and higher rate for you with no EWP.
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daylilly
  |     |   19 posts since 2022
They said the EWP on entire balance is $1287.86. Would it accomplish the same thing if I only withdraw my principal at this time? I don't mind leaving the dividends in until the CD matures.
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