Suncoast Credit Union EWP

SouthernGirl | Feb 3, 2023 | 210 posts since 2022

My question is to JeffinEasternFL. Did Suncoast Credit Union close your CD with no EWP? Did Suncoast try to take the principal for the EWP? Did you have to use Ken's write up of April 2, 2019, to withdraw the funds with no EWP, that states no loss of principal?

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JeffinEasternFL | Feb 3, 2023 | 744 posts since 2020

I tried but, yesterday (2/2) I closed the 48 mo Suncoast CU Jumbo CD approx 8~ months early. SC CU took 180 days of EWP. As recommended, I did pull all the accumulated interest via a "wire out" on 2/1 leaving only the $250K principal. The EWP was calculated using 2 days interest accumulated and some principal subtracted leaving me just over $247~K for "surrender value", thus principal was taken. (My paperwork from 2019 did mention an EWP if closed early.) Still, trading up for 4.75-5.05% APY CD (I have a couple new CU accounts pending that I will report on later including a 60 mos/5.05% APY CD.) from 2.7% APY means for the last 8 months of this CD, I'll more than make up for it. (They wired the CD money to my "hub" account promptly and will mail me the $5 share savings account money via postal mail check to close the relationship:). Note: My paperwork of July 2019, read carefully with a BIG magnifying glass never mentioned no loss of principal via EWP.

SouthernGirl | Feb 3, 2023 | 210 posts since 2022

JeffinEasternFL,
Thank you for the update. Please go to Suncoast to view all posts for 2019 and review Ken's writeup on Jumbos dated 04/02/19. It specifically states "the principal will remain in tact and the principal will not be touched." This is strange. Only 3 months later, you opened the 48 month Jumbo CD. I think SunCoast made an error in invading principal on the EWP.

JeffinEasternFL | Feb 3, 2023 | 744 posts since 2020

I did review those posts and reviewed all my paperwork, application, copies, the fine print stock brochures, et all I received from SCCU. My paperwork did have a sentence to the effect "an EWP will be charged, etc.," in the fine print. BTW: No one person "computed" the EWP, the CSR was simply going by the computer program as I asked him specific questions alluding to this issue. BTW: Nowhere does my paperwork show "no EWP on principal." Or anything to that effect.

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