Gte Cds No Ewp If Opened Before 1-2023?

zjts | Aug 17, 2023 | 16 posts since 2017

I’ve seen posted there is no EWP for GTE cds opened before ~jan 2023. Would anyone have a pdf of the CD terms back from 2019 saying no EWP?. My add-on CDs (non-IRA) were opened in 2019 but in the pdf I have it says

“There are no penalties for monthly dividend withdrawals. Early withdrawal penalties may or will apply if the certificate is closed before the maturity date. “

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MY2CENTSWORTH | Aug 17, 2023 | 436 posts since 2016

zjts, this issue has been discussed on this site for quite sometime and if I am not mistaken the previous disclosure form never stated that there would not be any EWP, but that the EWP would be withdrawn from the dividends. The work around was to have withdrawn your accrued dividends prior to requesting closure of your certificate. If you have the disclosure form from 2019 that you made reference to I believe there is more to it than what you quoted and you should see the EWP would be accessed as I described. That allowed closure prior to maturity that did not invade your principal amount if there was no dividends existing in the certificate. I will look in the meantime to see if I can dig up my disclosure form from my 2019 add-on that I opened with them that I have since closed awhile ago using their live chat with no EWP accessed as I had withdrawn all dividends prior to that date.
Here it is: From August 2019, Share Certificates and IRA Share Certificates
Early withdrawal penalties apply if certificate funds other than dividends are withdrawn before the maturity date. There is a grace period of seven (7) calendar days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty. Early withdrawal on a Share Certificate or IRA Share Certificate with a term of one year or less receives up to a 90-day dividend penalty on the dollar amount withdrawn. Early withdrawal on a Share Certificate or IRA Share Certificate with a term greater than one year receives up to a 180-day dividend penalty on the dollar amount withdrawn. The 12-month Add-On Share Certificate and 12-month Add-On IRA Share Certificate includes an add-on feature. This feature allows for additional deposits of $100 or more throughout the term of the share certificate, up to a maximum of $6,000 per primary owner during a calendar year. The 12-month Youth Add-On Share Certificate also includes the add-on feature, allowing for additional deposits of $25 or more throughout the term of the share certificate, up to a maximum of $6,000 per primary owner during a calendar year. The Promotional and Jumbo Add-On Certificates also allow for deposits of $20.00 or more throughout the term of the share certificate, with no limits.

SouthernGirl | Aug 17, 2023 | 210 posts since 2022

zjts,
Please see my response to you today located at GTE Jumbo Rates Up to 4.8% on how to do it.

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