Penfed Cd /Closeout /Problem

Ratesaver | Nov 6, 2023 | 187 posts since 2013

I have a cd that expired on Sunday the 5th of this month/. I went to get cashout the cd because I have other uses for the money.. They said it was locked out because it came due on sunday... Don't make sense to me never had this problem before that I can remember ... Anybody had this problem... They sent me a email when I they said they can maybe retire it early... What... I went down and it was still locked and hopefullly tomorrow I will get it... Something sound fishy. It is showing up on my acc. Are they having issues with something... Answers anybody Thanks in advance Oh today is the day I went down to get it Monday the 6th

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Answers

Kennewickkid | Nov 6, 2023 | 17 posts since 2018

Wow. Sorry I didn't post my concern about this earlier. I have two Penfed 5 yr CDs that mature about a week apart in early December. I received a maturity notice for the earliest one about 10 days ago. It showed that I had elected to have the funds on maturity post to my savings account which I always try to do with all my CDs. I have had problems before with my verbal request over the phone not being followed and found out later the CD was on auto-renew. Well yesterday, I opened the maturity notice letter on the other CD that I received the day before and was surprised it was on auto-renew. Then I read the small print on the back of the letter that said: "There is no grace period during which penalty-free withdrawals may be received following the maturity of this certificate." Needless to say I immediately went online and requested on maturity funds post to my savings. I think all DA readers should be warned about this.

Ratesaver | Nov 8, 2023 | 187 posts since 2013

thanks for your comment as I just opened a cd 5yrcd rate of 4.60% away from penfed

Kaight | Nov 6, 2023 | 1,192 posts since 2011

Sorry I am unable to assist regarding your specific problem. However:

I can tell you, based on my own PenFed experience, they close the doors and roll up the sidewalks every Sunday. Nothing happens at PenFed on Sunday. Period. For example, I made a payment (internal transfer from savings) to my PenFed CC account on a Sunday, because it was DUE on that Sunday. The payment was credited on the following Monday.

My take: PenFed seems to celebrate Sundays as non-banking days. You want anything to happen at PenFed on any Sunday? Go away and return on the next business day.

Ratesaver | Nov 8, 2023 | 187 posts since 2013

IN response to all I was able to get my money certificate cash out 2 days later of the Tuesday the 7th of the month. JUST a reminder to all

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