Does Anyone Have Experience With Midfirst Direct?

johnnyrotten | Nov 29, 2024 | 15 posts since 2012

I have a CD maturing in January that I obtained through MidFirst Direct (online division of MidFirst Bank) ten years ago. I want to get the funds out at maturity, but because I live in New York State it appears that I can't open a savings or checking account with which to ACH the funds out. Does anyone know if there's any option other than a wire transfer ($25 fee) or a mailed check (several days to arrive and then the check hold in a local low-interest account before I can ACH it to a high-interest account)? Would appreciate any helpful input. Thanks, John.

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Answers

MY2CENTSWORTH | Nov 29, 2024 | 436 posts since 2016

johnnyrotten, Hi, as a matter of fact I live in New York State as well and I just had a 10 year certificate mature with them this past Monday the 25th. It was paying 2.96% and 10 years ago seemed pretty decent. Thankfully it wasn't much money but I used to have a string of laddered certificates maturing across 1-10 years and I have been chomping at the bit to get this one closed so I could be free of Midfirst Direct. Not that they are bad, but they do do thing a little differently and I have since branched out with many other banks and credit unions. I called the morning the certificate matured and double checked on the available options for receiving my funds and opted to receive a check delivered overnight by FedEx with no cost to me. I wasn't going to be home to sign for the FedEx delivery but went online and made arrangements to have it delivered to a local Walgreens where I had five days to pick it up by providing ID. It all worked for me and I picked it up late the same day and hand delivered it to a local Chase Bank where I deposited it without any issues at all. Good luck to you!

MoneyMoves | Nov 30, 2024 | 149 posts since 2019

What was the EWP for the 10 year CD?

MY2CENTSWORTH | Nov 30, 2024 | 436 posts since 2016

I was told that it was ~$800+ and that was earlier this year with only a few months left. I didn't need the money and the $10K original investment only earned $3K+ over the decade so $800+ seemed extreme to me so I just let it ride. Definitely pleased to be done with MidFirst.

johnnyrotten | Jan 17, 2025 | 15 posts since 2012

MY2CENTSWORTH: Thanks for the information. I, too, went the FedEx overnight route. CD matured Sunday 1/5. I called MidFirst on Monday 1/6 to request the check be sent. Funds withdrawn from CD (during grace period, but no additional interest) on 1/8, check FedExed 1/9. Due to snowstorm at FedEx's Memphis hub, delivery was Monday 1/13. Fortunately, due to the relatively small size of the check, the lost interest was less than the wire fee would have been. FWIW, during a call I made before the CD matured I'd asked what kind of check would be sent (Certified funds, Official check), so I was able to have my local Shared Branch C.U. verify it was good by phone to avoid the long check hold, then deposit it and immediately transfer the funds via Shared Branching to another C.U., and open a CD there right away. P_D may be right, though, sometimes a wire transfer is worth the cost to avoid the hassles.

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