The Importance Of Asking Questions Of The Bank Or Credit Union.

Ally6770 | Jan 26, 2019 | 2,749 posts since 2010

Inova Credit Union has zero days when a CD matures. It also does not show on their account page the

beneficiaries. It also does not allow you to see or change where you chose that CD money to go

when it matures. You HAVE TO ASK for a signed letterhead paper to verify this information of your instructions,

the names of the beneficiaries etc. Be vigilant. This is all OK for some people but you need to make sure you get

proof of all of this with managements signatures. This is YOUR money.

Maybe this posting will get them and other to change their ways.

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Diehard | Jan 26, 2019 | 113 posts since 2018

Thanks for posting that info. That's ridiculous. Why are some of these online banks or credit unions so incompetent?! (I wanted to say stupid!) I would immediately drop a bank or CR like that. I would even go with a lower interest rate somewhere else, to get better customer service and website/account page design.

diamondx | Jan 26, 2019 | 136 posts since 2011

Done on purpose to either keep your deposit there or fine you for early withdraw. Places like this, that have to pull these shady tricks to keep customers cash need to be shutdown.

QED | Jan 26, 2019 | 94 posts since 2013

I opened a large number of certificates of deposit at Inova in 2018. I'm unable to recall any such problems at maturity. Of course their rules might have changed recently. I have not opened any CDs there in the last several months.

At Inova the default option, at time of CD maturity, is renewal. If you prefer your CD not renew, then at time of opening the CD you request what they refer to as a "pre-auth". That just means you pre-authorize your funds, at time of maturity, to go (for example) into your Inova totally-free checking account or into your Inova savings account. Those are the only two options I ever needed. There might be other options of which I'm unaware. The existence of your pre-auth is documented on the account change form which they insist you sign and return. I always "returned" my account change forms on the internet via email, which means I automatically kept the original copies.

Bottom line I never had a problem with my Inova certificates at maturity. . . except for one annoyance which is all too common in banking today and certainly not limited to Inova. To wit:

Inova would not transfer the funds in my pre-authed CD, upon maturity, on the morning of the day of
maturity. Instead the funds appeared in my checking or savings the NEXT day. I always found that ridiculous, unfair, and frankly just plain wrong.

QED | Jan 27, 2019 | 94 posts since 2013

Bit of an error in my post, above; last paragraph. Please allow me to amend what I wrote there:

Assuming your Inova CD is pre-authed for movement of funds at maturity into savings or checking:

When a pre-authed Inova CD matures on a Saturday, the funds will appear in your Inova savings or checking the next day, Sunday. When a pre-authed Inova CD matures on a Sunday, the funds will appear in your Inova savings or checking the following Tuesday. This is because Inova's operations center does not process matured certificates on Sundays. Your Sunday-maturing CD will be treated as if it had matured on Monday . . . except that no interest will be paid for Sunday or Monday! When a pre-authed Inova CD matures on a normal weekday, the funds will be available in your savings or checking the next day.

All the above assume no holidays, which of course just add to availability delays. Also, if you are not satisfied with Inova's day late availability of matured CD funds, you have the option of telephoning them on day of maturity and requesting immediate transfer. If you do that they will cancel the pre-auth and move the funds straightaway. Of course being forced to telephone them, for service which should be routine and automatic, is an imposition at best.

Ally6770 | Jan 27, 2019 | 2,749 posts since 2010

I had no option for maturity on my paperwork. It was an IRA. They did the transfer. Many of the places I have dealt with has the money available the day after maturity and has between 5 and 10 business day to decide if you want to renew or move the money. This has 0 days. Actually they have the IRA as being opened as of Jan 7, but the maturity is on Jan 3rd. They could not explain why the dates were different and are looking into it. Ascensus does their work as they did with Advia credit union. The money was deposited on the 17th. Nor could I name beneficiaries on the paperwork IRA paperwork. It had additional and separate forms. Actually the paper for the CD shows a 00.00 balance at that time. The account site on-line shows the balance. I had all the separate paper done sent them at the same time but the beneficiaries do not show up on my account page nor is there anyway I can find it nor could they.
They could pull it up on their site but not on mine they said. Because of their disclosure and going through something like this years ago at Advia Credit Union I had them send me on letterhead paperwork the beneficiaries, my signature and managements signature. I had this also for Advia also but they would not let me disclaim the IRA and let my children (the contingent beneficiaries inherit it.) I had to file a complaint with the NCUA. The account page shows my balance with the day it was deposited and with the same CD number as the paperwork they sent me that showed a 00.00 balance on the day it was opened. Both the account page and the paperwork shows the correct interest rate.
I just did not want to have a probate case opened just for this. Everything including the house, car and furniture etc is set up not to have to go through probate.

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