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Discovered Today That A CD I Renewed At The Same Credit Union Did Not

Ally6770
  |     |   4,308 posts since 2010

retain the beneficiaries. Make sure you get the confirmation of your beneficiaries when you renew or turn over a CD for a different term.

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Duck
  |     |   111 posts since 2010
I would talk to someone else there Ally I have done many a renewals/turnover with Pen over the last 15+yrs they have always done right by me an would reckon this goes for most here.
The only thing that I have ever had changed was term apy and/or the penalty never anything with my POD's unless I changed or +/- a name on it.
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Ally6770
  |     |   4,308 posts since 2010
I have also but when checking month on all accounts I was told that the renewal did not transfer the beneficiaries this time. I will call again and speak to a new person. I did fill out the new papers and added them though just in case. Thank you.
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Ally6770
  |     |   4,308 posts since 2010
I just called and neither one of the small CD's I have left with them did not transfer of beneficiaries. One inherited IRA has been there since 2006 or at least that is when I inherited it. The older ones I have transferred all but one They do not know when the beneficiaries dropped off. This is another reason to have your accounts updated regularly with written and signed confirmation of all account numbers with beneficiaries sent to you on letterhead paper. Mistakes can be made and some of them can be expensive. This is one credit union that you can have different beneficiaries on different CD's. Some credit unions do not allow this.
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