Wow What Happened To Pelican?

July2022
  |     |   41 posts since 2018

Yea I was trying hard to get an IRA CD moved over to them,went through the process of joining Pelican and so did my wife, told them my intentions of what I wanted to do and was very proactive to get it there ASAP; a lot of time and effort involved sitting in phone ques, funding the account etc etc and now this....sent them an email....probably will have to move on.... time and membership fees down the drain...it seems to me that somewhere these crazy institutions could offer a window of time to the customer...something not extravagant, maybe something like 72 hours etc. right now its almost like a bait and switch tactic, you apply, they know your other institution will drag their heels for two days, during this time, they flip the rates and your new CD statement would arrive a full 1/2 half of a percent down....SURPRISE!

The more I think about it, the more it seems this strategy was planned all along.




fred_b
  |     |   172 posts since 2022
You're probably OK. It says on their website 'Any applications submitted by 11/20/2022 at 11:59 pm will be honored at the previously advertised APY for the corresponding term'.
CDsuckers
  |     |   70 posts since 2022
The 4.97% deal was first offered 10 days ago.
Since that time brokered CD yields have been going down.
So, either they received enough funds on this promo.
Or, they realized that they offered too high a rate for current conditions.
Annoying as it is,I really don't think there's a conspiracy here.
I generally move my funds into a savings account first.
Then, if there's a bait and switch I just move the money back out again.
Especially, with IRA CD's that take a while to fund.
July2022
  |     |   41 posts since 2018
Heres an update: Pelican said they would honor it, if the application was made on the 20th by 11.59PM ( sunday), I joined on the 17th while letting them know my clear intentions of getting the 4.97 rate, they told me that they couldnt do anything until the transfer process had taken place (obviously the right hand not know what the left is doing at Pelican), so no application was submitted.or allowed to take place....it was all verbal. Likewise, the Credit Union which has the CD, says they tried to reach out to me after I requested they send me the paper work by email ( which they didnt, I told that lady I found that odd because I never got one phone call or email and asked her " so whose lying to me now", and they still have not sent the paper work even after the second request) however she said its normal for the other credit union ( which would be Pelican) to reach out to them for the transfer,....so at the very least it boils down one institution dropping the ball and another one blatantly lying to me.
MoneyMoves
  |     |   149 posts since 2019
CDsuckers -- So you transfer from IRA/company/1 to a savings account at IRA/company/2 ... THEN you fund the CD at IRA/company/2? Just for clairity; so if the rate drops you've not funded the CD yet. Well played. It is bad enough how much time it takes to setup IRA at new company and then the foot dragging transfer time ... but to then receive a lower CD rate ... ouch. Thanks for your tip.
CDsuckers
  |     |   70 posts since 2022
The only caveat I have is to make sure that IRA/company/2 doesn't have some idiotic policy that states that the funds for the CD have to go directly into the CD - or, they might not consider it "new money". I haven't had that problem (yet). But, it doesn't hurt to check.
Otto
  |     |   3 posts since 2022
I submitted my online app with Pelican on the 20th and so far I’ve gotten 2 emails saying they will honor the Sunday rate when they get to me—which could be 10 days from now. The first email also referenced the IRA I wanted to set up (online app as well) so I’ll assume the rate will be valid until however long it takes to fund it. We’ll see. There’s a decent chance rates could be higher mid December anyway.

I think they just got slammed with business and they’re still near the top of the heap (especially for the 4 year which I’m doing) so they can afford to drop rates for a while. The biggest reason I pulled the trigger with them is that they’ve responded to complaints on this forum. I’d love to give them a stellar review if it all works out.
chill08
  |     |   96 posts since 2022
Agree they seem to be working through crush of business. I applied Nov 18.


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