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A New Sinster Pattern Developing Here?

July2022
  |     |   41 posts since 2018

Ok, first let me say Im not a conspiracy type of person, I believe Oswald acted alone and Trump lost the election etc etc.

However, I have moved CD IRAs around in the past and they have never taken this long before!

Im still tied up with Pelican credit union and get mostly crickets out of them, if and when will they honor the 4.97% rate that they said they would via a phone conversation, however its been two weeks and nothing has moved...

Likewise, I have another IRA Im moving out of Etrade to another credit union institution and nothing has moved for at least 4 days there....and the credit union who advertised a higher interest rate said " oh no we dont offer a rate lock until the funds arrive"

So it appears a new tactic is being employed by these credit unions, First they offer the higher teaser rate and begin dragging their heels so as to lock you in at a lower rate while in the background the rates are swinging wildly....are they timing us...our accounts before they apply the electronic transfer? It appears to be so because Ive never seen this length of time before in the past.

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8


CDsuckers
  |     |   70 posts since 2022
Ah, a member of the July2022 conspiracy.
Practically everyone is slow processing IRA CD's.
Actually, credit unions are amount the worst (especially if you're not already a member).
And, small credit unions are notorius for making offers that they don't have the staff to process in a reasonable amount of time.
On top of that, the whole pandemic thing devasted the staff of a lot of financial institutions.
I guess that's what happens when you shit-can all of your experienced staff and the they find jobs elsewhere.
The only way I've gotten around this mess is to make sure they let you fund the IRA CD from an IRA savings account.
That way if they don't honor the rate, you can get the funds back-out relatively easily.
The only conspiracy is one of stupid executives that don't staff-up to handle the demand.
And, that's been going-on forever.
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July2022
  |     |   41 posts since 2018
LOL it could be a staffing shortage, stupid exes Im sure of! Maybe they could commit to some self-checkout lanes like at walmart to revive my faith in the first-rate second-rate outfits Im having to deal with.
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jamesstewart
  |     |   64 posts since 2011
To get around this problem, I do the one account per year cash out and reinvest within 60 days, moving the funds myself. The other method (which is trickier) is to hand carry a check made out to the FI FBO yourself. (For the Benefit Of).
I wish Congress would modify the law so that the 60 day cash out/reinvest rule applied to all IRA accounts once per year, rather than only one account per year. This was how it worked until a court ruling mandated the once per account per year rule. If anybody reading this agrees, email your representatives. I have.

As pointed out, the FI's can sit on the funds during a trustee to trustee transfer and may even charge fees to move the funds. The FI lobby probably resists any proposal to change this lucrative rule for them.
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