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Navy Federal EWP Waived!

John19
  |     |   397 posts since 2022

Just talked to a rep, this is the LAST day to trade ANY LONGER certificate for the 15mo 5% special. They will NOT let you put it on any other shorter term. But will waive fee for a longer term. Thanks to SouthernGirl and all other DA readers that help disseminate this information.

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CDmanFL
  |     |   286 posts since 2019
Let’s hope for a new special and some higher long term rates soon from the amazing Navy FCU!
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Robb
  |     |   324 posts since 2018
A mid term IRA special would be most welcome.
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111
  |     |   672 posts since 2019
Thanks, John19. Same thing I was told yesterday when I called Navy to do some fine-tuning on the non-IRA side. Essentially, their "waive fee for a longer term" proviso on the 5% special 15-month CD becomes like Navy's current (although unwritten, informal and "may change") policy for all other CDs - they'll waive EWP if you move the funds to a later-maturity-date CD.

Note - that needs to be a newly-established Navy CD. On the non-IRA side, Navy will NOT move funds sans EWP to an already-established non-add-on CD even if it has a later-maturity-date - only to a new one. Why? Clearly, that protects Navy from the inevitable rate downturn, so that when it happens folks wouldn't use that proviso to move funds to earlier-established CDs that have later maturity dates but higher rates.
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John19
  |     |   397 posts since 2022
Navy Federal just dropped their long-term rates. Ouch!
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CDmanFL
  |     |   286 posts since 2019
Ouch is right. Strange. Their long term rates weren’t even so great to begin with. Hopefully this is just temporary.
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John19
  |     |   397 posts since 2022
Hard to figure out what's going on. I'll probably just buy smaller chunks of long-term CDs as adjustments like this happen so I get a good mix of rates. Some good brokered CDs are available right now like UBS at 4.6%, it's dividends pay monthly.
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111
  |     |   672 posts since 2019
So yesterday Navy ended their 5% 15-month special CD (which some of us heard about several days ago), and lowered long-term CD rates (which was not announced in advance, but that's pretty common among FIs).

Anyone know if they also made changes to their EWP-waiving policy in general? Or, on the IRA side, to their "tax season" policy (also informal and not written in the disclosure documents) that allows funds to be added to non-add-on IRA CDs until April 18?
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choice1
  |     |   372 posts since 2023
Had to go to a branch Saturday. They spoke of change on 5% CD. I asked specifically about 3, 5, 7 year CD….No change was reply…why was navy pushing shut down of 5% CD and/as a soft sell/distraction for longer term CDs or?
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SouthernGirl
  |     |   210 posts since 2022
111, FYI, please see Ask the community, "Navyfed: No more IRA add-ons?", dated December 30, 2022. As per Navy FCU, an announcement was made to allow IRA add-ons from 01/04/23 thru 04/18/2023. That is an internal announcement and it has been conveyed to customers since December 30, 2022. Hopefully, there is no change to the announcement.
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111
  |     |   672 posts since 2019
SouthernGirl - Yes, I think I recall reading that. Hopefully that's still true on the IRA side. I think the problem is that all Navy CSRs are not on the same page, which is too bad because until recently they've been generally quite good in my opinion. To cite an example, as mentioned above I called on 3/4/23, regarding non-IRA CDs only. The first CSR I spoke to was quite willing to move funds to my recently-opened 5% 15-month add-on CD, from existing CDs having maturity dates shorter OR LONGER than that 5% CD's maturity date. That's one thing I wanted to do, but I also wanted to "refresh" some other CDs (not the 5% one) by simply closing them sans EWP and opening up new ones of that same length (which were paying the same rate as the old ones).

He insisted we couldn't do that. I asked him if there had been a policy change, because I'd done that exact thing several months ago when disposing of my 3.5% CDs started in 2019. He said he didn't think so, and to his knowledge there had NEVER BEEN any such no-penalty policy, except concerning the 5% CD. He then offered to transfer me to a "CD specialist" (frankly that's what I initially thought he was supposed to be, since that's what I'd responded into their voice response system). The next CSR I got was far more knowledgeable and agreed that we could still "lengthen" the CDs sans EWP, as I'd assumed. She got the job done.
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newbie1
  |     |   24 posts since 2010
I called this morning to attempt to trade some later-maturity-date CD’s for my 15mo 5% and as John cautioned I was told by the rep that I was too late. We ended the call. After checking the longer term rates I chatted online with the intent of trading my 3%’ers for later-maturity-date certificates. The chat rep offered to close the old certificates add the funds to my already opened 15mo 5% penalty free. It appears the window to trade longer dated certificates my still be open depending on whom one talks or chats too. Again thanks to all whom have shared this information to the community.
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kaimen
  |     |   22 posts since 2014
Thanks John19 for your post. I had several Longer/Lower CDs that I could not flip on 1/9. But I did opened the add-on with $50. Somehow I didn't receive the good news the of EWP waiver for longer-term CDs on 1/12. Last Monday (3/6) I was quickly browsing the Community and your post caught my eyes. I called Navy right away - they flipped all the Longer/Lower CD's for me. Thanks again!
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