Andrews Reneged On Their Offer

Cdbob | Oct 16, 2023 | 49 posts since 2017

I had a 7 year cd with Andrew's and back in April they offered to convert my 7 year cd to a 24 month cd and wave the penalty. I took them up on their offer. At the time the 24 month yield was 4.50%. The offer included a bump in the yield to 4.55% after 6 months. I called today to bump the yield and they reneged on their offer even after talking to a supervisor. Not that much money lost but I won't be dealing with them any longer once the cd matures. Lesson learned. Anyone else have this experience with Andrew's?

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Rickny | Oct 16, 2023 | 1,298 posts since 2017

I was able to covert a CD that was paying on the in the Mid 3% to a 4.55% 24 month CD.. They called me and did the conversion in May. It didn't involve a "Bump", the rate was increased the same day.

If the reneged on an agreement I would open a complaint with the CFPB.

111 | Oct 17, 2023 | 672 posts since 2019

My 7-year Andrews 3% CD is finally maturing next month. It has a 6-month EWP. Over the past several months I've requested a couple times, respectfully, that since the rate environment is so much higher now they waive my EWP if I move the funds to another Andrews CD. The best they offered was to waive half the EWP. I would have considered that earlier, but by then we were well into the final 6 months! Of course no law says they have to do better, but then no law says I have to stay with them either.

So, next month I'll be eliminating two turkeys from my life, not just one.

Rickny | Oct 17, 2023 | 1,298 posts since 2017

Stange as Andrews contacted me to convert my 7 year to a 2 year CD paying 4.55%. The conversion offer was around March 2023

denki | Oct 20, 2023 | 159 posts since 2019

I have one of those 7yrs @ 3%, but mine won't mature until early '24. I was never contacted either. It wasn't worth it to close out early with the EWP so I just started taking out all the dividends at the end of each quarter, and moving those funds elsewhere.

Andrews' customer "service" is pretty bad. Don't even bother calling them voice. Just do everything via secure message or chat.

ALSO... their fees are pretty bad. Among other fees, they charge $10 for IRA Custodian transfers... they charge $15 for INCOMING wires (almost no CU charges for incoming)... paper statements are $5 (not $1 or $2), and "abandoned" accounts (inactive) is a whopping $50 (not $12 or $15). $$ $$ $$

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