Moving Funds Out Of NASA / Nasa questions

saver42 | Jul 23, 2024 | 32 posts since 2019

What's it's like moving funds out of Nasa credit union? Anything I should know in advance before I need to do it?

If I want to move over 100k at Nasa to a small local bank do I need to do anything extra or unusual or just call them up to ask for a wire? Are Nasa outgoing wires easy and fast, or slow and a pain? Can the money be wired out on the day the cd matures? Too much $$ for ach.

On the off chance I instead decide to move the money to a credit union that also does shared banking, is there a shortcut thru shared banking if it's over 100k?

Also has anyone known Nasa to allow more than their stated 10 days to fund a new cd, like 12 or 15 days, or will an unfunded cd automatically cancel after day 10?

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HollyHolly | Jul 27, 2024 | 89 posts since 2015

If you want to use a shared branch to get your money, be prepared to spend at least 1 1/2 hrs there. To use a shared branch to get money, you need to get NASA to turn off fraud controls for an hour or so. Even that does not work sometimes if the amount is large. The shared branch will be able to see your acct but not get into it. I had to spend 1 1/2 hrs on phone with NASA to get my money at shared branch - even after getting "approval" to urn off fraud controls.

me1004 | Jul 28, 2024 | 1,381 posts since 2010

You actually have me a bit confused with your questions.

First, do you have a checking account with NASA? I always make a point of having one, so I can write a check to move the money. If you do, all you need to do is move the money from the matured CD to your checking account, then go to a shared branch and deposit it to another shared branch. It will be in that other shared branch immediately for you to deal with, even faster than wiring it. You would need to deposit it to a liquid account in the other shared branch. Then, despite a hold on the check, that new shared branch should be able to move the money over to a new CD right away, taking the hold with it to the new CD. You will always run into some idiot people at some branches who insist that can’t be done, tell them, yes, it can, and go to the manager if you need to. I have had to deal with some idiots, but I have never been turned down to move that money on hold to open a new CD. Call and talk with the new branch in advance, of course.

If you do things like that, you don’t need to pay for a wire, you can simply write a check and with that, get it done faster than via a wire.

Of course, you are talking of a local bank. Being local, you shod be able to simply write a check from NASA and walk into that local bank and deposit it for the CD.

If you do have a checking account at NASA, watch out for fees on it once you close your CD there. The money in your CD might very well be what was keeping you from getting a fee on it.

Without the checking account, you can still move the money from NASA to another credit union in the shared branch system via a shared branch newer you. But you likely would be required to buy a check from them for $5 to make the withdrawal, and then use that to deposit to the new CU. A larger CU might let you simply transfer cash from NASA as cash to the new shared branch, I have done that in the past, but call and arrange that in advance. Smaller ones see it as too risky to not make you do it via a check.

As for your last question, that really throws me. The new CD starts the day your previous CD matures, the grace period is about when it locks in. So, a CD is always funded, it just isn’t locked in yet. The renewal is automatic unless you take the money out in that grace period, whether you contact them at that time or arrange in advance to have it moved. So I don’t know what you are talking about when you refer to an unfunded CD.

saver42 | Jul 28, 2024 | 32 posts since 2019

Thanks for the answers and suggestions. I don't know where the funds will go yet but it probably wont be nasa so thanks. I might try calling them while at a shared branch to see if they'll release the entire amount and lift the security hold for an hour as suggested. If so I could either transfer directly or have the shared branch write a cashiers check then deposit it if the new place is also a shared branch. If it isn't or worse case, I'll just pay for a wire, $15 is reasonable.

me1004, i dont have a checking acct at Nasa. It would be easier but I'd have too many checking accts if i made them everywhere I had CDs. The last question wasn't about renewal or getting money out, but about opening a brand new cd and bringing new money in, in case I let some time pass after maturity, or for the future. Nasa lets you open a cd without any money and then gives you 10 days to get them the money while locking in the rate for that 10 day period. I didn't know if they were strict about it being 10 days max or not, but it seems they are. If you can't get them the money within 10 days it will cancel and you have to open the cd again. No big deal if the rate doesn't change, but it would then be at the current rate instead of the old rate. Useful for locking in an old rate for a few days if rates are about to drop. Was hoping it would be more than 10 days but guess not.

me1004 | Jul 28, 2024 | 1,381 posts since 2010

I'm not clear about this "security hold" you are talking about. When your CD matures, the money is suppposed to be available then, not some time later after s "security hold" ends. Besides, it already has been on hold the entire time of the CD term. They can't then put it on hold even longer after maturity, and not even give you the old CD interest rate on it! Perhaps you are talking of a limit for an ACH or wire transfer? Well, when you use a shared CU branch, I don't believe it is/counts as an ACH transaction, they have direct access to your account at NASA via the shared branch system. They can issue you a check for $5 charge, and then you simply deposit that check to the new CU. The deposit is in your new CU immediately and should be able to be transferred to open the new CD. As usual, the check willhave a hbodl on it, and that should override any other NASA hold, as NASA would have the hold on the check.

saver42 | Jul 28, 2024 | 32 posts since 2019

According to posts here and on other threads Nasa limits the amount available thru shared branch like they do ach and you need to call them to ask them to temporariliy lift the hold on the full amount. I dont know either way since I haven't done it yet but that's what I read from others. Everything is available for a wire or a sent check but limited for ach or shared branch because of fraud apparently dont ask me I dont set the rules, and you apparently need to call nasa up while you're there in the shared branch to ask them to release the whole amount to shared branch. If it doesnt work or not worth the hassle then $15 is reasonable for a wire, half the cost of the last time i needed to send a wire from a different place.

me1004 | Jul 28, 2024 | 1,381 posts since 2010

OK, thank you for that explanation. I have not run into that before, even in closing a NASA CD. But like I said previously, I write a check from my checking account and deposit that.

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