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Time To Evaluate The Fluidity Of Where Your Funds Are Parked

happyharold4
  |     |   390 posts since 2022

We are in uncertain times and the forecast isn't any clearer. For me with lots of laddered CD's that means settling up a hub account that has no restrictions on pushing/pulling funds in and out. That way upon maturity I should be able to pull the funds total amount. Lot of effort, but I just finished adding all the FI's I deal with to the Hub as external links. The main reason is that many of the FI's I deal with have already set up more rigid guidelines for ACH activities Many of them only allow 6-10K per day/week/month---But at the same time still allow an external account to pull large amounts. In any event it's definitely time to take a fresh look at what will happen with your funds upon maturity.

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Trees
  |     |   15 posts since 2024
Hi Harold :) Wanted to thank you again on that CIT tip a while back and thought of you when I found this checkbook deal on Amazon link: https://www.amazon.com/gp/product/B0D2XRRSQQ/ref=ox_sc_act_title_2?smid=A16H71A24Q36A&psc=1 I still use checks and it's quite good quality checkbook and a ton of registers which are quite nice too -- a little easier to read.

These uncertain times have me a bit frozen at the moment and sure wish I had someone to talk to about it. I used to ladder -- it was nice. 1 due every year, same day and roll over into the longest 5 or 6 year at Marcus. But they've all since matured and seemed stupid to renew and get punished for saving longer even tho the rates were sooooo low back then.

In retrospect kinda regretting (but not really) not renewing my synchrony 18 month to 5%. I didn't because I wanted to make sure I could transfer the money out. And it took quite a while. They hold that money for the 15 day grace period even tho you tell them to close it immediately. All in all it took a solid 3 weeks to transfer to CIT. And because it took so long, I really didn't want to renew it just to know how to close it. Marcus as I recall when a cd was not renewed was available the next day in the savings.

In that time I've passed up the 5% Bask 18 month I was thinking about which is lower now. And so I feel a frozen as I said especially with the news. I'm happy with Marcus as my SS deposit goes there and I can transfer to my local BOA or CIT. Somehow I feel it's just too closed and I should have one or two extra savings with small minimum deposits linked to my CIT in case something comes up quickly and all the links are already established.

Honestly, I just feel a bit outdated and old fashioned. Someone posted this website which I do check weekly if not daily just to see what's up-- https://substack.com/@kentjamison. And I check here but the format has changed somewhat.

It was great to see your post and I hope all is well with you. Is there a way to do a private message here?
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txFish1
  |     |   479 posts since 2023
Trees, You can just click on a members name when you are logged in and it will give you the option to send them a private message.
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Robb
  |     |   324 posts since 2018
Trees 3 weeks for a transfer (non IRA funds) is outrageous. I’ve read numerous reviews that confirm your story. I just had a CD mature and it took 1 day for the funds to show up by pulling the funds versus pushing those funds. Not sure if you did a push or pull but it can make a big difference. Transfer limits may vary.
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Trees
  |     |   15 posts since 2024
Robb -- I think the way synchrony works is they just hold it there for 15 days after maturity. Then the transfer starts which can take a few days. Just FYI, once I knew it was in my Snycrony savings I pulled from CIT and it was pretty quick a few days. So from now on I'll just know with Synchrony that they hold it 15 days -- they call that grace period -- I call it hold period. So in future I'll know to build that extra time into the cd as far as expectations of getting the funds out. It's good to know because each financial institution handles that grace period differently. Other than that I was and am happy with Synchrony. Since CIT and Marcus don't offer a checking account with real checks, I'm very happy to have a secondary checking account to my local bank. I haven't used that yet so I hope the checks work. And now I have that beautiful new checkbook -- check out the deal -- for $5.18 got 20 registers and a beautiful what feels like suede, nice stiching -- just lovely checkbook. Makes my old cheap and torn bankbooks look a mess tho they are slimmer. lol. I'm so impressed I think I'll get a few as great gifts. I feel a little spoiled now with a suede checkbook. hahaha. Enjoy the little things in life right. It would even make a nice notebook cover with that nice quality band a spot for a pen too and extra pocket.
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milty
  |     |   1,689 posts since 2018
I think it is fairly certain that rates are going lower. At the moment, we see it happening with CDs, but those 5% savings account rates likely won't last once the Fed cuts its rates. If you're happy with fixed rate investments then now is probably the time to lock in some longer term rates. Used to be a good DA thread regarding Hub Accounts, but like Ken gone with the wind I guess.
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Trees
  |     |   15 posts since 2024
Hi Milty -- The way I figure it if the savings go lower then the longer cd terms may have the higher rates. In the meantime, the savings are making that little extra I need now. And if rates don't go down, they'll have to go up from what I understand. Tho I guess the whole game is rigged to some degree before some gigantic crash. I can't really figure it out, but it's great to have this forum to share our thoughts on these matters. I wish there were a lot more add-on cds with a great rate and a longer term to take a that little extra (if any) and add it to something one already has. Like a 2,3,4,5 year add on cd one could open and if all the rates go drastically lower, one could add to that longer add-on which then would be a good rate comparatively speaking. But it's all hypothetical in my mind. lol
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Ally6770
  |     |   4,307 posts since 2010
For large CD's and RMD's I just open a free no fee checking account at that institution and when the CD or RMD is done I have them deposit it in the checking account and I write a check that day to deposit it in the place I want to transfer it. My kids are also on that account that I transfer things to so that when I gift my kids the first week of Jan they also have checks to that account and can write a check to themselves when I call or email them of the amount they can write to themselves. I don't have to worry about the amount that is allowed to be transferred and they have never had trouble depositing the check because the check had their names on it also.
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