I received $275 in dividends from a certificate of deposit that I hold in a local back. I will add it to my $20 challenge.
My question is: I received a letter this week from this bank, telling me that they are closing my branch. I have a jumbo C.D. which I cannot cash out without penalty until Jan. 2015. Right now, I will lose $550 in interest (penalty) if I cash out.
My problem is, they will be moving my account to another state, probably Alabama, I perfer to do my banking in person, not by mail. Online is really difficult for me.
Should I just take the penalty and cash out, so my funds will not be moved out of state (where, I do not know) or should I stay put. I have talked to the bank people in person, but got no help.
What would you do?
Prev. total $10,627.00
today 275.00
new total $10,902.00
Need advice??
July 25th, 2014 at 01:29 pm
July 25th, 2014 at 02:03 pm 1406293380
Good luck!
July 25th, 2014 at 02:05 pm 1406293505
July 25th, 2014 at 02:25 pm 1406294711
July 25th, 2014 at 02:31 pm 1406295075
July 25th, 2014 at 03:31 pm 1406298695
July 25th, 2014 at 03:54 pm 1406300048
I really appreciate all your advice. So far, I am leaning towards cashing it on, so I don't constantly worry the next six months.
July 25th, 2014 at 07:15 pm 1406312154
July 25th, 2014 at 08:48 pm 1406317729
July 25th, 2014 at 09:14 pm 1406319251
July 26th, 2014 at 12:10 am 1406329812
Can the CD transfer directly to your regular bank? Ask your regular bank to send a fax to the closing bank with instruction that the sum due January 2015, original CD + interest be paid directly to your account. Make sure they give you a copy of the fax. If the closing bank is going into default, I'd get my original sum back and give up anticipated, future interest. Dealing with the regulators takes a long time and a lot of paperwork.
July 26th, 2014 at 01:44 am 1406335462
July 26th, 2014 at 02:07 pm 1406380029
August 6th, 2014 at 04:19 pm 1407338378