Comments on: New Historic Lows

By: Administrator

Administrator — Thu, 18 Dec 2008 17:07:01 +0000

We do know a few and even have a couple that will pay us. I wish we had a way to give out information for “free”, but our current Ad Revenue doesn’t really cover the costs of our information.

In addition, many of the banks we work with don’t really want their information splattered across the internet, we act as a funnel for them.

We can pay for referrals. We have a 5Y at 4.80% with a 6-month penalty, available for Institutioal investors only, $100K minimum. We have a 5Y at 3.50% with a 90-Day penalty good for anyone, $50K minimum.

By: Tom

Tom — Thu, 18 Dec 2008 16:56:13 +0000

Sorry about that question.. for some reason your post didn’t pop up until I made my comment.

By: Tom

Tom — Thu, 18 Dec 2008 16:55:23 +0000

I like this idea on the early withdrawal but I’m with Ken, I don’t know of any banks that offer this? Can you possibly list a few?

By: Administrator

Administrator — Wed, 17 Dec 2008 17:05:16 +0000

Hey, Ken. Glad to see you visiting. In our history, we have had two banks refuse to release the funds. In the one case, they ended up working with us and negotiating a higher penalty and releasing the funds. The other bank would not release the funds.

Some of our clients would issue a letter and have the bank sign, indicating that they would allow for the closure at the stated penalty. This is quite effective. Most banks are willing to sign because they really don’t intend to not allow the withdrawal.

By: Ken

Ken — Wed, 17 Dec 2008 12:56:25 +0000

About early withdrawals from CDs, I’ve noticed many banks state in their disclosures that they are not required to allow an early withdrawal. If they consent to the early withdrawal, then the penalties apply. Have you ever heard about a case where a bank makes use of these clauses and refuses an early withdrawal? Should these clauses be seen as something that will be used only in very rare cases?