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Hi All
I have several questions about Countrywide accounts.
1. My CD will mature soon and I want to take money out to another bank, what is the best way?
2. If I want to open a savinglink account, for money transfer (from Countrywide CD to other banks), what is the minimum to keep in the savinglink account to avoid any fee?
Thank you very much
Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.
What did Countrywide/BoA tell you when you called?
1. do a wire transfer, I need to fax a form to them
2. ask for a check to be mailed to me
I am thinking about opening a saving link account and do the transfer and after 90 days then close the saving link account.
I wonder if there is any better ways.
countrywide financial center can not issue me a check for the CD closure.
You need to keep $1,000 to avoid fees. Not sure what they charge for a wire but before I had the savingslink I use to have them overnight the check to me for about $14.
1. the wire transfer costs $15
2. it seems there is no service fee for savinhlink, but $10 for money market account
https://bank.countrywide.com/scontent.aspx?cmtag=Content-fees
scott1961 said:You need to keep $1,000 to avoid fees. Not sure what they charge for a wire but before I had the savingslink I use to have them overnight the check to me for about $14.
scott1961 said:You need to keep $1,000 to avoid fees. Not sure what they charge for a wire but before I had the savingslink I use to have them overnight the check to me for about $14.
I believe $1,000 is the minimum opening deposit, but there is no minimum (other than keeping $1 in it for 90 days to avoind the ETF).
the savingslink does not require $1000 to avoid fees but do need about $10k to get the max rate of 3.55% (2.65% otherwise). There is no monthly fee for this account.
My CD matured yesterday and I am disappointed that I cannot transfer my money from the CD to the savingslink account online. The only option I have online is to renew to another CD. Anyone else have the same problem?
instead of a savings link acct you can use a regular savings acct. This acct can be added as an external acct at your other bank ((I used both citi and etrade) and then using the ACH you can push and pull money from the regualr savings acct. With the cd you'll ned to send them a form saying that ylat maturity you want the cd closed and the money moved to the savings acct. The form is online in their form center.
doglar said:the savingslink does not require $1000 to avoid fees but do need about $10k to get the max rate of 3.55% (2.65% otherwise). There is no monthly fee for this account.
My CD matured yesterday and I am disappointed that I cannot transfer my money from the CD to the savingslink account online. The only option I have online is to renew to another CD. Anyone else have the same problem?
Just call Countrywide and tell the CSR to transfer the CD proceeds to your SavingsLink account. It should be available the next day. The phone number should be on the notice of maturity you got in the mail.
myd88us said:1. do a wire transfer, I need to fax a form to them
2. ask for a check to be mailed to me
I am thinking about opening a saving link account and do the transfer and after 90 days then close the saving link account.
I wonder if there is any better ways.
countrywide financial center can not issue me a check for the CD closure.
All this means is that you cannot walk into one of their "brick & mortar" storefront "financial centers" and get a check. But you can take the "CD Change Notice" to a financial center and ask them to have Countrywide mail you a check. Or mail the Change Notice in the return envelope they sent you with the notice of maturity and the Change Notice.
The form is apparently available in the self service menu
https://bank.countrywide.com/FormsCenter/Certificate%20of%20Deposit%20-%20Interest%20Disposition%20and%20Maturity%20Instructions.pdf
I am shocked that this form relies on snail mail. I guess this is just another to ensure your money does not get out before the grace period elapses. Why isn't there a way to send this form electronically?
Why can I transfer funds between external accounts online, but when it comes to an inter-institutional transfer for an account that I got purely online, I need to rely on snail mail or wait 30 minutes to talk to a CSR? If I cannot get service from a branch, why I should need to rely on a CSR for moving money out of a mature CD?
you can send in that form well before the CD matures. When I opened my account, I waited a few days and then sent in the instructions, also followed up with a phone call a week later to make sure they got the instructions.
doglar said:I am shocked that this form relies on snail mail. I guess this is just another to ensure your money does not get out before the grace period elapses. Why isn't there a way to send this form electronically?
fax 1-866-317-8468
ThursdaysChild said:
Just call Countrywide and tell the CSR to transfer the CD proceeds to your SavingsLink account. It should be available the next day. The phone number should be on the notice of maturity you got in the mail.
That ought to do it.
I accomplished the same by bank mail.
In my limited past experience with CD's, the CD did not earn interest during the post-maturity Grace Period unless it was ultimately renewed.
But I just spoke to a Countrywide CSR who said that if I instruct them to transfer my CD funds to my SavingsLink account upon maturity, the funds will continue to earn interest (at the then-current CD rate) during the 1-2 business days it takes them to make the transfer (which translates to a full 3-4 days for me, since my CD matures on a Friday).
Since this is different than what I've experienced elsewhere, and I can't find anything about it in the disclosures, I'd appreciate hearing from anyone who can confirm from personal experience that what the CSR told me is correct. Thanks.
Question about interest posting policies at Countrywide.
On a check deposit, or ACH pull from Countrywide, what is the lag time before interest begins to accrue on the deposit?
dejanu said:In my limited past experience with CD's, the CD did not earn interest during the post-maturity Grace Period unless it was ultimately renewed.
But I just spoke to a Countrywide CSR who said that if I instruct them to transfer my CD funds to my SavingsLink account upon maturity, the funds will continue to earn interest (at the then-current CD rate) during the 1-2 business days it takes them to make the transfer (which translates to a full 3-4 days for me, since my CD matures on a Friday).
Since this is different than what I've experienced elsewhere, and I can't find anything about it in the disclosures, I'd appreciate hearing from anyone who can confirm from personal experience that what the CSR told me is correct. Thanks.
Resolution, for anyone facing similar questions in the future:
1. Despite one CSR who said I must fax or mail any account-closing instructions, several CSR's have assured me that a bankmail is sufficient for providing CD-maturity instructions. They also assured me that a requested deposit to SavingsLink can be processed same-day (instead of 1-2 business days) as long as sufficent advance notice is given to pre-arrange this (which I have now done). Same goes for a wire transfer.
2. If for some reason funds do not get transferred right away, they will earn Grace Period interest in the interim (at the then-current rate, which isn't too bad). This is different than what a mail CSR had told me quite awhile ago, namely that no interest would be paid during the Grace Period unless the CD was ultimately renewed.
3. A telephone CSR said that special rates, better than available to the general public, are offered as an incentive to renew. (I'm paraphrasing, but that's the gist.) But if you've already given instructions not to renew, as I have, the special-renewal-rates option is lost.
dejanu , I was just going to ask about the grace period when I read your post.
I was told clearly by a CSR (phone) that I would earn the current CD rate for the Grace Period (10 days) even if I eventually moved the money into Savings Link.
Nothing I see in writing clarifies this, so I'm wondering if anyone has done this and what happened.
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