Author Topic: Cash Parking  (Read 20356 times)

jheizer

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Re: Cash Parking
« Reply #90 on: December 14, 2018, 10:24:13 PM »
Ha. Interesting.
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Rob L

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Re: Cash Parking
« Reply #91 on: December 16, 2018, 10:58:43 AM »
"Robinhood is going back to the drawing board.

Just a day after unveiling what it called checking and savings accounts, the financial technology startup said it is re-launching and re-naming the product, which came under immediate scrutiny from Wall Street and federal officials about potentially misleading investors."

https://www.cnbc.com/2018/12/15/robinhood-to-re-brand-savings-account-plan-after-widespread-criticism.html

jheizer

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Re: Cash Parking
« Reply #92 on: December 16, 2018, 11:37:52 AM »
Oops...  Everything in the app has bee renamed to cash management.
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bobeubanks

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Re: Cash Parking
« Reply #93 on: December 17, 2018, 12:30:23 PM »
Oh my. Getting stuff like this right should be job #1. 

nonattender

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Re: Cash Parking
« Reply #94 on: February 28, 2019, 03:17:40 PM »
Well, in light of DLI exploding, here's a safety play:

https://www.scb.bank/personal/savings-solutions/

3% APY FDIC-insured savings (6 month intro rate).

$100k min. deposit, but FDIC-insured to $250k. :)
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Fred93

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Re: Cash Parking
« Reply #95 on: February 28, 2019, 09:40:22 PM »
You can get 2.5% on relatively short term treasury bonds/notes right now. 

You don't pay state tax on treasuries, so in a high tax state (like mine!) that's just about as good as that CD.

nonattender

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Re: Cash Parking
« Reply #96 on: March 01, 2019, 01:17:30 AM »
Well, then, for those who want 3% and still live in a free state. :)

(The SCB 3% acct, above, is a liquid fdic savings acct, not a CD.)

Speaking of free states:

AndrewsFCU.org (home of Air Force One!) has a 6mo 3.25% CD.
(It's a new money only thing, and is only open like 2 more days.)

A little nonsense now and then is relished by the wisest men.

Rob L

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Re: Cash Parking
« Reply #97 on: March 27, 2019, 07:37:11 AM »
A 4 year 4% APR CD (IRA only) is now being offered from City Credit Union in Dallas.
https://www.depositaccounts.com/banks/city-cu-tx/offers/

Good news is that anyone can join the CU if they're a member of the Dallas Historical Society.
Bad news is that an IRA CD has to be opened at one of their branches and the EWP terms are draconian:

https://assets.trabiancdn.com/api/file/kTkX90QTyEKNlx3y2Z3A+IRA_ROTH_CD_Disclosures-3-2019.pdf

Think I might just open an account on line and see if it goes smoothly.
If it does I might take a quick trip to big D since I just had some CD's mature a couple of weeks ago and the money needs a home.

Rob L

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Re: Cash Parking
« Reply #98 on: April 19, 2019, 01:07:40 AM »
City Credit Union promo 48 moth 4% CD: Ended 4/15/2019
The story of "meant to be".

I happened on this near the time it was offered around March 26. I learned that the IRA CD must be opened at a branch in person with an FBO check in hand. First I easily on-line opened a savings account after joining the DHS. The funds I chose to use for the IRA CD were at Fidelity in a Treasury ETF, so I sold and waited for settlement. When the cash was available in the account I completed the Fidelity form requesting the FBO check be mailed to me. Fidelity required a medallion signature on the form which I acquired at my bank (with much more bureaucratic difficulty than I thought reasonable). I mailed the form to Fidelity next day mail. Fidelity was quite responsive and mailed me the check within a very few days.

Now for the interesting part. I live in Virginia and booked a flight leaving at 6:00 am for Dallas and returning at 6:45 pm same day on 4/26. I had to get up at 2:30 am to make the flight. Before I left I checked the City CU website and the promo CD had been taken down. As I left I told my wife I'd missed it by a day and expected to open a MMKT account and move the money ASAP or possibly get Fidelity to void the check (just a thought). I arrived at Dallas and took a UBER to the main branch on Ferguson Avenue. I arrived at their door about 10 minutes before they opened, then checked in at the welcome desk and was told to wait until my name was called. In the lobby there was an electronic sign advertising rates and to my great surprise and elation the 48 month 4% promo CD was there! So wow, I'm not too late. What a relief. My name called I was greeted by a very friendly representative and went back to her office. I explained my purpose, presented my ID and check. I told her of my trek from VA, that I was a bit tired, and very glad to know the promo CD was still available and was assured it was. Half way through the paper work the question of "direct transfer" versus "rollover" came up and she said she should check with her boss. I'm thinking I obviously prefer direct transfer but a once a year rollover is just fine here. I'm waiting for a while totally unaware of the discussion they were having. The boss knew the promo had ended yesterday. She did not know since she was off the previous day and was not informed the promo CD was no longer available. Maybe the sign in the lobby was the deciding factor but she argued my case and I did get the promo CD. Almost a miracle.

Three things:

1) I decided to go to the main branch on Ferguson Ave. There was one closer to the airport. Would I have had the good fortune to encounter a representative elsewhere that was unaware that the promo CD was not over? Would there have been a "boss" with the authority to approve the issuance of the CD given the circumstances?

2) The sign in the lobby still offering the promo CD. Would I have seen one elsewhere?

3) Arriving all the way flying in from from VA before the branch opened. Somewhere in the morning this oversight would have been corrected.

lascott

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Re: Cash Parking
« Reply #99 on: April 19, 2019, 10:51:29 PM »
...
The funds I chose to use for the IRA CD were at Fidelity in a Treasury ETF, so I sold and waited for settlement. When the cash was available in the account I completed the Fidelity form requesting the FBO check be mailed to me. Fidelity required a medallion signature on the form which I acquired at my bank (with much more bureaucratic difficulty than I thought reasonable). I mailed the form to Fidelity next day mail. Fidelity was quite responsive and mailed me the check within a very few days. ...
Aside: I think you can just drive to one of their many branches and sign it in front of them instead of the medallion sig. I've done that with other forms.  Maybe you don't have any near you but just in case others need to do something similar and it works for them.
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Rob L

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Re: Cash Parking
« Reply #100 on: April 20, 2019, 01:10:24 AM »
My closest Fidelity branch is in Richmond, about an hour away. My bank, I'm embarrassed to say, is Wells Fargo. They required my latest Fidelity account statement (two weeks stale) to verify funds availability. That statement, as totally meaningless as it was given the two week time lapse, met their requirements for the Medallion signature and I was fortunately able to provide a copy. When confronted with bureaucratic stupidity one must simply conform or lose. That's just the way it is.