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41
Off Topic / Re: Cash Parking
« Last post by Rob L on January 25, 2020, 10:38:51 AM »
I use Ally online savings too and am a very happy camper. Their interest rate is always a bit lower than others but I think they can get away with it since they provide an exceptionally good online experience and service. Free next day transfers is one example. You can even name and change your primary and contingent beneficiaries online (up to 10). That's pretty rare.

So, I online opened a Kasasa checking account at TAB. Smooth sailing. After about a week someone called, verified some security questions and enabled my online account with zero balance. The website seems to have almost everything I'd like and the phone app likewise. However, beneficiaries can't be named online. ...
The only place I cannot do my beneficiaries online is my Chase brick-n-mortar via their website. They want you to come in. My nearest branch just had all the tellers removed but I'm sure there are others there to do this if I walk. They have the nerve to bug me about becoming a Chase Private Client (https://www.creditdonkey.com/chase-private-client-review.html) where they want $250K of my money.

Hey I'd jump all over that Chase Private Client offer. It looks like a peach of a deal  ::)
42
Investors - LC / Re: Worst Month Yet
« Last post by Debt Free on January 25, 2020, 12:14:30 AM »
I am in the process of shutting down my SEP IRA this past week or so (~$240 cash in Strata, 69 charged off notes remain).

I spoke to Strata first and detailed my intentions of rolling (not direct transfer) the remaining cash and paying any fees with outside funds.  They stated quite certainly that there would be just a $50 final account termination fee.  I then spoke to Nate at LC.  He sent me the Account Closure Request (Strata form tweaked with LC logo and allowing the premature distribution WITH exception (something that is omitted on Strata's form quite specifically.))  The LC form gives a breakdown of Strata fees which appears to be different than the original form I received when I opened the account.  This form indicates account value < $10,000 fee of $50 and >= $10,000 fee of $150.  I originally thought the closure was going to run me $200+.  He also sent me a separate form for the transfer of the charged off notes to one of my taxable accounts.  I have a total of six accounts (2 IRAs and 4 taxable).  These will all be funneled down to one final account as a basket for all of the charged off notes.

If this plays out as described, total fees will run me $75.  $25 from a direct partial transfer of $15,000 last year and then this $50 for the final rollover.  Better than the $150 if I closed it all at once.  Probably could have avoided the $25 last year if I did that as a rollover as well as Strata told me there was no fee for checks.

I just got a followup email from LC indicating they received the paperwork and it is in process...
"...Your documents have been received! We're currently reviewing them and we'll be sure to get back to you with any updates as soon as possible. Typically, the account closure and Note transfer process can take 2-3 weeks to be fully completed..."

Hopefully this IRA will be wrapped up by the end of Jan or first of Feb and will post back with the final results.
43
Off Topic / Re: Cash Parking
« Last post by lascott on January 25, 2020, 12:01:34 AM »
I use Ally online savings too and am a very happy camper. Their interest rate is always a bit lower than others but I think they can get away with it since they provide an exceptionally good online experience and service. Free next day transfers is one example. You can even name and change your primary and contingent beneficiaries online (up to 10). That's pretty rare.

So, I online opened a Kasasa checking account at TAB. Smooth sailing. After about a week someone called, verified some security questions and enabled my online account with zero balance. The website seems to have almost everything I'd like and the phone app likewise. However, beneficiaries can't be named online. ...
The only place I cannot do my beneficiaries online is my Chase brick-n-mortar via their website. They want you to come in. My nearest branch just had all the tellers removed but I'm sure there are others there to do this if I walk. They have the nerve to bug me about becoming a Chase Private Client (https://www.creditdonkey.com/chase-private-client-review.html) where they want $250K of my money.   
44
Investors - LC / Re: Worst Month Yet
« Last post by lascott on January 24, 2020, 11:52:58 PM »
STRATA contains a ROTH IRA for me that is comprised of
a) the remaining $5K of LC notes and
b) Wunder Capital "notes" [which have turned out excellent but they no longer offer retail anymore as they got bigger and obtains $ from big investors]. 
This means I'll keep it open for several years.

I have a regular (1099-OID) LC account still too. Not sure that was worth it as takes took too much of the profit.

If I had a do-over I'd probably never bought 5 year LC notes and just stuck with 3 year so the unwinding was quicker.

Was fun and entertaining overall tho.
45
Off Topic / Re: Cash Parking
« Last post by AnilG on January 24, 2020, 07:37:56 PM »
I use Treasury Direct (TD) to buy “no secondary market” treasury bonds, primarily I-series and EE-series. For T-bills and other T-bonds, and for bonds with secondary market, I use Fidelity.
46
Investors - LC / Re: LC is ending whole-loan note sales next week
« Last post by rawraw on January 24, 2020, 06:18:06 PM »
Having a portfolio like Fred is a life goal of mine.  #WholeLoanMoney
47
Off Topic / Re: Cash Parking
« Last post by jheizer on January 24, 2020, 06:02:24 PM »
HA this talk made me remember I tried out TreasuryDirect last year.  It was so awful I only bought a single 1YR test one and decided against the entire plan.  Forgot about it.  Surprise money maturing in 6 days :)

I've had my other cash sitting in wealthfront's cash account.  Also down and at 1.78% now, but they/their site has been pretty good so far. 
48
Investors - LC / Re: Worst Month Yet
« Last post by .Ryan. on January 24, 2020, 05:45:02 PM »
This for others following us out the LC door. I tried to be very careful when closing my Trad IRA LC account. I moved all my cash, as it was at the time I had no active notes, from LC to STRATA. Then I directed Fidelity to initiate a trustee-to-trustee transfer of all the cash in the STRATA account to them. It was only AFTER this transfer had been executed and all that money was in my Fidelity account that I submitted the LC form to close my account. I did not want a distribution of any significant money from LC/STRATA upon account closure. You no doubt did the same. IIRC STRATA charged me $150 to close the account.

My LC final account at time of closure a couple of days ago was about $15. If I read the account closure form I submitted correctly I ceeded any future recoveries to LC so I'm not expecting anything. It would be great if they sent me distributions from collections but I don't expect it.

My IRA account is my last active LC account. You just answered so many questions of mine. THANK YOU!

I feel like I am going to be the last one out the door......
49
Investors - LC / Re: Worst Month Yet
« Last post by Rob L on January 24, 2020, 05:33:03 PM »
Felt the same way when mine closed.  :'(

One thing to be aware of that I've got going on right now. LC tells us that when our account is closed they will "periodically" send back any recoveries either via check or ACH to our primary bank account. I've got $25ish waiting right now to be sent- I know this because I've received several of the "We have notes matching your criteria" emails in the last few days.

Can't do anything about it since my account is closed. Can't initiate the ACH transfer myself.

Wondering when I'll get that $25 check or ACH. Or if I'll have to call them and yell at them to get it?

The joys of being a former LC member...

This for others following us out the LC door. I tried to be very careful when closing my Trad IRA LC account. I moved all my cash, as it was at the time I had no active notes, from LC to STRATA. Then I directed Fidelity to initiate a trustee-to-trustee transfer of all the cash in the STRATA account to them. It was only AFTER this transfer had been executed and all that money was in my Fidelity account that I submitted the LC form to close my account. I did not want a distribution of any significant money from LC/STRATA upon account closure. You no doubt did the same. IIRC STRATA charged me $150 to close the account.

My LC final account at time of closure a couple of days ago was about $15. If I read the account closure form I submitted correctly I ceeded any future recoveries to LC so I'm not expecting anything. It would be great if they sent me distributions from collections but I don't expect it.
50
Off Topic / Re: Cash Parking
« Last post by Fred93 on January 24, 2020, 02:14:07 PM »
I buy most of my treasuries at TD Ameritrade.  I don't understand what you mean when you say "kludgy way you have to login".  What does that mean?  You type a username and password.  This is the same way I login at any broker.  I find the TD Ameritrade web site pretty straightforward.  You can also buy via a phone call if that suits you.

I believe in this context TD is referring to TreasuryDirect, and not TD Ameritrade.

:-)  Ah.  That interpretation makes much more sense than the way I read it!  Thanks.
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