Investment

» pbradford6 - FNBO Direct 6% Savings Account

In response to FNBO Direct 6% Savings Account posted by Kirk:

In the past I bought high yielding CDs all over the country and have experienced some problems at maturity time. Years ago I had naively instructed them to mail me a check. Don't do that! I have had checks damaged/torn and lost which increases the time you have no access to your money. I then had them deposited directly into my brokerage account only to be hit with transfer fees of $20 - $30 dollars.

There is also one other problem that was my fault. You have to know when each CD matures; without instruction the institution will roll over the CD to a like maturity without your knowledge /permission. Then when you realize that the money has been reinvested you are subject to a "premature distribution penalty" when you ask for its return.

-- posted by pbradford6