- Joined
- Apr 13, 2011
- Messages
- 15,910
- Reaction score
- 12,630
- Location
- Plano, Texas
- Gender
- Female
- Political Leaning
- Other
Many seniors decided the stock market was no place for their savings and pulled 401K funds out of mutual funds and put them in CDs. The banks do offer fee-free checking, debiting, credit cards to to people in this range, but two banks here have started tacking on fees when those using a bank receive dividends on their CDs - the fee is something like 1% of interest drawn. I checked and Wells-Fargo does not do this - also the closest location is 61 miles from here.
Seniors noticed the deduction of that fee on their dividend checks. Enter a movement that is telling people to pull money out of banks and move it to credit unions and you have seniors talking at church about which credit union is best and planning to make a move.
Isn't there a penalty for withdrawing a CD early in like, almost every instance? They're willing to lose money to make a point?