Back in June of 07 I opened up an 8 month CD with iGO Banking, an online bank. They offered a pretty sweet interest rate for new CDs, and I had a little bit of money stashed up so I figured it would be a good way to earn a smidgen of interest and keep it locked up so I wouldn't spend it.
I was vaguely aware that it was due to mature in February or March. I hopped online today, only to find out that it matured on 2/22/8, my 7 day grace period to transfer the money had already expired on 2/29/8, and it was automatically renewed (at a much lower interest rate) until October.
The problem is that I hadn't received *any* kind of notification that it had matured, or that I would only have 7 days to transfer the money after maturity. I didn't receive any mail or email letting me know that it had matured.
Granted, I should have kept better track of the maturity date, but I didn't realize that it would be 100% up to me to remember when it matured. An email or mail would have been helpful, ya know? Especially since I had such a short time to get the money out of there.
It isn't the end of the world because it isn't a ton of money, but I did have plans for that money that involved it being spent earlier than October... Now if I want my money, I will have to pay penalties for taking the money out early, which defeats the purpose of opening a CD to accumulate interest.
I was vaguely aware that it was due to mature in February or March. I hopped online today, only to find out that it matured on 2/22/8, my 7 day grace period to transfer the money had already expired on 2/29/8, and it was automatically renewed (at a much lower interest rate) until October.
The problem is that I hadn't received *any* kind of notification that it had matured, or that I would only have 7 days to transfer the money after maturity. I didn't receive any mail or email letting me know that it had matured.
Granted, I should have kept better track of the maturity date, but I didn't realize that it would be 100% up to me to remember when it matured. An email or mail would have been helpful, ya know? Especially since I had such a short time to get the money out of there.
It isn't the end of the world because it isn't a ton of money, but I did have plans for that money that involved it being spent earlier than October... Now if I want my money, I will have to pay penalties for taking the money out early, which defeats the purpose of opening a CD to accumulate interest.