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UnevenEdge

Started a CD for Madison


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45 minutes ago, GreatBallsOfJizz said:

"Special EasyStart 1 yr"

 

Abbreviation for "we don't count on you to follow through with this commitment."

I wanted it to be closed til shes 14 but they said i have to renew it yearly *sigh* gonna tell my brothers i have it in case anything happens

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11 minutes ago, discolemonade said:

ok cool. 

@Sawdamizer if someone opened 2 cd's at 1k$ start, in '06 how much would they be worth?

how would they be located if said person passed away?

could they be cashed by a non family member?

Most likely would be escheated to the state. You can Google the name generally and it will tell you what the abandoned value is

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23 minutes ago, discolemonade said:

ok cool. 

@Sawdamizer if someone opened 2 cd's at 1k$ start, in '06 how much would they be worth?

how would they be located if said person passed away?

could they be cashed by a non family member?

i'm gonna chime here. this is all hypothetical because i doubt you'll find a bank that would do this, but if you opened one $1k cd in 2006 with a 12-year maturity at 3% fixed yield and bi-annually compounded interest that was re-invested into the cd, it would be worth about $1430 at maturity in 2018. at 4%, you're looking at $1609. in reality, the rate would have changed whenever the cert renewed (probably every 3/6/9 mo or 1/2/3 years, etc) so these numbers are probably a bit high. but that's your ballpark.

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2 minutes ago, Sawdamizer said:

Usually it's by the last name to see if there is anything out there.

I can help you if you need, I used to track down people's monies when I was a branch manager.

i just claimed $6.46 from a google thing a week ago, but i have no idea from when or why.

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52 minutes ago, wacky1980 said:

i'm gonna chime here. this is all hypothetical because i doubt you'll find a bank that would do this, but if you opened one $1k cd in 2006 with a 12-year maturity at 3% fixed yield and bi-annually compounded interest that was re-invested into the cd, it would be worth about $1430 at maturity in 2018. at 4%, you're looking at $1609. in reality, the rate would have changed whenever the cert renewed (probably every 3/6/9 mo or 1/2/3 years, etc) so these numbers are probably a bit high. but that's your ballpark.

well...that isn't a lot, now is it? 

cd's, the new way to do saving's bonds?

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27 minutes ago, discolemonade said:

well...that isn't a lot, now is it? 

cd's, the new way to do saving's bonds?

CDs have had pretty shitty returns over the last 10 years. their rates are starting to climb again, but that also means it's becoming more expensive to borrow money too. if you don't mind a bit of risk, it's more profitable to invest in mutual funds. 

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