Brokered CD's Inheritance

[LongBall52]

The Wells Fargo Bkr. called me this morning to say the money was in my account from mom's death.... I told him that I need about 20K and knew that cashing in some part early would incur a penalty . He said zero penalty, the market is in our favor. The money will be in your account by Friday. I don't know what to think. I inherited $177K in cd's. Is this legit?

[themike78]

The bank said it was. Why would you ask a gambling forum to verify?

[LongBall52]

The bank said it was. Why would you ask a gambling forum to verify?

Not the "bank" the Broker. I am sorry to have upset you . I have health problems untold and have received some decent info here
Enjoy the rest of your day.

[LongBall52]

Sometime ago, Wells Fargo created fake accounts ....I think during the housing crises .. For whatever reason. They were found guilty but I don't think anyone went to jail. As we age alone, one less thing to worry about is honesty, sadly.

[Roger T. Bannon]

You have brokerage CDs so you just sell the CD and you get the funds. No penalty. This is not in a retirement account, right?

It was not smart to do it through Wells Fargo but what is done is done.

[LongBall52]

It was left to me..I had NO choice!!!

[LongBall52]

I have over 150K left after Friday...What should I do??

[Roger T. Bannon]

You had a choice. I explained it to you. No big deal. You just got ripped a little. There are no penalties selling brokerage CDs, you just sell and pay a commission or markdown and get the funds.

[LongBall52]

The broker also told me there would be no taxes except Capital gains, which he said i"if i had to guess will be about $100 or less."

[Roger T. Bannon]

Yeah, that's about right. If you will have a capital gain, they at least did not rip you completely. The CD was worth more than par like I said. you should have gotten like 102. But probably didn't.

[LongBall52]

Maybe I will drive to NC and ask politely for a check...... I'm not a gambler with things I don't understand. I live in a dump!

[Roger T. Bannon]

It is nothing to worry about. Just ask for the check and you will get it in the mail in a few days. It is over now.

[LongBall52]

It is nothing to worry about. Just ask for the check and you will get it in the mail in a few days. It is over now.

God Bless, I got "the feeling" that if the economy turns, the money might not be so readily available" just a feeling...no knowledge. Thanks Roger!

[Roger T. Bannon]

It is not anything to worry about with CDs paying over 2%. You are sitting on the best investment anyone can find outside of bitcoin.

[LongBall52]

It is not anything to worry about with CDs paying over 2%. You are sitting on the best investment anyone can find outside of bitcoin.

Wow! I thank you sincerely. It was all found money so a blessing. I'll be totally debt free from all ************ next week.. My credit score should jump from719 to ?????? I hate being in debt.

[LongBall52]

C / r/e d/ i d e t it ? c/ cards

[Roger T. Bannon]

If you are not aware, all brokerage CDs are FDIC insured through the bank that issued them so you don't have to worry about them.

[LongBall52]

If you are not aware, all brokerage CDs are FDIC insured through the bank that issued them so you don't have to worry about them.

Thanks, The one mailed communication that I have from them (a booklet) states that .... is not FDIC insured. I thank you from the bottom of my heart... And when I am debt free next week, it will be like something that I haven't experienced since maybe 25 years ago.. It will be a BEAUTIFUL feeling. Thanks So VERY much!

[Roger T. Bannon]

Thanks, The one mailed communication that I have from them (a booklet) states that .... is not FDIC insured. I thank you from the bottom of my heart... And when I am debt free next week, it will be like something that I haven't experienced since maybe 25 years ago.. It will be a BEAUTIFUL feeling. Thanks So VERY much!

Your brokerage account is not FDIC insured. The CDs inside it are. If a bank goes bust, the FDIC will credit the money to your account within a month or so.

[LongBall52]

Your brokerage account is not FDIC insured. The CDs inside it are. If a bank goes bust, the FDIC will credit the money to your account within a month or so.

Okay! You are much like an attorney.... Many Thanks!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Go Wells Fargo!

[BigJay]

Wow! I thank you sincerely. It was all found money so a blessing. I'll be totally debt free from all ************ next week.. My credit score should jump from719 to ?????? I hate being in debt.

Congrats man. It feels great to be debt free. Glad you’re using some of your money to become debt free.

I have my house paid (paid it off in 16 years at age 44) off and it’s skyrocketed in value last 3-4 years. Car also paid off and no credit card debt. Basically about $600/month in bills (insurance, cell phone, prop tax, etc), plus whatever I spend on food and entertainment.

It’s really a great feeling.

[LongBall52]

Congrats man. It feels great to be debt free. Glad you’re using some of your money to become debt free.

I have my house paid (paid it off in 16 years at age 44) off and it’s skyrocketed in value last 3-4 years. Car also paid off and no credit card debt. Basically about $600/month in bills (insurance, cell phone, prop tax, etc), plus whatever I spend on food and entertainment.

It’s really a great feeling.

You're young. Don't make the gambling mistakes that I did... It's fun these days, but i recall how easy it was to pile up debt on a cc.. Discarded that years ago, but the payments became stupid... Now I still bet but VERY WELL within my means... Being debt free, means..NO ! I can move to a better senior apartment!!! And sleep well at night!