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Brokered CD's Inheritance
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?
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 hereOriginally Posted by themike78
Enjoy the rest of your day.
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.
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.
It was left to me..I had NO choice!!!
I have over 150K left after Friday...What should I do??
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.
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."
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.
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!
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!
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.
C / r/e d/ i d e t it ? c/ cards
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!
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!
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!
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