Moved from old Countrywide board
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sonia
Date: Jan 2007


Default Countrywide not as good
1. Customer service is very slow - not available on weekends
2. Online bank transfers from Savings Link can no longer be performed internally i.e. from one account to another you have to call to perform transfer and this can take a good 20 minutes
3. Could not perform stop payment of a transfer so had to go to external bank to do this - they in turn stopped my ability to make transfers and charged me a fee!
I am looking for something else.

Posted: Sep 5, 2007

Moved from old Countrwide board.
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star

March 6, 2007

Default Stay clear of putting a lot of money in Sub-prime mortgage lenders
Although deposits are FDIC insured, it may be safer to avoid sub-prime lenders for now

Posted: Sep 5, 2007

The savings and CD rates may be attractive, but they could be gone tomorrow in which case you will lose your interest and the time value of money until you recover your principal. Seeking out a few extra points will cost you in the long term. Going over FDIC insurance limits with Countrywide is Russian roulette.

Posted: Sep 5, 2007

They'll be fine. If you're really worried don't put in more than $100,000 per social security number. That will ensure it's all FDIC insured.

Posted: Sep 6, 2007

customer service is slow. Can only withdraw by wire transfere or mail a check to you that takes up tp 2 weeks and your bank will put a 10 day hold on it leaving you a month to acess your funds. Go to where you can transfer directly to at least one account or localy for the best service.

Posted: Sep 13, 2007

Heavy into borderline loans, many of which are going belly up in foreclosed properties. Doubt they'll be in business too long.

Posted: Sep 26, 2007

I wouldn't deposit anything with them, even if it is under the FDIC limits. These guys are due for a real fall and it will be out of business very soon.

Posted: Oct 2, 2007

Countrywide is close to a $100BB in size. They have more than enough liquidity on hand or access to other sources to cover shortfalls.

I wouldn't advise going over the FDIC limit and if you deposit about $94.5K your principal and interest will remain insured during the 1Y CD Term.

Now, if you don't want to deposit with them because you don't like their busines practices, fine, but don't avoid them because you fear they will be failing.

ChrisCD
Jumbo CD Investments, Inc.

Posted: Oct 22, 2007

as long as its FDIC-insured and under 100K I am not worried.

Posted: Oct 31, 2007

I am closing my Countrywide account. They did not pay the promised rate on the internet account, did not send me anything about the account, and when I called the customer service representative, he was snotty and abusive. A marginally better advertised rate is not worth it when 1. they do not provide the rate and 2. they treat the customer poorly.

There are much better alternatives to Countrywide.

Posted: Nov 26, 2007

As far as "Heavy into borderline loans, many of which are going belly up in foreclosed properties. Doubt they'll be in business too long."

You should check the filled public documents, the subprime mortgages were only a very small percentage of Countrywide portfolio. What can affect them is lack of funds available in general credit market but not their mortgage portfolio.

Posted: Dec 17, 2007

So here we are Jan08 and those who feel foolish for signing up with a CD with CountryWide are getting nervous. If they do fold what happens to those who have under 100k to recover their funds? Or would it actually make sense to take the hit and pull out now?

Posted: Jan 8, 2008

Bank of America is reported to be in talks to buy Countrywide.

Posted: Jan 10, 2008

**PS - Those under 100K are fully covered by the FDIC. Those with over 100K might be a bit nervous. BofA may ride to the rescue. Stay tuned.

Posted: Jan 10, 2008

BofA bought Countrywide.

Posted: Jan 11, 2008

They are dropping their rates already. BofA does not pay great rates so look for Countrwide to get out of that business. Plus, Countrywide no longer needs the deposits since it has BofA to lean on.

Good news though for Countrywide deposit holders - FDIC not needed.

Posted: Jan 19, 2008

I was able to get their high rate cd on 1/7 before the rates dropped. I spoke to a rep from Countrywide to find out when my money would transfer to the CD and they did not tell me I had to verify the small amounts deposited to my own account. If I waited one more day, the 5.30% would not be in effect. The rates have gone down to 4.00%. I was lucky to get the great rate offered.

Posted: Jan 31, 2008

Saw this in the disclosure publication:

The Bank reserves the right to require written notice seven (7) days prior to any withdrawal or transfer from this account.

Posted: Feb 3, 2008

Countrywide continues to offer amazing rates.

Posted: May 6, 2008

Rate dropped from 3.65% to 3.55%. I am sure rate will drop further when BAC takes over.

Posted: Jul 12, 2008