If you called up your bank to ask about your balance, and they offer you to take money from your savings into.

Question

into a CD or Money Market account, could you make that decision over the phone or even if it sounded like a good idea would you think about it and walk into your bank if you wanted to do it?

Basically my question is asking if you would make that decision right there over the phone on that phone call?

Answer 1

yes, I switched to a higher interest money market account over the phone after i was sure there would be no charges attached to it.

Answer 2

I would not make a decision on the phone. Even if it sounded like a good idea, i would hang up and call them back after thinking about it. When you make a snap decision, you can make mistakes. You might remember that you will need to buy something before the CD matures, so you will want to invest less. Maybe you will decide to invest more. Think about it first, then call them back.

Answer 3

If it's something I was thinking about anyway, I might say go ahead over phone. Otherwise, I would probably tell them I want to think about it. One reason is because sometimes it takes extra 3-5 min or longer over the phone and sometimes it involves going through some information over the phone. But, again, I don't normally walk into my bank to do such transactions because my banks are all out of state. I may ask them to send me information in mail or ask them if I can look up information on their web site. I would feel I'm in control doing that.

Answer 4

If I had money in my savings account that I did not think I would need for months and the interest rate on the CD was much better than my savings rate, then yes.

Otherwise, I would have to see the numbers in writing before making such a decision.

Take care,
Troy

Answer 5

First you need to add a password to your account so that no one can pretend to be you even if they have your info. Never do business like that over the phone because even if it is ligit someone may be listening to your conversation.