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Rural Banks offering 20%p.a.?


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Yeah, the PNBB and more recent PNBB2 programs that offered 3 year investment has gone off track. They are promising to replace the checks they issued with new ones from a different bank, adding a 3 percent per month addition for inconvenience. However, many (maybe most) investors have not seen any checks. Now there are reports of new delays due to some folks transitioning from the PNBB2 investment to the Legacy time deposits (aka CTD or Certificate of Time Deposit from as short as 1 in order to safeguard their money. However the transition was not well orchestrated and both reissued checks and funds were transferred to CTDs (you get one or the other, not both). So those of us waiting for re-issued checks find there are more delays.

 

There have been reports of delays in issuing of the actual CTD and payments in other Legacy products. That is cause to be concerned about the CTD option for protecting money in the PNBB2 program.

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Yeah, the PNBB and more recent PNBB2 programs that offered 3 year investment has gone off track. Legacy is promising to replace the checks they issued with new ones from a different bank, adding a 3 percent per month addition for inconvenience. However, many (maybe most) investors have not seen any checks. Now there are reports of new delays due to some folks transitioning from the PNBB2 investment to the Legacy time deposits (aka CTD or Certificate of Time Deposit from as short as 1 week to longer than 1 year) in order to safeguard their money. However the transition was not well orchestrated and both reissued checks and funds were transferred to CTDs (you get one or the other, not both). So those of us waiting for re-issued checks find there are now even more delays.

 

To compound the problems there have been reports of delays in issuing of the actual CTD and payments in other Legacy products. That is cause to be concerned about the CTD option for protecting money originally invested in the PNBB2 program. Hard to know which is the best way to go. It is "interesting times" indeed.

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