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Ask The Experts: Am I Being Scammed on CD Rates?

I have a question for you. I was looking to find good CD investments and found this company "Sun Cities financial group" in Austin, Texas (the city I live in) that says they can find me an FDIC insured CD (3 month CD paying 4%) with a bank. I could not find these kind of rates even at Bankrate.com.

The representative however says I need to come prepared with a check to instantly write the amount of investment to the bank the name of which she will only reveal while I am at her office. She says the banks that offer these rates can change at a moment's notice and so she cannot reveal them today for me to look them up and then come by tomorrow to open the CD.

Are you aware of such companies and am I safe to be dealing with them? Appreciate your feedback. -Raghu G.

Raghu: You know the old saying, "if it sounds too good to be true, it probably is". I found very limitd info about this outfit on the net. Additionally, why would you have to "come prepared to instantly write a check" to a bank that "she will only reveal while your in her office".

Give me a break!

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Bill Losey, CFP®, CSA, America's Retirement Strategist®, is the resident retirement planning

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expert on CNBC’s “On the Money”. He has been named one of America’s Top Financial Planners and is the author of Retire in a Weekend! The Baby Boomer’s Guide to Making Work Optional. He also publishes Retirement Intelligence, a free weekly award-winning newsletter. Bill can be reached online at www.MyRetirementSuccess.com.