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DCU 16 month CD @ 5% APY $5k min
Old 08-20-2005, 12:28 AM   #1
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DCU 16 month CD @ 5% APY $5k min

This CD is from Digital Federal Credit Union. You can easily become a member if you are not.

http://www.dcu.org/

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Re: DCU 16 month CD @ 5% APY $5k min
Old 08-20-2005, 11:56 AM   #2
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Re: DCU 16 month CD @ 5% APY $5k min

I have an account with DCU that I started in 1986 when I began working for Digital.

I've been using their credit card ever since but I am considering switching. They can't seem to handle a payment from my online bill pay service. About three times a year they put the payment in my savings account. Then three weeks later I get a nasty notice that I missed a payment. I have to make a phone call to straighten it out.

What really ticks me off is that they will reverse the late fee but charge me a finance charge.

Citibank's VISA is looking good with the rewards program. I think I'll wait until I rack up enough for a frequent flyer with DCU then switch, I'm almost there.

Are you an ex-Digital employee ? I worked in Maynard, MA then transferred to the Portland, OR office. DEC was a great company to work for, I have a lot of fond memories.

-helen
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Re: DCU 16 month CD @ 5% APY $5k min
Old 08-20-2005, 01:10 PM   #3
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Re: DCU 16 month CD @ 5% APY $5k min

Quote:
Originally Posted by Helen
Are you an ex-Digital employee ?

-helen
Hi Helen,

No I have never been a DEC employee. I joined DCU a year ago to take advantage of their rate at the time.
I do have a friend who worked for DEC maintaining their equipment many years ago.

Sorry that you have had problems with them.
I think their current CD offering is a pretty good deal if you have $5k+ to stash away for 16 months.
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Re: DCU 16 month CD @ 5% APY $5k min
Old 08-20-2005, 02:26 PM   #4
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Re: DCU 16 month CD @ 5% APY $5k min

I opened an account with DCU along with a few other institutions when I first discovered this board. I haven't funded the DCU account because their rates haven't been competitive -- unitil now. It's ironic that this credit union was spawned by one of the leading technology companies in the 70s and 80s. Out of all the financial companies that I deal with DCU is dead last when it comes to electronic transfer/communication and ease of use. I think they even charge you to move funds out of DCU and back to your bank. They still rely heavily on regular paper mail and forms.

They made great computers back in their day. I wrote my first complex programs on a PDP-11. The VAX was an excellent machine.

BTW, 5% on a 16 month CD looks like a great deal! Probably worth the hassles of dealing with them.



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Re: DCU 16 month CD @ 5% APY $5k min
Old 08-20-2005, 10:05 PM   #5
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Re: DCU 16 month CD @ 5% APY $5k min

Quote:
Originally Posted by JB
BTW, 5% on a 16 month CD looks like a great deal! Probably worth the hassles of dealing with them.
I opened their 11 month CD a year ago and had no difficulties. This Monday, I'm opening a 16month CD. They will move my money in my account via ACH at no charge.
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Re: DCU 16 month CD @ 5% APY $5k min
Old 08-21-2005, 12:29 AM   #6
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Re: DCU 16 month CD @ 5% APY $5k min

They told me that incoming ACH transfers are free, but they charge a fee for outgoing transfers. If this is true they are the only insitution that I deal with that charges for the service. But maybe the person I spoke with was mistaken.

Their fee schedule says an ACH return is $25. Maybe that's it.
http://www.dcu.org/electronic_services/index.html
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Re: DCU 16 month CD @ 5% APY $5k min
Old 08-21-2005, 05:10 AM   #7
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Re: DCU 16 month CD @ 5% APY $5k min

Quote:
Originally Posted by JB
They told me that incoming ACH transfers are free, but they charge a fee for outgoing transfers.* If this is true they are the only insitution that I deal with that charges for the service.* But maybe the person I spoke with was mistaken.

Their fee schedule says an ACH return is $25.* Maybe that's it.
http://www.dcu.org/electronic_services/index.html
That's a great rate. Seems like CD rates moved pretty fast once they
started up. The first fed moves upward had no discernable effect.
If I had been able to continue getting a min. of 5% (any term at all)
on my CDs, I doubt I would have gone to the junk bonds.
No regrets though.

JG
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Re: DCU 16 month CD @ 5% APY $5k min
Old 08-21-2005, 12:25 PM   #8
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Re: DCU 16 month CD @ 5% APY $5k min

JG,
It's been the short term CDs (6 to 12 months) that have been moving nicely. Unfortunately long term CDs have been somewhat stagnant with some CUs occasionally spiking up the 3 to 5 year CDs. Early last year, I got 5 year CDs from PFCU @ 5.25%. I even got a 7 year IRA CD @ 5.5% but I will be able to close it out without an EWP if I want when I turn 59 1/2 in 2 years. That is a nice option.
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Re: DCU 16 month CD @ 5% APY $5k min
Old 08-21-2005, 12:28 PM   #9
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Re: DCU 16 month CD @ 5% APY $5k min

I forgot to mention that this offer is currently good until September 10th.
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Re: DCU 16 month CD @ 5% APY $5k min
Old 08-22-2005, 12:18 PM   #10
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Re: DCU 16 month CD @ 5% APY $5k min

Quote:
Originally Posted by MJ
This Monday, I'm opening a 16month CD. They will move my money in my account via ACH at no charge.
I just got off the phone with DCU and I found out that I was misinformed about ACH transfers. I will not be able to transfer my funds into my account with ACH as I was advised last week. Pain in the a$$ when the same question gets you different answers.
A minor hassle.
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Re: DCU 16 month CD @ 5% APY $5k min
Old 08-23-2005, 08:28 PM   #11
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Re: DCU 16 month CD @ 5% APY $5k min

I just opened this CD. I live in MA and the DCU branch is in the next town.
Btw about money transfers to and from DCU - I haven't had any problems transfering money. I initiated a transfer from ING to DCU and the money was there in a couple of days. I also transfer money to Vanguard by initiating a transfer from vanguard

-h
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Re: DCU 16 month CD @ 5% APY $5k min
Old 08-23-2005, 10:58 PM   #12
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Re: DCU 16 month CD @ 5% APY $5k min

Quote:
Originally Posted by JB
They made great computers back in their day.* I wrote my first complex programs on a PDP-11.* The VAX was an excellent machine.
Yes, they did make excellent computers and operating systems.* The first program I ever wrote was on a PDP-11 TOPS System.* That was in college.

I worked for DEC from 1986 - 1991.* My favorite job was supporting the DSM-11 operating system.* It had MUMPS as an interpretive language.* I gave a couple of technical talks at DECUS on this O/S.* Multi-Way B Tree Structures and Crash Dump Analysis.* It was my first public speaking engagement and my goal was not to passout or pee myself.* I attained my goal - barely.* *

Dave Culter was the lead architect for VMS.* Microsoft later hired him to lead the Windows NT project.* There's some folklore behind this.* In the Movie, "2001 Space Odyssey" the computer's name is HAL.* If you you increment HAL it's IBM.* If you decrement WNT (Windows NT (New Technology)) it's VMS.* Cute, eh ?

-helen

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Re: DCU 16 month CD @ 5% APY $5k min
Old 08-27-2005, 01:47 AM   #13
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Re: DCU 16 month CD @ 5% APY $5k min

Ah Helen, you brought back memories. I was with Digital from the late 70's until the mid 80's. Worked on PDP-11s and the fledgling VAX.

I worked with Dave Cutler, who was a genius with very bad hair. I epitomize how he was regarded at the company by a meeting where he was invited, attended for 2 hours, and at the end declared that the program would not work. Thats about all he said. Management dropped the program almost immediately without further ado.

As noted, if you work with money market 'banks' or brokerages that allow you to 'link' multiple banks, you can transfer money with them, albeit slowly. DCU doesnt charge for ACH's in or out but I think they charge a nominal fee for wire transfers outbound. For members they have very few, if almost any fees or charges. Been with them since they first came to be. So far I havent found a bank that bests them on services or costs. My girlfriend at the time they came into existence was one of their first tellers. Guess I've solved the problems of transferring money to or from them by keeping my checking/savings/cd's/money markets with them all this time.

Now, back in the late 70's or early 80's (whichever it was) if you told me the credit union would outlive the company by a wide margin, I'd have been a wee bit skeptical...
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Re: DCU 16 month CD @ 5% APY $5k min
Old 08-27-2005, 10:17 AM   #14
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Re: DCU 16 month CD @ 5% APY $5k min

Hey (), good to hear from you.

As I previous mentioned, they didn't initiate ACH to transfer money in. I could do an ACH through ING but it would have taken too long to get the fund available.
I went to one of their shared member CU branch near me to deposit a large check 4 days ago. So far my money is earning 4.88% for the new CD + 3% from my checking account since the check has not been cashed yet.
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Re: DCU 16 month CD @ 5% APY $5k min
Old 08-27-2005, 12:57 PM   #15
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Re: DCU 16 month CD @ 5% APY $5k min

I opened a 5% CD with DCU and did everything over the phone. They're very helpful and easy to deal with. First they took a check from me (routing/check/account numbers). They didn't charge me the normal $10 fee for this service. I called back the next day and opened the CD.

I asked them about electronic transfers and the that I need to use their 'CashEdge' feature (or wire). They said that I can only setup a bank for ACH transfers is they are regular and recurring. The problem with CashEdge is that the daily minimums are only $2000. They also charge $2 for outgoing transfers. I don't know if they charge for ACH transfers initiated outside dcu. The reason why this is awkward for me is that I like to keep my bank and brokerage accounts connected back to a mothership account that I use regularly. That way all the transfer possibilities are never available in one place.

Thanks to TH for recommending this credit union awhile ago.
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Re: DCU 16 month CD @ 5% APY $5k min
Old 08-28-2005, 11:04 PM   #16
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Re: DCU 16 month CD @ 5% APY $5k min

JB - my pleasure. Its a good bank. Not a lot of outfits have managed to keep my business for 20+ years without ticking me off at least once.

Their web site is spartan and I can think of a half dozen things I'd like them to do better, but the rates are good, service fees are spartan, and the offerings are broad enough to satisfy.

Funny...I'd rank vanguard as being about the same...the DCU of the mutual fund world...
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