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Old 10-04-2015, 07:14 AM   #41
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O.K. I got everything filled out on the application and completed the funding, status says "Instant Approved" which I did not see above where anyone had that status immediately after completing the application Maybe I missed it. My question is, where do you select whether you want the interest paid out monthly or let it accrue? Maybe that will be in the document you have to sign and snail mail back?
I was told by a Customer Service Rep that the interest is compounded monthly and added to your balance. I don't think there is an option to receive the interest monthly.
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Old 10-05-2015, 06:50 PM   #42
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Adrift great find

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Old 10-05-2015, 07:59 PM   #43
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Been following this thread on the Northwest FCU and pulled the trigger on it today with $15,000 and $85,000 to follow.
Amazing deal with a heathy CU.

Still a bit confused as to how to get the other $85,000 to them. Can I wire the balance in full to them once opened?

Thanks for the tip and responses!

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Old 10-06-2015, 11:43 AM   #44
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OK, I got through all of this today. Account is all set up and shows that it is funded. They are indeed very busy. I called and eventually got through, and they are very helpful. Calling also seemed to significantly grease the wheels, but if you've done everything on your end, I'd say you are fine and can wait for the app to trickle through the system.
One Note: You can send them a message through their system to override the $15k limit and fund it up to and all the way to the $100k for the initial deposit.
Hope this helps, great rate in todays world!
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Old 10-06-2015, 11:47 AM   #45
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Yes I got through today as well and whereas my application showed "referred" as soon as I got off the phone I received a call from the new accounts department verifying that I was trying to open an account because I have a fraud alert registered at the credit reporting agencies. Once I verified that I received an e-mail requesting that I upload my driver's license. I was told that they would first fund the account with $15,000 and then after that went through fund the rest.
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Old 10-06-2015, 11:49 AM   #46
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Been following this thread on the Northwest FCU and pulled the trigger on it today with $15,000 and $85,000 to follow.
Amazing deal with a heathy CU.

Still a bit confused as to how to get the other $85,000 to them. Can I wire the balance in full to them once opened?

Thanks for the tip and responses!

Tom C


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Send an e-mail to the new accounts department on the page reflecting your status if you haven't already included that fact in the message portion of the application.
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Old 10-06-2015, 12:43 PM   #47
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Side Note: Almost all CU have some type of donation membership that can get you in, you just need to ask (usually $10-20 token membership to a charity).. at least that's what I've found and I've investigated at least a dozen.

Also the shared branches as usually part of the credit union groups, there are a few that don't play nice, but most of them are awesome and treat you like members even though your not. So as long as you have a shared branch in your area, I wouldn't fret about it. I'm in NC, have my CU in Illinois and have no issues banking, plus most of the CUs have better online banking/mobile apps than even the regular banks.
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Old 10-18-2015, 04:00 PM   #48
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Looks like this CD rate offer is no longer available.
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Old 10-18-2015, 04:25 PM   #49
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Looks like this CD rate offer is no longer available.
I think it expired on 10/9 or thereabouts.
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Great CD rate being offered by USAlliance FCU
Old 10-22-2015, 07:24 PM   #50
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Great CD rate being offered by USAlliance FCU

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Originally Posted by Tom52 View Post
My question is, where do you select whether you want the interest paid out monthly or let it accrue? Maybe that will be in the document you have to sign and snail mail back?

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Originally Posted by Golden sunsets View Post
I was told by a Customer Service Rep that the interest is compounded monthly and added to your balance. I don't think there is an option to receive the interest monthly.
For those who got in on the NWFCU deal, I can confirm that there IS an option to have interest deposited to your savings account instead of compounding in the CD. You have to call or send a secure message (Services / View Messages - Inbox / Compose New) to request this. Here was their reply:

"Thank you for contacting the Credit Union about your new Dream Certificate. The Certificate is now set up so that the Dividends will be deposited to the Primary Savings account and not compound in the Certificate."
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Old 10-24-2015, 10:05 PM   #51
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So would this just be for someone who is looking for income perhaps? Is there any reason other than getting the income to doing this? I just assumed compounding made more sense, but I'm still learning.

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Old 10-24-2015, 10:15 PM   #52
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So would this just be for someone who is looking for income perhaps? Is there any reason other than getting the income to doing this? I just assumed compounding made more sense, but I'm still learning.
Leave it compounding at 3% when you don't need the money and when 3% is better than rates elsewhere. If rates elsewhere go up to 5%, you can have the interest paid out and you invest elsewhere.
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Old 10-25-2015, 12:04 AM   #53
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So would this just be for someone who is looking for income perhaps? Is there any reason other than getting the income to doing this? I just assumed compounding made more sense, but I'm still learning.
This is a way of accessing the interest without incurring an early withdrawal penalty. If you don't need the income, you can let it compound until the CD matures.
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Old 10-25-2015, 07:48 AM   #54
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So would this just be for someone who is looking for income perhaps? Is there any reason other than getting the income to doing this? I just assumed compounding made more sense, but I'm still learning.

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Not necessarily. I have some 3% 5 year CDs in my IRA. I view them as a bond substitute. No credit risk since they are FDIC insured. A good return considering the term and rates available at the time. An no interest rate risk.
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