NFCU 5% 12 mo. Share Certs ($5000 max)

[friar1610]

Just saw on Bogleheads that Navy Federal Credit Union is has a special deal on 12 month Share Certificates (CDs). $5000 max per purchaser. 12 month maturity. 5% APY. Only one per customer. (But if spouse is a joint member can buy two.)

You need to be a member (or eligible to join) to participate.

https://www.navyfederal.org/members...=hp|cont|3|other|septsweepstakesoffers|140902

I just bought two.

 

[brewer12345]

Sweet! Thanks for the heads-up.

 

[OAG]

Set up 2 one for DW and one for myself. Not great time or dollar limit but a nice gesture on NFCU's part. At the end of the year $3K of each will revert to 3% for another year if otherwise qualified.

 

[stephenson]

Just did same for wife and I ...they could also set up an "entity" (ex: HOA).

Anyone have insight into what this means ...just a get more biz come on? Shirt term markets for large amounts doing better? NFCU's loan biz doing better and just turning money around? (Doesn't make sense due to lower loan rates than CD rates, though).

As a btw - NFCU biz was easier and faster done on ohone than on line ...a trend, perhaps? Faster to exchange identification data and safer?

 

[Senator]

You need to be a member (or eligible to join) to participate

Looks like not even a disabkled vet can join... But a civilan can.

 

[Tadpole]

Those who found NFCU user friendly, please enlighten me. I don't remember such a struggle. Signing up for membership was easy for a retired civilian worker. Buying a CD using ACH cannot be done. I called and they confirmed that buying the CD would need to be done on the phone or at a branch bank. I don't like doing these transactions by phone instead of internet. They allow ACH for the initial setup of the share account but, thereafter, ACH from NFCU to another financial institution to buy a NFCU product is not available. Also, they send debit cards by default even if you don't want them. (At least I saw no way to say no in the signup even though I set up a share account with only $5 in it and no other account.) I told Nico (the phone guy) I would just shred them and he said that would work. He wouldn't cancel them. How do I cancel them?

So what is the easy way that I didn't find and the phone guy didn't know about either?

 

[stephenson]

Looks like active, retired mil or civil service, or family member of one of the these categories ...

My experience this morning took about a minute ...already members, though.

 

[CRLLS]

Family member even includes parents and grandparents. That is a very generous interpretation of Family.

 

[frank]

how about son that was in the army or son that was in the marine corps?

 

[OAG]

how about son that was in the army or son that was in the marine corps?

1. You can go to the NFCU Web-Site and they have a "do I qualify" app you can use to see. Just answer the questions.

2. Alternatively (or additionally) you will find a phone number to call NFCU at the same site to ask specifically.

From what you say I would say I doubt it but doing one and/or two should remove or confirm that.

 

[stephenson]

To Senator's point ... it does seem odd that a veteran cannot join ... anyone have any thoughts on why vets would not be "acceptable," but "family of" would?

 

[OAG]

To Senator's point ... it does seem odd that a veteran cannot join ... anyone have any thoughts on why vets would not be "acceptable," but "family of" would?

Not sure and mostly a guess but probably has something to do with protecting the "non-profit status" of the credit union.

 

[aja8888]

I am a veteran of the Viet Nam war, but I guess that doesn't count for me to join directly with that status.

But I have a nephew in the Army (active duty) so I guess I can join if I select Family member? Correct?

 

[slouch]

now only if they'd let you open 20 or 30 accounts

 

[Wingnut]

Been a member for 30 years and just jumped on this, thanks for the tip!


Sent from my iPad using Early Retirement Forum

 

[Senator]

To Senator's point ... it does seem odd that a veteran cannot join ... anyone have any thoughts on why vets would not be "acceptable," but "family of" would?

I thought the same ting. not even a disabled vet. So a grand-kid of a active military person has a higher status than a disabled vet. Go figure.

I am not surprised. People on welfare have a better health care system than the veterans too...

 

[mickeyd]

I signed up over the phone. Could not have been an easier process. Easy way to make $250.

it does seem odd that a veteran cannot join

I am a veteran.

 

[aja8888]

I signed up over the phone. Could not have been an easier process. Easy way to make $250.



I am a veteran.

What was your method? A few of us veterans here can't seem to get through the process.

 

[Nords]

We had three generations of Ohana Nords hop on this one for four CDs...

I'm sure that NFCU has found somewhere to loan out a pile of bucks at 5.1% or higher...

 

[RetireBy90]

I heard about this and ran to local branch to open with some cash I had on-hand, all was very easy being retired Army. Opened CD with $1,000 then moved some from Fidelity, to increase to $4,500 and then added another $600 to see what would happen if I went over $5K. No problem. I now have CD with $5,100 at 5%. Will probably add monthly cash overflow for couple months. So seems you can add to increase to over 5K.

 

[frank]

couldn/t find the 5% cd where did you see it listed? thanks

 

[stephenson]

I tried adding 1000 to the 5000 but systems said error ...so, then tried 100 ...system took it, but it is Sunday, so doesn't complete until Monday.

Only question is ...is there a transaction fee for NFCU stuff ...?


Sent from my iPad using Early Retirement Forum

 

[RetireBy90]

couldn/t find the 5% cd where did you see it listed? thanks

I heard about it free a forum reader via telephone

I just checked and www.navyfederal.org has a 12 month 3% special offer.

Look at home page, products and services, certificates, then certificate rates.

 

[calmloki]

What was your method? A few of us veterans here can't seem to get through the process.

Navy vet, but not retired or current service member and I wasn't able to join in years past. Took another run at it, as my gal's sister lives with a NFCU member (and is also a member?). Sure enough, my gal, as a family member of a housemate of a NFCU member could join. Once she joined I, as a housemate of a member, could also join. A little offensive, but eyes on the prize here.

 

[brewer12345]

Navy vet, but not retired or current service member and I wasn't able to join in years past. Took another run at it, as my gal's sister lives with a NFCU member (and is also a member?). Sure enough, my gal, as a family member of a housemate of a NFCU member could join. Once she joined I, as a housemate of a member, could also join. A little offensive, but eyes on the prize here.

Eh, that is not offensive. You were entitled to join, albeit circuitously. I had to wiggle in the back door a few years ago when Navy was taking over a failing credit union that had a "take all comers" membership policy similar to Pen Fed's.