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03-02-2020, 04:46 PM
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#81
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Thinks s/he gets paid by the post
Join Date: Jan 2019
Location: Sunny California
Posts: 2,567
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Quote:
Originally Posted by pb4uski
^^^^^ No disrespect but not very useful if maximum deposit is $500/month
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None taken.
I did try to edit to say that and somehow posted 3 times , does anyone know how to delete them.
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03-02-2020, 04:48 PM
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#82
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,000
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Use your edit button.
__________________
Numbers is hard
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03-02-2020, 04:51 PM
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#83
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Thinks s/he gets paid by the post
Join Date: Jan 2019
Location: Sunny California
Posts: 2,567
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Got it.
By the way, this same credit union was advertising 5 year 4% CD last year and I locked a ton of money up at that rate.
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03-02-2020, 05:02 PM
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#84
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Moderator Emeritus
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,593
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Quote:
Originally Posted by RetiredAndLovingIt
Got it.
By the way, this same credit union was advertising 5 year 4% CD last year and I locked a ton of money up at that rate.
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Looks like it's only for active and retired military.
__________________
*********Go Astros!*********
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03-02-2020, 05:06 PM
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#85
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Thinks s/he gets paid by the post
Join Date: Jan 2019
Location: Sunny California
Posts: 2,567
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And residents of 3 California counties and immediate family members of existing members.
4% for non military and 5% for military
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03-03-2020, 07:51 AM
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#86
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Thinks s/he gets paid by the post
Join Date: Jun 2013
Posts: 2,518
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I'm thinking of borrowing some of my emergency fund cash to open this 5 year CD, at 3.2%, now to replace a CD maturing this June, in order to maintain my 5 year CD ladder at an average of over 3%. Details are:
3.20% $1k - Freedom Northwest Credit Union 60 Month Share Certificate
RATE HISTORY
RATE TIERS
$1k+ 3.20% APY
Updated: 2/29/2020
There is a 365 day withdrawal penalty, but partial early withdrawals are allowed. Has anyone had any experience with this CU? Easy membership requirements it seems.
__________________
"Luck favors the prepared mind"
Pasteur
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03-03-2020, 11:55 AM
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#87
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Full time employment: Posting here.
Join Date: Jun 2016
Posts: 889
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That GTE 3% unlimited add-on many of us bought last year is looking pretty good right now!
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03-03-2020, 11:57 AM
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#88
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,204
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+1 but does one take a flyer and exceed the FDIC limit?
I haven't but the though has crossed my mind.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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03-03-2020, 12:29 PM
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#89
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Thinks s/he gets paid by the post
Join Date: Jan 2019
Location: Sunny California
Posts: 2,567
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Quote:
Originally Posted by BeachOrCity
That GTE 3% unlimited add-on many of us bought last year is looking pretty good right now!
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Yep, it's great that they also participate in the CU Shared Branching network. I have a local credit credit union (Alaska FCU) that I use for most of my transfers between my credit unions accounts. I will just walk in there and transfer the funds from my local account over to the other credit union and it's done instantly.
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03-03-2020, 01:11 PM
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#90
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,197
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Quote:
Originally Posted by pb4uski
+1 but does one take a flyer and exceed the FDIC limit?
I haven't but the though has crossed my mind.
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Quote:
Originally Posted by BeachOrCity
That GTE 3% unlimited add-on many of us bought last year is looking pretty good right now!
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Yep.
I have a 2.85% Ally CD which is maturing on Apr 9th for 100k. Putting it into GTE for 3%.
Also DGF has 145k in a GTE IRA for 3.25%.
Not willing right now to exceed the FDIC limit.
Just to make sure, my DGF should be able to get 250k on her IRA CD, plus the non IRA joint account with me should get her another 250k.
Is that correct?
__________________
TGIM
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03-03-2020, 01:38 PM
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#91
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Full time employment: Posting here.
Join Date: Jun 2016
Posts: 889
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Quote:
Originally Posted by pb4uski
+1 but does one take a flyer and exceed the FDIC limit?
I haven't but the though has crossed my mind.
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I would not and here is why:
-- This was a "mistake fare" for lack of better comparison
-- 250K paying 1.5% (guesstimate) more than they should to 10,000 customers would be $37M in excess interest per year (no idea what the real number is).
I doubt their exposure if THAT bad as we don't know how much they took in deposits on this offer, but you get the idea. Bottom line is they could end up calling on their regulator to get them out of this, and if the regulator assigns them to another financial institution all existing CD's can be cancelled.
So while the insurance will protect the principal, it won't protect the rate, and it certainly won't protect you if they drown because of this mistake.
I doubt it is all this bad, but CD's are our risk free money, and over insurance this institution has risk because of the mistake.
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03-03-2020, 05:49 PM
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#92
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Posts: 3,046
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Quote:
Originally Posted by ShokWaveRider
Transportation Federal Credit Union Has Rate Leader 5-Year CD
Deal Summary: 5-year Jumbo CD, 2.98% APY, $100k min; 5-year CD, 2.78% APY, $1k min.
Availability: Easy membership through American Consumer Council. Active or retired employee, military personnel, contractor, and other related occupational group affiliated with U.S. Department of Transportation or Federal Aviation Administration.
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They killed the rates on this one yesterday.
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03-03-2020, 05:59 PM
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#93
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Recycles dryer sheets
Join Date: Oct 2009
Posts: 246
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Quote:
Originally Posted by BeachOrCity
That GTE 3% unlimited add-on many of us bought last year is looking pretty good right now!
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Yup. 2.85 ish in my case
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03-03-2020, 06:01 PM
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#94
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Recycles dryer sheets
Join Date: Oct 2009
Posts: 246
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I've had several CDs with NWFCU. No more or less work then others and lots of shared branches in my area.
Quote:
Originally Posted by Golden sunsets
I'm thinking of borrowing some of my emergency fund cash to open this 5 year CD, at 3.2%, now to replace a CD maturing this June, in order to maintain my 5 year CD ladder at an average of over 3%. Details are:
3.20%$1k-Freedom Northwest Credit Union60 Month Share Certificate
RATE HISTORY
RATE TIERS
$1k+3.20% APY
Updated: 2/29/2020
There is a 365 day withdrawal penalty, but partial early withdrawals are allowed. Has anyone had any experience with this CU? Easy membership requirements it seems.
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03-04-2020, 07:01 PM
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#95
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,271
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Possible short term play for ~ 3.5% for $100k or $500 for a $15k deposit:
First Republic Bank, offer good for people in the bank's foot print, but they have California, Portland, some Right coast and Florida locations - even Wyoming!
I went in for an offer of $500 for a deposit of $15k for 120 days (plus $250 if you do $2500 in direct deposits). Was offered $$1770 for a 6 month deposit of $100k. That beats other accounts that are dropping rates like mad right now. Check them out -
__________________
"Be kind whenever possible. It is always possible." Dalai Lama
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03-05-2020, 06:13 AM
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#96
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Thinks s/he gets paid by the post
Join Date: Jun 2013
Posts: 2,518
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Quote:
Originally Posted by Henry Lili
I've had several CDs with NWFCU. No more or less work then others and lots of shared branches in my area.
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Calmokie; When you say NWFCU, do you mean Freedom Northwest Credit Union in Idaho, which is the institution that has this offer as described in my post? It is a very small credit union, which is making me pause before jumping in.
__________________
"Luck favors the prepared mind"
Pasteur
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03-05-2020, 07:41 AM
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#97
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,271
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Quote:
Originally Posted by calmloki
Possible short term play for ~ 3.5% for $100k or $500 for a $15k deposit:
First Republic Bank, offer good for people in the bank's foot print, but they have California, Portland, some Right coast and Florida locations - even Wyoming!
I went in for an offer of $500 for a deposit of $15k for 120 days (plus $250 if you do $2500 in direct deposits). Was offered $$1770 for a 6 month deposit of $100k. That beats other accounts that are dropping rates like mad right now. Check them out -
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NOTE: This is an "ATM Rebate Checking account", not a CD. Pretty good sized toaster for opening the account though - $1770 for maintaining $100k in the account for 6 months. Plus another $250 if you direct deposit $2500 within 120 days. Their CD rates are pitiful, so this banking relationship may hit rocky shoals about 7 months from now. 116B in assets makes them a bit larger than the Freedom NW CU in Idaho.
__________________
"Be kind whenever possible. It is always possible." Dalai Lama
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03-05-2020, 07:50 AM
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#98
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,271
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Quote:
Originally Posted by Golden sunsets
Calmokie; When you say NWFCU, do you mean Freedom Northwest Credit Union in Idaho, which is the institution that has this offer as described in my post? It is a very small credit union, which is making me pause before jumping in.
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Hopefully Henry Lili has more info on Freedom - I noticed the assets of under 200 million (?) as well, though CU insurance may make that a non-issue.
Regarding insurance: feel like I recall from the last banking crash times that insurance covered deposits but not earnings and that it took 6 months or more for people to get their hands on their money? My memory is wildly suspect though - does anyone have vivid knowledge of how CU or bank insurance has worked in actual fact?
__________________
"Be kind whenever possible. It is always possible." Dalai Lama
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03-05-2020, 11:33 AM
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#99
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 37,931
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My understanding is that interest paid on the CD/account is still covered. Certainly true for FDIC insurance, and NCUA coverage is essentially identical, just covering different financial institutions.
Quote:
FDIC insurance covers depositors' accounts at each insured bank, dollar-for-dollar, including principal and any accrued interest through the date of the insured bank's closing, up to the insurance limit.
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from fdic.gov .
__________________
Retired since summer 1999.
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03-05-2020, 01:53 PM
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#100
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,271
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Quote:
Originally Posted by audreyh1
My understanding is that interest paid on the CD/account is still covered. Certainly true for FDIC insurance, and NCUA coverage is essentially identical, just covering different financial institutions.
from fdic.gov .
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Quote:
FDIC insurance covers depositors' accounts at each insured bank, dollar-for-dollar, including principal and any accrued interest through the date of the insured bank's closing, up to the insurance limit.
So if the bank closes and it takes "X" time to pay off the claim, one gets $0 in interest earned during "X" while waiting for the money? That would be my reading of your quote. Reasonable, but not something you want to be surprised by. And if it does take a long time to pay claims that could sting.
__________________
"Be kind whenever possible. It is always possible." Dalai Lama
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