Liberty Savings Credit Union

Online Rates Are Not Accurate
- Jeffmaster1 - Thursday, February 16, 2012 - 10:55 PM

I went into Liberty (Union City branch) to open up a 6 year CD on Feb 15, 2012 since the advertised rate was 2.85%, with an additional 0.1% if you invest $50,000 or more, and their surrender charge is only 3 months simple interest. You can also get another 0.15% if you have a checking account and qualify for silver status (combined assets of 10K). You can get another 0.05% or 0.1% if you have direct deposit and open up a credit card, which I didn't want.

I called on Friday Feb 10 to make sure that the rates were the same as the web site, because their web site states that the rates were effective as of last June, and I figured that the online rates were stale. The customer service rep confirmed the rates.

Unfortunately, when I arrived at the bank the posts rates were significantly lower: 2.1% for the 6 year CD. I still opened up the account with 50K and opened up a checking account with $25 to get the rate up to 2.35%, which is still good considering the low surrender fees- if you hold the CD for 1 year you still earn 1.77% after subtracting the surrender charge.

Regarding the previous posts- service was quite slow- there were two accounts reps at the branch, but both were chatting on the phone for 15 minutes before seeing me. The agent was quite nice however, but I can see them being low tech.

As for the 2 IDs, their membership application specifically states one form of ID if it is a driver's license; for some other IDs, including a passport, it states you need to prove your address with another ID, which makes sense since one of the ways to join the credit union is to be a resident of Hudson county. I opened with a passport but I had my utility bill with me and it was fine. After you join any family member can join through the mail.

If you live in Northern NJ the CD rates are competitive- but don't open anything less than the 5 year since even with the surrenders you will earn more than any of the lower term CDs.

Hope that helps

 

STAY AWAY! Go To Big Name Bank.
- jgarcia - Saturday, November 19, 2011 - 2:21 PM

they have horrible customer service and no telephone support. 

they screwed up my account number on my checks twcie.  (the teller manually inputs informtion on order form)

I had two checks bounce as a result 

 

STAY AWAY

Terrible Customer Service
- robear - Friday, October 7, 2011 - 3:54 PM

Today I went to Liberty Savings Federal Credit Union office at 666 Newark Avenue to become a member.  Their requirement to sign-up is to have ONE form of ID with you (stated on their site) but at their location a receptionist and a not so nice and unprofessional "Manager" tell that I also need either a New Jersey Driver's License or a Utility bill in my name inorder to join.  This is not stated on their site, only one proof of ID was needed which I had ( US Passport ) but these people insisted a passport was NOT enough.  I also stated that I had an account with Bank Of America at Journal Square in Jersey City, still not good enough for them.  This manager never introduced herself to me nor showed some sort of personality or some sense of customer service.  I called their customer service center to voiced my displeasure and spoke to a service center person who said she could do nothing for me other than to refer me to a "Manager".  So I was switched to her line and SURPRISE, she was not in, so I left a message for her to call me back.  That was at 1:47 pm today and it is now 4:51  pm and no one has returned my call.  So we have a very upset customer and no one at Liberty Savings Federal Credit Union - CARES !!!!