Dedicated to Deposits: Deals, Data, and Discussion

6.50% 48-Month CD at Agriculture FCU (open to all)

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Agriculture Federal Credit Union just recently ended their 6.36% APY 3-year CD. However, they are now offering a 6.50% APY 48-month and 60-month certificate of deposit. The 36-month CD is now 5.50% APY. The 24-month CD is also at 5.50% APY. The minimum deposit is $1K.

When I first posted about AFCU on May 23rd, they were offering a 6% 6-month CD along with the 6.36% 36-Month CD. Last Thursday, AFCU ended that 6% 6-month CD special but retained the 6.36% 3-year CD.

AFCU has an easy field of membership that allows anyone to join via membership in a non-profit organization. Refer to this post for more info.

Another note regarding AFCU is they have an online banking system which allows you to apply for membership and fund an account. Also, you can fund new accounts with a credit card. Many on this FW thread have reported that they've successfully funded a CD with their cash back credit card and it was treated as a purchase and not a cash advance. Thus, it wasn't charged interest/fees and was eligible for the cash back bonus. However, some have reported that it was treated as a cash advance. Another thing to note regarding these CDs is that you can't transfer more than $10K from a newly linked funding account.

Comments
12 comments.
Comment #1 by Anonymous posted on
Anonymous
Note the panic on the FatWallet CD thread about legitimacy of this place. Needs investigating?

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
For my first post on AFCU, I had searched for the credit union at NCUA. They have an entry there along with a website address: WWW.AGRICULTUREFCU.ORG

This proves to me that they AFCU and their website are officially registered at the NCUA. Of course nothing is 100%, but this gives me a high degree of confidence of the legitimacy of the credit union and the web URL.

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Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
I also searched the whois database of agriculturefcu.org. Looks legit. The domain name was created in 1995 to the registrant, Agriculture Federal Credit Union.

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Comment #4 by Anonymous posted on
Anonymous
What is the penalty for early withdrawal ?

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Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
I couldn't find any info on their website about early withdrawal penalties for their CDs. I sent an email. Hopefully, I'll get an answer on Monday.

1
Comment #6 by Anonymous posted on
Anonymous
I open a 6 months cd with them
still waiting for the paper mailed to me but i can view my account online

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Comment #7 by Anonymous posted on
Anonymous
how do you view your account online ?

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Comment #8 by Anonymous posted on
Anonymous
how were you able to view your account online? How/WHere on thier websitedo you sign up for that?

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Comment #9 by Banking Guy (anonymous) posted on
Banking Guy
For the early withdrawal penalty, CDs of terms of 1-year or less have a 90 day interest penalty. Over 1-year the penalty is 180 days.

Here are the formal details I received from a branch manager:

If certificate funds other than dividends are withdrawn prior to maturity, a substantial penalty is imposed as follows: If the qualifying period is one year or less the member shall forfeit an amount equal to the lesser of:(A)All dividends for 90 days on the amount withdrawn or (B)All dividends on the amount withdrawn since the date of issuance or renewal.

If the qualifying period is greater than one year, the member shall forfeit an amount equal to or lesser of: (A) All dividends for 180 days on the amount withdrawn or(B) All dividends on the amount withdrawn since the date of issuance or renewal.

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Comment #10 by Banking Guy (anonymous) posted on
Banking Guy
As of July 29, 2006, the only very-high rate term offered by AFCU is 6.00% APY on the 5-year CD

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Comment #11 by Anonymous posted on
Anonymous
The AFCU website states there is a "Below $100 Average Monthly Share Balance $2.00 per month" service charge. Has anyone asked if you have to keep $100 in the initial $5.00 share account to avoid a service charge, even if you open a CD?

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Comment #12 by Anonymous posted on
Anonymous
Not impressed with their customer service. I will be looking elsewhere for future CD's.

Couldn't get an answer by telephone so I have sent two letters asking them to clarify in writing the rate terms for the certificate which shows up as "non dividend account". Over 30 days have passed and I have gotten no reply. Next letter will be a complaint filed with NCUA.

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