The field of membership includes members of CityDance Ensemble. CityDance has open membership to anyone who pays membership dues of $20.00. This membership can be done at the same time that you apply for credit union membership. AFCU has an online membership application in which you can join CityDance for $20, join the credit union for a $5 inital deposit to the Primary Share account, and open the CD.
The FOM also includes those who live, work or worship in Washington DC plus other group affiliations.
AFCU just ended its "Let it Grow" 6.10% 16-month CD special yesterday. There must have been lots of demand for that CD because that special didn't last much longer than a week (see post). A few readers commented that they were able to join the credit and fund the CD using AFCU's online application. You can fund the AFCU accounts with a transfer from your current checking account. The transfer to the share account is limited to $10K but there doesn't seem to be a limit to the amount you can transfer into the CD.
There are a few fees at AFCU that you should be aware of. According to their schedule of fees page:
- $2/month fee if your savings account average monthly balance drops below $100
- $3.50 fee for no activiy for 6 months
- $2 fee for a standard online funds transfer and $6 for a premium transfer
AFCU offered several 6-percent-plus CDs in late spring and early summer (see post). Even after these 6% CD specials, they've maintained competitive yields on their standard CD's. For the last several months, they've maintained a 5.65% APY for the 60-month CD. With frequent CD specials and competitive standard rates, this might be a credit union to join for the long term.
Branches are located in Washington DC, Riverdale, Maryland, and Alexandria, Virginia. They also are part of National Shared Branching network in which you can use local credit unions to access your account and conduct many transactions.
AFCU is NCUA insured. It has $192 million in assets and almost 24,000 members.
Thanks to the reader who mentioned this new 6% CD.