This special is not listed at the Wescom's website. A reader spotted the ad in today's Orange County Register, and I called their toll-free number at 1-888-493-7266 for more details.
With a $7K deposit at 7% APY, you'll earn about $81 over what you would earn in a 5% savings account. So it's a good, but not a great deal. I was told that there's a limit of one per account rather than one per household, so a husband and wife could both open a $7K CD.
The Premium Interest Checking Account requires a $5,000 minimum combined daily balance to avoid a $7 monthly fee. However, the fee is waived for members 55 years and older. Also, I was told by the service rep that $5K or more in a CD can also qualify for this waiver. There is no minimum opening balance, and there is no closing fee. It does have some nice features like ATM fee reimbursements at other banks' ATMs.
Membership is open to those who live, work, worship or attend school in Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa Barbara or Ventura counties. There is a one-time membership fee of $15, and a minimum required deposit of $1 into the regular share savings account. Note, the $15 membership fee is being waived for this Lucky 7 promotion.
The credit union is federally insured by the NCUA. It's a large credit union with $3.7 billion in assets and 283,129 members.
Thanks to the reader who emailed me info on this CD special.
[Edited 2/9/07: Added note about membership fee being waived.]