5.61% 7-Month / 5.61% 13-Month CD at an Alabama CU (Credit Union of Alabama)
Mar 20, 2007 - 8:55 AM by Ken Tumin
The Credit Union of Alabama FCU is offering a special certificate of deposit with a yield of 5.61% APY for terms of 7 and 13 months. The minimum deposit is $1,000.
Field of membership includes those who live, work, worship, or attend school in Tuscaloosa or Pickens County. Membership requires a minimum $25 deposit into a regular share savings account.
The main branch is located in Tuscaloosa, Alabama. The credit union is federally insured by the NCUA (Charter # 7476). It has $360.2 million in assets and 41,047 members.
Field of membership includes those who live, work, worship, or attend school in Tuscaloosa or Pickens County. Membership requires a minimum $25 deposit into a regular share savings account.
The main branch is located in Tuscaloosa, Alabama. The credit union is federally insured by the NCUA (Charter # 7476). It has $360.2 million in assets and 41,047 members.
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Anonymous - #1, Tuesday, March 20, 2007 - 11:55 AM
Suggestion for banking guy: Please use word "Certificate" for term deposits with credit unions & use word "CD" for term deposits with banks. Thanks.
Banking Guy (anonymous) - #2, Tuesday, March 20, 2007 - 7:11 PM
Thanks for the suggestion. Most credit unions do classify their term deposits as share certificates and banks classify their term deposits as certificates of deposit. This terminology is also similar for savings accounts. The name share is intended to indicate a part ownership in the credit union. But from a practical point-of-view, I'm not sure there is any difference. Many credit unions often use the term CD since it's a much shorter and more understandable term. In fact, this credit union actually has the name certificate of deposit on its rate table.
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