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Update #2 for JFCU's 6.25% 24-Month CD and $100 Bonus

POSTED ON BY

Justice Federal Credit Union
Update 3/17/07: 6.25% CD stopped being advertised at JFCU late yesterday.

This is another update on the Justice Federal Credit Union's 6.25% APY 2-year certificate and the $100 bonus promotions. Thanks to everyone who shared their experiences in the previous posts. Please refer to my first post for general info on the promotion, the credit union and membership. More details about the CD and qualifying for membership is in my second post.

In this third post I'll summarize details based on readers' comments. I did call JFCU once last week and was able to confirm some of the details. Readers have provided additional details and clarifications. Please only use this as a reference and contact JFCU for the official information.

JFCU seems to be picky regarding what it requires as confirmation for your NSA membership. A reader's comment explains it well:
JFCU actually requires a copy of current NSA membership card or copy of separate e-mail from NSA confirming member id# and "good standing" (dues paid). This is not automatically generated upon payment of dues online, but must be specifically requested from NSA. It can then be faxed to JFCU.
Note, NSA membership is $35.

In addition to the NSA, you can also join the NNALEA for only $15. However, they don't seem to be as well organized as NSA. A reader mentioned that NNALEA claimed to be able to turn around a confirmation and membership number in a few days. You can apply via their 877 fax number listed on their website. Also, the online application was suppose to be fixed today.

Once you join the credit union via an association, you don't have to continue the membership in that association to remain a credit union member. Here's the full list of affiliated groups that can qualify you for JFCU membership.

With the application to JFCU, you must include a notarized photocopy of your driver's license. A photocopy with the notarized seal should work. However, notaries in some states may not be allowed to certify copies. This reader's comment has the details.

JFCU membership via NSA can only be done via mail. JFCU will not do this at a branch.

The IRA application isn't available on the website. You must call and have it mailed to you.

The Freedom Checking Account can be used for the $100 bonus. It has no monthly service fees and no monthly balance requirements. Checks cost $13.95, but aren't required. Debit card and bill pay are free. For the bonus, you have to sign up for Web BillPay and pay one bill within the first month (see details here).

It's not known how long the 6.25% CD promotion will last. A reader left a comment about the correspondence with a JFCU service rep that suggested a general timeframe.

Thanks to everyone who have left comments on their experience with JFCU. I'm sorry to read about problems that a few have experienced in the applications. Hopefully, this post along with readers' comments will help reduce complications.

  Tags: Justice Federal Credit Union, CD rates

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Comments
20 Comments.
Comment #1 by Anonymous posted on
Anonymous
I joined NSA last week and printed the confirmation of payment along with the confirmation e-mail that I received. This includes a "purchase number" assigned by NSA. Unisha of NSA told me that this was acceptable to JFCU and I sent it to them. JFCU has refused to open my certificate with this confirmation. I have called NSA six times to receive my membership number by fax or e-mail and I have not received anything...not even a return phone call. I am disgusted by the process and the lack of any type of courtesy.

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Comment #2 by Anonymous posted on
Anonymous
I received an email from NNALEA with an ID number--is that sufficient, or do they need a card for that one as well? Seems like too many obstacles.
Thank you so much for the kindness of everyone who has come back on line to report their experiences. Even after they opened the CD. I am impressed.

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Comment #3 by John (anonymous) posted on
John
I called the JFCU CSR Dept. today and had a nice long talk with a helpful female. We reviewed many topics and she was well informed. What struck me was that she said to send in a mailed APPL. and to write a note telling them how to deal with our desire to open the 24-MO certificates. In other words, she said such communication could significantly shorten the "down time" that our money would experience. All-in-all, I was impressed with the CSR. She was informed, helpful and downright nice.

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Comment #4 by Anonymous posted on
Anonymous
RE: JOINING NSA
I waited 7 days after paying online to receive a membership card or response to my email. With no response, I called today and very politely pressed to speak to a membership rep, explaining how lond I'd waited and that the JFCU offer was going to expire.

I was put through to a person who confirmed my number verbally and sent me an email with the number as we spoke. It turned out to be the same number as the username I received a week earlier via email to use to sign up and pay online (at the same time I received the password).

I was told that the phone lines had been down for a day or two, and that NSA had no notice from JFCU of the rate special prior to an onslought from the public.

Always include a cover letter with your CD application when the expiratioin of the rate is uncertain. Say that the application is for that specific term and rate, and ask them to phone you for instructions in the event they will not honor that rate. I've had a rate suddenly withdrawn after mailing the application.

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Comment #5 by Anonymous posted on
Anonymous
I finally was able to open my JFCU CD yesterday. It was a most challenging process along the way. Solely for the information of others know this: prior to some point in time last Friday, the NSA was giving out bad information re what would satisfy JFCU. There were INTENSE negotiations ongoing between the NSA and JFCU which culminated in a joint agreement only last Friday at some time during the business day. I do not know the exact time, but I know agreement was reached on Friday and NOT, NOT earlier than that. Prior to that agreement having been reached, folks at the NSA were giving callers bad information. They were mis-representing JFCU requirements. If you listened to the NSA people and acted on their advice, and did not back-check their promises at JFCU well, friend, you were in ALL KINDS of trouble. I was right in the middle of the application process just before the two entities reached an accord. I DID back-check the NSA and of course learned of their "error". Thank God. I held out until I had received from the NSA the precise documentation JFCU requires by law. This was intensely difficult because the NSA was so swamped at that time. It delayed sending of my application, which I finally was able to dispatch by Express mail not until Saturday. My mailing was received just before 9:00 AM Monday morning. JFCU processed my application just after 3:00 PM Monday afternoon. Thus, at that point they were roughly six hours behind with their processing. Because I had held out and not gone with the NSA misrepresentation the previous Friday, my application sailed through the acceptance process. My CD was not funded until yesterday, Tuesday, because it was necessary for me to wire funds. I could not wire these funds until I knew I had achieved JFCU membership. I hope these comments help somebody else understand what might have happened to them during this trying process. Good luck to all. I hope this excellent offer remains available long enough for you to overcome whatever obstacles you face and join.

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Comment #6 by Anonymous posted on
Anonymous
Just wonder why everyone is joining NSA instead of NNALEA which is $20 cheaper to join?

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Comment #7 by Anonymous posted on
Anonymous
It's an easy answer. People are joining the NSA because the JFCU CD is at a very high rate, as compared with other insured CD offerings out there today. People do not want to risk missing out, and they realize TIME is of the essence in this matter. The saving is small, the gain could be quite large. The NSA is better staffed to quickly fulfill memberships. They have negotiated directly, by now, with JFCU and arrived at an acceptable membership protocol, though this was not in place early on. Bottom line, the NSA just offers a surer, quicker potential path to JFCU membership. And you cannot access the CD until you become a JFCU member.

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Comment #8 by Anonymous posted on
Anonymous
I dont know what all you people out there made it seem like such a hard process to open the cd. I sent in all my forms like they asked me to and my account was opened today. I read people saying oh what a grulling week its been trying to open up cd and im glad the process is finally over. People its very simple nothing at all was complicated with the process of opening the cd. Listening to ome of you it sounded like as complicated as brain surgery. Its only a freekin cd, i mean come on.

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Comment #9 by Anonymous posted on
Anonymous
hello

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Comment #10 by mcrmgf (anonymous) posted on
mcrmgf
has anyone did online form to nnnalea place and get immediate response and pay their 15 dollars by credit card?

1
Comment #11 by Navigatrix (anonymous) posted on
Navigatrix
Banking Guy, I'd like to thank you for the info on JFCU. As a retired person primarily dependent on interest income I feel I've been given a nice "raise" with this CD... and a $100 bonus to boot!

Your hard work and thorough research on these good bank deals very much appreciated.

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Comment #12 by Anonymous posted on
Anonymous
I got my money in on time.

They stopped the offer at about 3pm Pacific time 3/16/07

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Comment #13 by Anonymous posted on
Anonymous
To the previous anonymous commenter at 2:59pm, can you please clarify? Jasman commented on Update #1 that the JFCU website no longer advertises the offer, but that a CSR said it was still in effect. Are you saying something different? What is your source?

(Sorry for sounding a bit harsh, but I've been jumping through a lot of hoops to get my application and initial deposit all ready, and I'll be quite upset if they discontinue the offer before I'm done...)

1
Comment #14 by Anonymous posted on
Anonymous
This smacks of a scam. The fact that JFCU says NSA members are eligible to join JFCU and provides link to NSA website to join. BUT JFCU requires a NSA membership number for eligibility and NSA only issues a purchase number after taking $35. That little fake out technicallity says a lot about what Justice Federal Credit Union is all about.

1
Comment #15 by Anonymous posted on
Anonymous
Scam? There is no scam. The condition of which you write ended a week ago today, following an agreement between JFCU and the NSA. It is true that, early on, there were problems and misunderstandings. Bottom line, taking advantage of this offering was difficult but possible. It was work, more or less, depending on fortune and timing. It was not necessarily a good thing to be too early, although those who came in VERY early, before the crush, were fine. The offer is gone now. And there is nothing else out there anywhere near as good.

1
Comment #16 by Anonymous posted on
Anonymous
My application got kicked back today because I didn't have a NSA member number to submit but I did submit a copy of the NSA reciept for purchase of membership.

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Comment #17 by Anonymous posted on
Anonymous
Re: JFCU's 6.25% 24 month CD, I received the membership and IRA packet from them on 3/14 and filled out all the information, then paid $35 to join the NSA. When I called JFCU on 3/16 to ask one more question they informed me that they had decided to limit the amount you could put in a jumbo cd to $100,000 rather than the $250,000 that had been allowed at a rate of 6.35%. This decision had just been made that morning which meant I went to all that trouble and spent $35 for nothing since my IRA is in my name only and couldn't be split into different account names. It was pretty upsetting but makes me glad I didn't get involved with them.
Ruth James

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Comment #18 by Christopher (anonymous) posted on
Christopher
I did not try for the CD, but applied for a checking account. I printed the application, completed it, and mailed it with a check on Monday. (The paper form said nothing about a notorized copy of DL, so i did not send it.) The check cleared my bank on Friday, and that same day i received a welcome package with my account number. It was a very simple process for me.

1
Comment #19 by Anonymous posted on
Anonymous
I just checked on the JFCU website and the 6.25% 24-month CD no longer shows up.

1
Comment #20 by Anonymous posted on
Anonymous
I opened my account and memebership with no hassle over the phone the same day! I was allowed to do this simply becasue I was an eligible relative. It was so easy to open the account and CD. Very nice people at JFCU! I got the 6.35 rate. Thanks banking guy, I owe you!

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