I have some follow-up information regarding Justice FCU's promotional 6.25% APY 24-month certificate. Thanks to the readers in my Tuesday's post who provided details they received from the credit union and their own investigations. I just called JFCU's toll-free number this morning, and I was able to get through to a service rep without any wait. I was impressed by the service rep's politeness and knowledge. I've verified most all of the details the readers left in the comments except one. The service rep did say that the 6.35% APY is valid for the Jumbo $100K deposits. Below are the details that I received from the service rep, from comments of several readers and from the JFCU website:
Share Certificate Promotion
- 24-month Term certificate
- 6.35% APY for deposits over $100K
- 6.25% APY for deposits over $1,000
- Early withdrawal penalty is 180 days
- Available as an IRA certificate
- Early withdrawal penalty applies in IRA including those over 59
Membership Application and Membership Eligibility:
- Hard credit pull by Equifax is done
- National Sheriffs' Association (NSA) and National Native American Law Enforcement Association (NNALEA) are part of JFCU's FOM
- NSA membership costs $35, and you can join online.
- NNALEA membership costs $15, but I haven't been able to contact NNALEA via email or by phone. Readers reported problems with the NNALEA online application.
- Notarized copy of driver's license is required
- Proof of association membership is required. For the NSA, you must include the membership number.
$100 Checking Account Bonus
- You can do both this promotion and the CD
- Pay one bill with their Web BillPay within first month of signing up
- $100 will be credited to your account one month after the payment of the first bill
JFCU even has a solid auto loan special with rates as low as 4.50% APR for terms of 24 to 60 months. This special is good through 4/30/07.
With all of these attractive promotions, JFCU appears to be aggressively trying to expand its membership.
Regarding the impact of the hard credit pull, each pull will lower your FICO score by about 5 points, but this should only last for about 6 months. MyMoney Blog has a good overview of a hard credit pull.
Regarding the safety of this credit union, it is federally insured by the NCUA. As readers mentioned, JFCU has a 4 out of 5 safe-and-sound star rating (sound) at Bankrate.com and a 4 out of 5 star rating (excellent) at BauerFinancial. Both ratings are based on September 30, 2006 data. It should be noted these ratings didn't prove to be helpful with Huron River Area Credit Union (see post).
Thanks to all the readers who provided comments on JFCU. Please refer to my Tuesday's post for additional details on JFCU, these promotions and comments by readers.
[Update 3/14/07: Made a few corrections in post. Please refer to this new post for additional details.]