Dedicated to Deposits: Deals, Data, and Discussion

6.00% 10-Month CD at Agriculture FCU (Open to All)

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Agriculture Federal Credit Union
Update: The 6% CD special officially ended on 3:30pm Friday (7/27/07).

Agriculture FCU just came out with a new 6.00% APY 10-month certificate promotion. The minimum deposit is $5,000. You can apply online for both membership and to open this CD.

Last summer, AFCU came out with CDs with rates up to 6.50% APY (see post). It has been awhile since they've come out with a high-yield short term CD special. The last one was in November when they offered a 6.10% 16-Month CD (see post). It only lasted 10 days, so you may not want to wait too long before jumping on this new one.

Field of membership includes members of CityDance Ensemble. CityDance has open membership to anyone that pays membership dues of $20.00. This membership can be done at the same time that you apply for credit union membership. They have an online membership application in which you can join CityDance for $20, join the credit union for a $5 initial 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. See site for the full details.

I see that this new CD is already listed in the online application. So you should be able to apply for membership and open the CD at the same time. I joined AFCU and opened a CD last November. For more information on AFCU and the CDs, please refer to my November AFCU post. If you apply and see some difference to what I had described, please leave a comment. After 8 months, there may have been some changes in the application.

Branches are located in Washington DC, Riverdale, Maryland, and Alexandria, Virginia. AFCU is also part of National Shared Branching network in which you can use local credit unions to access your account and conduct many transactions.

AFCU is federally insured by the NCUA (Charter # 16400). It has $201.6 million in assets and 24,052 members.

Thanks to the reader who emailed me info on this new special.
  Tags: Agriculture Federal Credit Union, CD rates

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Comments
13 comments.
Comment #1 by Anonymous posted on
Anonymous
This is the first time I've tried to open an additional account since I first opened my original account.

For an existing member to open an account, you need something called an "Audio response password." This is not the same as the online banking password.

Call customer service to find out what it is.

Please do not post the audio access password here or anywhere else.

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. You're right. I logged into my AFCU account and there's not an option to open an account.

I noticed the join AFCU option has a field for existing members. After you select that you want to open a new sub account, it requires you to enter your "Audio Response Password".

The page states the following:

Don't have your Audio Response Password? No problem.

Call (800)368-3552 or (202)479-2270 during regular business hours and a representative will assist you.

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Comment #3 by Anonymous posted on
Anonymous
I have noticed that it allows initial funding by credit card. Will it be posted as purchase or advance?

1
Comment #4 by Anonymous posted on
Anonymous
There are three options for funding accounts online: credit card, debit card or bank transfer. I was told the cap on a bank xfer is $100K. Paper checks are not accepted, unless presented in person.

Thanks for notice of this promotion. Lots of nice features -- good rate (6%), good duration, open eligibility and a relatively easy account setup process! While sorting through details, I called the 800# a few times today and my calls were answered promptly in all instances.

I look forward to enjoying my new CD and membership.

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Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
About the credit card funding, I've read that it's up to the credit card company to decide if it's going to be treated as a purchase or a cash advance. So using a credit card can be very risky if there's a sizable cash advance fee.

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Comment #6 by Anonymous posted on
Anonymous
AFCU's provision for beneficiary designation is a nice feature. This provides an opening for a single person to double her/his insurance coverage painlessly, provided NCUA rules are followed.

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Comment #7 by Anonymous posted on
Anonymous
Is the process completed after filling out on-line application and mailing signature card? Do they ask for any additional documentation like copy of a driver license, proof of address and so on?

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Comment #8 by Anonymous posted on
Anonymous
When I opened my first account last year, I sent in the signature card and I have not been asked for any additional documentation since then.

Of course, that is just one person's experience. Why don't you call and ask?

1
Comment #9 by Anonymous posted on
Anonymous
Based on my experience yesterday, the initial application process involves no paper. It's all done online, including ID verification and account funding. Upon successfully conclusion of online application process, I was assigned account number, then asked to print and sign "account form" for return by snail mail. Immediately, before signature card is even in the mail, I received welcoming e-mail confirming account set-up.

I think process works smoothest when everything matches. I'm unsure how online process would handle complications such as an applicant's address not matching what's in commonly used databases.

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Comment #10 by Banking Guy (anonymous) posted on
Banking Guy
My experience when I opened the account and CD last November matches the last two commenters. They didn't ask me to send in any ID verifications. I only sent in the signature form that I printed out at the end of the application.

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Comment #11 by Banking Guy (anonymous) posted on
Banking Guy
Bad news. Just got word from the AFCU CSR that this special CD will be ending by the end of day Friday (7/27/07). See this post for more details.

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Comment #12 by Anonymous posted on
Anonymous
I just phoned AFCU and was told that the funds would have to reach them by today (7/27/07) at 3:30PM. Since even using ACH the earliest I could get them my money is Monday (7/30, it is now too late to open a new account. Your website is the best. Thanks.

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Comment #13 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. I've updated my latest AFCU post with this info. I hope they give some leaway to those who used the online application and funded with ACH.

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