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5.60% 60-Month CD at a NY/NJ Credit Union (Polish & Slavic)

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Polish & Slavic Credit Union
Update 11/03/07: The top 5-year yield decreased from 6.11% to 5.60% APY.

Polish & Slavic Federal Credit Union (PSFCU) is having a promotion with a 6.11% APY 5-year term share certificate. The 6.11% yield requires a minimum deposit of $90K. A yield of 6.06% APY is available for a $50K minimum, and 6.00% APY is available for a $500 minimum. These rates are also available in an IRA.

Membership is open to anyone who is of Polish or Slavic descent. According to PSFCU membership page, exceptions may be made for individuals who are not of Polish or Slavic descent, but these individuals must submit a formal application in person with one of their sponsors. One atypical aspect of this credit union is a $10 annual membership fee. Membership also requires a minimum $10 deposit.

Branches are located in the New York cities of Brooklyn, Ridgewood and Copiague, and in the New Jersey cities of Union, Clifton, Bayonne and Linden. The credit union is federally insured by the NCUA (Charter # 22592). It has $1.1 billion in assets and 69,874 members.

  Tags: New York, CD rates, New Jersey, IRA rates, Polish & Slavic Credit Union

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Comments
3 Comments.
Comment #1 by Anonymous posted on
Anonymous
It seems odd to me that an institution would be allowed to offer their products only to a certain ethnic group. It seems to me to be a form of discrimination. I'm not condemning this institution; I am just somewhat baffled that they are legally allowed to let certain people join because of their race, while excluding others because of their race.

1
Comment #2 by Anonymous posted on
Anonymous
It's not race it's nationality. Subtle difference but no where near as offensive. Think of it as the polish or slavic equivalent of the Sons of Italy or Knights of Pythias. Race has nothing to do with it!

1
Comment #3 by Anonymous posted on
Anonymous
I called this morning in an attempt to set up an account. My husband's mother and father are both Slavic. I offered birth and death records to confirm. I was told I must be sponsored and was given another number to call.
The woman I spoke to told me that "Children Don't Count" You can't be a member unless you were born in that Country. Spouses are also not allowed if not born in those areas.
They were rude and blunt.
Also if you call the number on their home page and press 4 for member services, you get every option except one that offers the ability to speak with someone. I had to use the general accounting number just to get a live person.
I would not want to belong to this Credit Union no matter what rate they offer.

1