Dedicated to Deposits: Deals, Data, and Discussion

Update on Northwest FCU and its 6.00% 18-Month CD

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Northwest Federal Credit Union
Update 11/15/07: It appears membership in NWF is no longer able to qualify you for membership into this credit union. A reader just sent me the following and it seems consistent with comments from other readers:
Board of Directors officially clarified that you MUST be an EMPLOYEE of the National Wildlife Federation. Simply becoming a member of the National Wildlife Federation does NOT qualify a person for membership in Northwest Federal Credit Union.


Northwest Federal Credit Union continues to offer its special 6.00% APY 18-month certificate. I first posted on this CD special last Wednesday. Based on the latest information I received by email from the credit union, you can qualify for credit union membership by joining the National Wildlife Federation (NWF). Here's what they stated:
the National Wildlife Foundation is considered a Select Employer Group and all employees as well as volunteers and members are eligible for membership with Northwest Federal Credit Union.

Here's an online membership application to join NWF for only a $15 fee (credit to this FW thread).

On Saturday, a customer service rep told me by phone that only employees and volunteers of NWF would qualify for credit union membership. It seems like the credit union reps have been saying yes and no to this question. I hope the email I received today will now be the consistent credit union answer to this question.

I don't know how much longer this CD will last. With a yield of 6% APY and with easy membership, it's unlikely that it will last for too long. A reader reported being told by a CSR that they received more than 100 new account applications over the weekend. It's a fairly large credit union with $1.49 billion in assets and $1.30 billion in deposits. So hopefully they'll be able to handle a large demand for this special CD and will be able to keep it going for at least a few more days.

The credit union is federally insured by the NCUA (Charter # 5500).

Please refer to my first post on Northern FCU for more credit union details and for comments from readers who've gone through the application process. If you've gone through the application process, please leave a comment about how it went.

  Tags: CD rates, Northwest Federal Credit Union

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Comments
11 comments.
Comment #1 by Anonymous posted on
Anonymous
No problems joining (NWF member). I called in and took advantage of their ACH funding option. It's a great option.

1
Comment #2 by Anonymous posted on
Anonymous
hard pull?

1
Comment #3 by djc314 (anonymous) posted on
djc314
comment above is spam

1
Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Thanks, that king spammer has spammed more than 30 of my posts in the last 2 days.

1
Comment #5 by Anonymous posted on
Anonymous
A CSR told me today that their board of directors has decided not to accept any more members qualifying under the NWF "loophole." Unclear what this means for pending applicants, glad I qualified under one of the other criteria.

They are clearly attracting way too much "hot" money.

1
Comment #6 by Anonymous posted on
Anonymous
A CSR today told me that the ACH funding option is available only at the time that you submit your initial new member application.

If you've already signed up to be a member, you may no longer use ACH to fund an additional account such as a CD. You have to wire or mail a deposit to your share account and then call them to open the CD.

1
Comment #7 by Anonymous posted on
Anonymous
I tried applying today as a NWF member and had paid the %15 to join. The CSR said "fine" and we did my application. While we were proceeding, she was pulled away and came back and informed me that the NWF option would be good for employees of NWF only - not volunteers or members. She explored other membership criteria and found out I qualified as a Treasury employee.

1
Comment #8 by Anonymous posted on
Anonymous
They discontinued the NWF membership eligability option at 3pm today.

1
Comment #9 by Anonymous posted on
Anonymous
The list of member companies now says "National Wildlife Federation (employees who or are headquarted in Reston, VA)."

1
Comment #10 by Anonymous posted on
Anonymous
On Friday 11/16 (after seeing the bankingguys second update clarifying that NWF membership does not qualify you as eligible), I went into a branch, signed up using my recent online signup with NWF, obtained membership and funded my CD.

1
Comment #11 by Anonymous posted on
Anonymous
The NWF restriction might be just for online and telephone applicants. If you are able to walk into a branch, perhaps they figure you are local.

1