Dedicated to Deposits: Deals, Data, and Discussion

5.75% 12-Month CD at a Southern California CU (Patriots).

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Update 1/5/08: This CD special has ended. Please check the credit union's website for the latest rates.

Patriots Federal Credit Union is offering a special 5.75% APY 12-month certificate. The minimum deposit is $10,000, and new money is required. The special doesn't seem to be listed at the credit union's website. A reader mentioned seeing it advertised in today's Orange County Register.

I called and confirmed that this special is available. According to the service rep, it's scheduled to last until 1/15/08, but it could end early (which is likely based on the very high rate). She mentioned that it's only available at their Santa Ana branch, and you must make an appointment first which seemed odd to me. She took my number so another rep with more info on this special could call me, but no one called.

Update 12/05/07: I never received the call back, but a reader provided the following details in the comments which describes why the appointment is necessary:
PFCU is offering this high CD rate as part of a joint promotion with another financial entity. You must appear in person so the other entity can pitch you. However, you do NOT have to sign up for any other financial products to obtain the 5.75% rate. The CD itself is strictly beneath PFCU, a PFCU product and offering - and it IS NCUA insured.

Membership is open to those who live or work in Southern California. You can also be eligible to join if you're a member or employee of eligible organizations or businesses. More info is provided at their history page. However, they don't provide any details about eligible organizations. I forgot to asked about this during the call.

Membership requires a $10 fee, but this fee is waived during this promotion. A minimum balance of $25 in your savings account is required for membership.

The credit union is federally insured by the NCUA (Charter # 14785). It has $93.9 million in assets and 6,638 members. Bankrate.com gives them 3 out of 5 stars (performing) based on 6/30/07 data.

Thanks to the reader who emailed me info on this CD. More info is also available at this FW thread.
  Tags: California, CD rates

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Comments
6 comments.
Comment #1 by Anonymous posted on
Anonymous
I called their 24-hour service last night. The person trying to answer questions knew absolutely nothing about anything. I asked if he was new...he said "yes," but then later tlod me he's been there fro 90-days. Also, could not access the computer for rates...did not have any idea about organizations one could join. I was concerned. And, that is in addition to your comment about making an appointment to join...it says one can apply online? Is this a legitimate credit union?

1
Comment #2 by Anonymous posted on
Anonymous
And, the local number for the Santa Ana branch is not a working number.

1
Comment #3 by Anonymous posted on
Anonymous
Current Position(s) Available:

Call Center Representative - Aliso Viejo, CA

Teller- (Full Time) - Aliso Viejo, CA

Amateur website - stuff like the ASI logo being bigger than the NCUA logo.

A very small CU - only $93M.

Appears to be the former Marine Air Federal Credit Union.

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Comment #4 by Anonymous posted on
Anonymous
This is a great deal for ANYONE able to appear in person in OC. The CU itself is fine provided you remain south of the NCUA insurance guideline amounts. Here's the deal: PFCU is offering this high CD rate as part of a joint promotion with another financial entity. You must appear in person so the other entity can pitch you. However, you do NOT have to sign up for any other financial products to obtain the 5.75% rate. The CD itself is strictly beneath PFCU, a PFCU product and offering - and it IS NCUA insured. The neat thing about PFCU is that anyone can join, regardless where you live. Thus bottom line, you can join PFCU now and have access to all of their offerings now. Except however, to obtain this 5.75% CD offering you must appear in SoCal, in OC, in person, and listen to a pitch. An appointment is needed for the pitch, as well. So if you're going to be in OC anyway and need a high rate, well, here's your opportunity! I have relatives in OC and asked if they could appear in my stead. No dice. Rep said they'd be happy to have me as a member even though I live on the east coast - BUT - to obtain the 5.75% rate I would be required to make an appointment, appear personally in OC, sit for a while, and listen to the pitch.

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Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. The appointment requirement makes sense now.

1
Comment #6 by Anonymous posted on
Anonymous
Looks like the deal ended last night (12/6/07) at midnight according to their website.

1