This special doesn't seem to be listed at the credit union's website. A reader sent me email with these details.
The Direct Deposit rates don't apply until after a recurring direct deposit has occurred, the member notifies the CU and they verify it. Minimum direct deposit of $50 is required for the DD rate.
Update 12/20/07: Readers have mentioned additional details (Thanks!):
One must also open a checking account with a minimum $75 deposit. The checking account doesn't require direct deposit and there's no $6 monthly fee without it (although there's nowhere it says this in writing). The $75 checking account balance doesn't need to be maintained once the account is opened.
The best promo is the 9-month CD which will give you $137 over what you would earn if you had the $7.5K in a 5% account for those 9 months. The 15-month CD gives you an extra $109 and the 7-month CD gives you an extra $81.
My last report on this credit union was in December 4th when they were offering a 5.75% 12-month CD.
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. Membership requires a $10 fee. A minimum balance of $25 in your savings account is required for membership.
Update 1/11/08: The $10 membership fee is waived for this promotion.
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.