Dedicated to Deposits: Deals, Data, and Discussion

5.25% 9-Month Add-On CD Still Available at Money One FCU (easy membership)

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Update 1/29/08: It has been reported that this special CD has ended for new members.

Money One Federal Credit Union is still listing a special 5.25% APY 9-month share certificate. The minimum deposit is $5,000. New money is required. In addition to the high yield, the CD allows you to add-on to your balance one time within the first 5 months. For those who have CDs maturity in a few weeks, this feature could come in handy.

I first reported on this special in December, and a reader just commented that it's still available.

According to the credit union's Membership page, anyone can be eligible for membership by a one-time membership donation to Gifts for Easter Seals. There's also a long list of Select Employee Groups. Membership requires a minimum deposit of $5 into your share savings account. The membership page has instructions about how to apply by mail. I tried to call to see if a new member could apply for this special CD as part of the new member application, but I wasn't able to connect to a service rep. If you're able to get through, please leave a comment. Here's their contact page.

The credit union is located in Largo, Maryland. It's federally insured by the NCUA (Charter # 7264). It has $84.5 million in assets and 14,242 members.
  Tags: Maryland, CD rates

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Comments
18 comments.
Comment #1 by Anonymous posted on
Anonymous
According to the CSR I spoke to, you cannot apply for both at the same time.

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Comment #2 by Anonymous posted on
Anonymous
did any one call to open the cd?

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Comment #3 by Anonymous posted on
Anonymous
Yes, I called and confirmed that the 5.25% promotion share certificate is still available. But you need to become a member of credit union first, which can be done either by filling out a registration form and mailing it back or visiting a local branch in person. Purchasing of the share certificate can be done at the same time of becoming a member only when you visit a local branch in person. Otherwise you will need to mail in the registration and wait for the confirmation and then purchase the certificate, if the promotional rate is still available.

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Comment #4 by Anonymous posted on
Anonymous
i called today and was told i can open the account and the cd at the same time with one check for three items..account, easter seal and cd.

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Comment #5 by Anonymous posted on
Anonymous
I opened one of the 5.25% Cd's yesterday, in person. Very friendly and helpful staff throughout the transaction. One point I believe not previously mentioned here is the fact that the 'one time contribution' to the Easter Seals has a minimum amount of $20. This can be seen on their web site by clicking on the "Become a Member" tab, then downloading the Membership Application form which is a pdf file. On the second page of the application, directly below the Membership Application title, note the little box labeled GFES which is the "Gifts For Easter Seals" option and the nomenclature for the minimum gift amount of $20. When I asked, they allowed a separate check to be written payable to the Easter Seals which they then process for you. This might provide a reminder of your tax deductible contribution to the Easter Seals.

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Comment #6 by Anonymous posted on
Anonymous
I took a chance today and sought to open one of these CDs via the mail. We shall see what happens when all the paperwork reaches Maryland. I am hopeful but not confident. Things are changing SO fast and this is not a bad rate or term - quite good really - . . . . . sadly in light of events. My thanks to you, Banking Guy. I am broke, actually, and had to scrape together the five grand to open this. But in a couple of weeks I have a large money CD maturing. I have to wonder, Banking Guy, if MOFCU will be able to hold open its offer allowing CD additions later. You will recall what happened at United Services a while back: they reneged on a similar offer. I only need circa two weeks. Hope I get the time.

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Comment #7 by Hans (anonymous) posted on
Hans
Drove 150 miles to the HQ (and only) branch this morning (1/26), became a member and bought the 5.25% 9-month CD. Very friendly CSR said any amount can be added-on to the CD once during the first five months. She mentioned that the CU got over a hundred calls about the CD yesterday. Forgot to ask if there was an offer deadline.

They're a CU Service Center, so if you have an account there and at another qualifying CU you can do inter-CU transfers at no charge.

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Comment #8 by BillF (anonymous) posted on
BillF
Called Jan 28, 9:50 a.m. CSR said the 5.25% CD is still available. However, I was told that if you want to open your account "in person" you can only do so at their Largo office, not at their many other "shared and FSC locations".

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Comment #9 by Anonymous posted on
Anonymous
Is the promo over, taken off the web site?

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Comment #10 by Anonymous posted on
Anonymous
When I called this morning, CSR confirmed deal was still on, despite apparent removal from web site. Based on her direction, I sent my membership application, copy of driver's license and single check covering Easter Seals, savings account and CD by regular mail. For whatever it's worth, she also said there were no immediate plans to discontinue deal.

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Comment #11 by Anonymous posted on
Anonymous
Looks like I waited too long. As of today (1-29-08) 12:12 PM Central time a CSR said this deal was closed, except for pre-existing members. She said that decision was, she thouigh, made yesterday afternoon. I asked could I still get in under the wire if I overnighted my membership application & related paperwork, but she said no.

Oh well.. You snooze, you lose.

If anyone gets a different response today - of they say it's still on - please post it here & who you talked with? Thanks.

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Comment #12 by Banking Guy (anonymous) posted on
Banking Guy
Thanks. Sorry to read that they're closing it. I've updated the post with the news.

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Comment #13 by Anonymous posted on
Anonymous
I agree it appears dead. Just off the telephone with them. Their new accounts person did not show up for work today. I've run into this before at other credit unions with deals. It's never a good sign. When the crush hits they just stay home. But worst news I received is this: A rep told me they were sending back applications last Saturday!! I tried to obtain confirmation of this statement. Was not able to obtain confirmation. Bottom line they predictably went out of control given their deal, next they killed it, and they are now in recovery mode. I do not know for sure I have been rejected. Just cannot access information. This was the last hope. Nowhere to go now but down, down, down.

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Comment #14 by Anonymous posted on
Anonymous
a sad scenario indeed... Looks like I'll be grabbing a local CU 5% 1 yr CD today, where I'll "vist the store" in the old fashioned way & fill out the application right there in front of them... Let them try to deny the application after that!

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Comment #15 by Anonymous posted on
Anonymous
This deal is stone cold dead. R.I.P.

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Comment #16 by Anonymous posted on
Anonymous
This is what I can add to this discussion. On Monday morning Jan 28 they removed the offer from the web site. I called at 10 am and asked if the offer was over. The CSA put me on hold and came back and said that the offer was still valid even though it had been removed from the web site. She also added that it could dissapear at any moment.

I have been a member of this CU for many years and wanted to get in on this deal as a hedge against declining rates as I have some CD's maturing in the coming months.

My brother who is not currently a member wanted to get in for the same reasons. So we drove the 15 miles to their only location in Largo, MD and signed up around noon.

Although they said they had had a lot of inquiries about this offer the previous Friday, at the time we were there, there was no indication from them that the offer would be ending. Of course they don't make the policy and there may have been a meeting later that afternoon that resulted in its discontinuation as others have reported from their contacts on Tue 1/29.

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Comment #17 by Banking Guy (anonymous) posted on
Banking Guy
Thanks everyone for keeping me updated and sharing your experiences with this credit union. Sorry to see them end this deal.

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Comment #18 by Hans (anonymous) posted on
Hans
Just pulled my Equifax report and saw that Money One did an Equifax inquiry on me, just for buying their CD, even though I went there in person.

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