I first reported on this promotion in this December post, and I provided an update on it last week. Readers left a comment in that post saying it's scheduled to end tomorrow (1/31/08). I just called and confirmed that Thursday is your last chance at this. As one commenter mentioned, this is a great deal for anyone with a relatively large deposit who lives in LA. If you don't live near a branch, you're probably out of luck since you would have to mail in your application. About direct deposit, a reader mentioned that the direct deposit can be any amount. Even if you don't want to hassle with direct deposit, a 5.25% APY is still a great deal, especially after the massive Fed rate cuts in the last 2 weeks.
Membership is open to those who live, work, worship, volunteer or attend school in Los Angeles County, California. Membership is also open to anyone who lives or works in Lake Havasu City, Arizona through Havasu Community Credit Union (a division of LA Financial CU). Please refer to LA Financial CU's membership page and Havasu Community CU's membership page for more details. The credit union has a $5 membership fee, and there's a $5 minimum deposit required for the savings account. A minimum $100 balance in the savings account (or $2.5K combined balance of all savings and loans) is required to avoid a $3/month fee (see savings account info).
Branches are located in Los Angeles, Pasadena and Norwalk, CA, and in Lake Havasu, AZ. The credit union is federally insured by the NCUA (Charter # 2024). It has $288.2 million in assets and 34,419 members.
Thanks to all the the readers who provided info on this deal.