Dedicated to Deposits: Deals, Data, and Discussion

10% 7-Month CD ($1K Max) and $50 Direct Deposit Bonus at SoCal CU (Wescom).

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Wescom Credit Union is having a grand opening special at its Redlands branch. Through this Sunday (February 3) you can get a 10.00% APY 7-month certificate. Unfortunately, it has a low maximum of $1,000 with a limit of one per member. The minimum deposit is $500. Another promotion being offered is a $50 bonus when you open your first Wescom checking account and sign-up for direct deposit. There's also a promotion for the kids. All special offers are available only at the Redlands branch. See their branch page for location and hours. They are open on Sundays.

With a $1K deposit at 10% APY for 7 months, you'll earn about $35 over what you would earn in a 4% account. Both a husband and wife could open one for a total of $70 extra dollars.

Wescom seems to have these types of deals often. It had offered a similar grand opening special for another branch back in June 2007.

Membership is open to those who live, work, worship or attend school in Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa Barbara or Ventura counties. There is a one-time membership fee of $15, and a minimum required deposit of $1 into the regular share savings account. This $15 fee is waived in this grand opening special. According to the service rep when I called in March, they don't do a hard credit inquiry when you apply for membership or accounts.

The credit union is federally insured by the NCUA (Charter # 66703). It's a large credit union with $3.8 billion in assets and 334,367 members.

Thanks to the reader who mentioned the special certificate in the finding deals post.

  Tags: California, CD rates

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Comments
Comment #1 by Anonymous posted on
Anonymous
Watch out – according to Bankrate.com’s safe and sound rating, Wescom credit union headquartered in Pasadena, CA has the lowest rating (1 star and 5 CAEL). Their rating is equal to IndyMac’s. Wescom lost close to $10.8 million the first half of ’08 and $33.1 million in 2007. Capital is at 7.12%, which is considered good by the NCUA however NCUA will place a credit union into conservatorship if capital falls below 7%. According to a letter from Darren Williams, President/CEO, (posted on their web site) they have $250 million in capital which may sound sufficient but for a $3.7 billion credit union that’s not much.

Wescom (wescom.org) is on the largest credit unions in CA and will certainly affect a lot of lives if they fail.

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