Dedicated to Deposits: Deals, Data, and Discussion

5.00% 5-Month CD at a Multi-State CU - $25K Max / Easy Membership (Xerox).

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Update 5/07/08: The 5% CD special has ended early.

Xerox Federal Credit Union is offering a special 5.00% APY 5-month certificate. The minimum deposit is $500. There are some extra details about this CD at the bottom of their rate table. One significant detail is the $25,000 maximum deposit per member.

Update 4/18/08: It has been reported that this special CD has been extended to 5/30/08. Also, the credit union has changed its name to Xceed Financial Credit Union.
Update 4/3/08: It has been reported that this special CD is scheduled to expire on 4/15/08.

Membership is open to members of several organizations. One is the Friends of the Webster Public Library which anyone can join for a $8 fee ($5 for those 60 and over). Another is the Heal the Bay. Anyone can join this with a $35 fee ($10 for students).

You can also be eligible to join the credit union without joining an association if you live, work, worship or attend school in the Texas cities of Dallas, Carrollton, Farmers Branch, Irving or Lewisville, in Greater Rochester, New York, in Rosemont, Illinois, in San Jose, California or in St. Petersburg, Florida.

You can also be eligible to join based on Select Employer Groups which include Xerox and OfficeMax.

For the full details of credit union eligibility, please refer to their Membership page. Membership requires a minimum deposit of $5 in the Membership Savings account.

Branches seem to be located in or near all of the cities mentioned above in the field of membership. The credit union is federally insured by the NCUA (Charter # 20068). It has $771.1 million in assets and 77,486 members.

Update 2/29/08: Small print now states that the $25K limit is per member.
  Tags: New York, California, Illinois, CD rates, Texas, Florida

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Comments
17 comments.
Comment #1 by Sree (anonymous) posted on
Sree
I opened 3 CDs, $25K each.
I am a local and eligible by default.
The original ad at the CU office shows that only one CD for a member(but not for family). I had shown their web page and requested to allow me to open 3 CDs, initially they refused, but at last they agreed. Now they updated their site to reflect one CD for a member :-)
Any how, in these low rates, I got a lot of money out, now parked it safely, Thanks Banking Guy

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Glad to read they allowed you to open 3 of these. I was disappointed when I saw the $25K limit in the small print. I almost missed that detail.

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Comment #3 by Sree (anonymous) posted on
Sree
Yes, your blog has been helping me to move my floating $$ around these CDs, thanks again.
At the time I am opening the CDs, I was in a position to open ANY number of CDs as they generously agreed their mistake of not having the "one per member" clause on their site. But I didnt prepare for more then 3 CDs. I am happy for that also since the rates are real low and got a nice parking place for my $$

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Comment #4 by Anonymous posted on
Anonymous
2 more notes about this offer:

1) it expires on tax day (april 15th)

2) it's only available to U.S. residents

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Comment #5 by Anonymous posted on
Anonymous
Please note that if you wish to join the Friends of the Webster Public Library, they do not guarantee a quick response. The Friends are a volunteer organization whose sole purpose is to support our library. Thanks for understanding - we have been swamped with calls.

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Comment #6 by Anonymous posted on
Anonymous
The Xerox Federal Credit Union requires you to include a receipt of membership to the Friends of the Webster Public Library when sending in your information. I mailed a check to them a few weeks ago but have yet to hear back from them. Has anyone else had any luck? What's been your turnaround time? Any chance they will email/fax the receipt instead of snail mail? This offer is going to expire soon and I would hate to miss it. Thanks.

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Comment #7 by CardHype (anonymous) posted on
CardHype
I stopped by the El Segundo branch to open the CD. They accepted a print-out of the confirmation page from the Heal the Bay student membership ($10) for eligibility. The representative explained when the CD matures there will be a 5 day grace period after which the CD will renew into a 1 year CD at the then current rate.

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Comment #8 by Banking Guy (anonymous) posted on
Banking Guy
Thanks everyone for the comments. Glad to see this CD is still available.

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Comment #9 by Anonymous posted on
Anonymous
Is there a hardpull for opening these accounts?

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Comment #10 by CardHype (anonymous) posted on
CardHype
No hard pull for me. Applied and person, but don't know if that makes a difference.

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Comment #11 by Anonymous posted on
Anonymous
Called today, was told this CD has been extended and will be available until May 30.

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Comment #12 by Atlanta Wolf (anonymous) posted on
Atlanta Wolf
Consider also opening a Money Market with $1,000 for $50 bonus to get an effective rate over ~12% (assuming you keep it open 5 months as well) :-)

http://xfcu.org/promotional/xclusive_offers.aspx

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Comment #13 by Banking Guy (anonymous) posted on
Banking Guy
Thanks! Another great deal at this CU.

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Comment #14 by Jay Sweifach (anonymous) posted on
Jay Sweifach
It appears that the 5% 5-month CD at Exceed has ended as of yesterday 5/7 - too bad. Jay S.

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Comment #15 by Kevin L. (anonymous) posted on
Kevin L.
Xceed Credit Union (formerly Xerox Credit Union) is shady and very poorly run. Two different CSRs at their San Jose, CA branch assured me that their 5.0% CD offer would be valid at the end of the week last week, so I withdrew $25,000 from my credit union (and closed that account so that account) in order to transfer the funds into an Xceed 5.0% CD. However, when I showed up at the branch with my money, they said that the offer was no longer available, and they tried to convince me to open a 2.0% CD instead. When I told them that, earlier on that same day, one of their CSRs had told me that the offer was still available, they were unprofessional and rude. Overall, the credit union and its management and staff seemed very incompetent, unreliable, and trashy. Don't trust their word, and beware of their unscrupulous offers and practices.

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Comment #16 by Anonymous posted on
Anonymous
Was surprised to learn that Xceed's CD interest posts quarterly. I hadn't seen any since I opened my 5-mo CD so I had to call.

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Comment #17 by Phaser Ink (anonymous) posted on
Phaser Ink
While this offer was still happening, It was extremely disappointing to see the $25K limit. However Sree says they allow to opened more than one, is this right?

If so, why would they even put a limit of 25K if you could open more than one CD?

Regardless i think this is a great rate! 5.00% 5 Months with $25K is not bad at all! However the problem is that it expires on tax day.. this was another reason i didnt open this CD.

Thanks for this anyway!
-Brie

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