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4.00% 7-Month CD at a California CU - Easy Membership/ASI-Insured Only (Christian Community)

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Christian Community Credit Union
Christian Community Credit Union is offering a new-member special certificate with a 4.00% APY and a 7-month term. The minimum deposit is $500, and the maximum is $100,000.

This special used to have a maximum deposit of only $10,000. I just called the credit union, and I confirmed that this has been increased to $100,000. I was told that you can open this with your membership online and fund it electronically. The CSR said they don't limit the amount that can be electronically funded. However, I noticed the online application still states a $5,200 limit. When you select "continue" after selecting the accounts, a popup window states that there's a limit of $5,200 for funding the accounts from your existing checking or savings account.

They still are offering the special 3.75% APY 9-month CD that I reported on last month in addition to other new-member specials. The 9-month CD doesn't require you to be a new member. It just requires money new to the credit union. Please refer to that April post for more details.

Membership is open to those who affirm a personal Statement of Faith. Please see their Membership page for more details.

The credit union has offices in San Dimas and Covina, California.

The credit union only has private insurance via American Share Insurance (ASI). I have more discussion on ASI, in the April post. Christian Community Credit Union still has a 3 out of 5 star rating (performing) at Bankrate.com based on 12/31/07 data.

Like NCUA, the ASI does provide access to each credit union's financial data. Here's the ASI page for this credit union.

  Tags: California, Christian Community Credit Union, CD rates

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Comments
2 Comments.
Comment #1 by Anonymous posted on
Anonymous
Is there a hard pull when opening an account?

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
This old 1991 NY Times article does not discuss ASI, but another private credit union insurer that covered Rhode Island credit unions. There's an interesting quote that's relevant to the issue of ASI.

"The private insurance funds are well intentioned, but they are fundamentally flawed by inadequate capital and the lack of a sound reinsurance policy," said Bert Ely, a banking consultant and an expert on deposit insurance in Arlington, Va. "Anytime one of their large insured institutions fails, they have shown a lack of staying power."

1