5.00% 5-Month CD at First New England FCU - Easy Membership

Anonymous - #1, Friday, September 5, 2008 - 5:05 PM

Bauer Financial rates this credit union 4 stars!

Excellent find.

Thanks!!!

Anonymous - #2, Friday, September 5, 2008 - 5:57 PM

What are the options for funding the CD & for getting the $ out when mature?

GoldenGirl (anonymous) - #3, Friday, September 5, 2008 - 7:40 PM

I joined FNE FCU in April and was charged the membership fee to join the Lucy Robbins Welles Library - two months after I opened the account. It was directly debited from my checking account. New members might want to confirm that the library membership fee is waived.

Anonymous - #4, Friday, September 5, 2008 - 8:06 PM

The online sign up does not offer the 5 year CD as an option.

Anonymous - #5, Monday, September 8, 2008 - 9:34 AM

goldengirl, how much was the membership fee?

Anonymous - #6, Monday, September 8, 2008 - 7:06 PM

Seems like $12 for individual less than 60 year, family membership is $22.

Check it out:
http://www.newingtonct.gov/content/78/118/136/1302/1458/default.aspx

Anonymous - #7, Friday, September 12, 2008 - 10:37 AM

I sent them an email which was deleted without being read.

Anonymous - #8, Monday, September 15, 2008 - 7:40 AM

I also emailed them and received a prompt reply. I have quoted the reply because I thought it was a pretty good explanation for some of the comments:

"Thank you for showing an interest in our 5 month CD special. Please open an account online at www.firstnewengland.org, you will qualify for membership as Newington Friends of the library. The Friends of the Lucy Robbins Welles Library is a partnership between First New England and the Newington Library that enables the credit union to support a community organization. The $10 membership fee paid by online applicants goes directly to the Library. Online applicants qualify to become members of First New England by becoming a member of the Friends. The minimum initial deposit to open a share savings is $10. Therefore, to take advantage of First New England’s exceptional rates and high yield accounts, online applicants need to make an initial investment of $20. You will not see an option to open the CD as it is a special promotion and not normally available, so I will have to do that for you over the phone. Once the account is opened an account number will automatically generate for you. You will then take the funds you wish to invest to the nearest shared branching location, (See below) if you are not local, and tell them you would like to deposit the money into your FNEFCU savings account, which will show up in your account on our end immediately. After you do this please call me at the below number so I can open the CD and move the funds for you."

Banking Guy (anonymous) - #9, Monday, September 15, 2008 - 9:02 AM

Thanks for checking on this and commenting on their reply. I've included a link to your comment in the post.

jwbodnar (anonymous) - #10, Monday, September 15, 2008 - 10:39 AM

Doing the application now and noted that this CU has an inactivity fee of $5, where inactive is "defined as combined share balances under $300 and no activity for 24 months in individual account or account in related household."

Which pretty much means that if you're going to do the 5 month CD, you might as well close the account 32 days later if you don't want to lose your initial $10 deposit.

Also, there's a $10 fee for closing the account in less than 6 months or a $2 fee for making a savings account withdrawal after 6 months.

Best way to close might be to withdraw all funds via ACH after 6+ months.

Anonymous - #11, Tuesday, September 16, 2008 - 2:13 PM

This CD promotion is over as of today.

Anonymous - #12, Tuesday, September 16, 2008 - 2:59 PM

I opened an account online on Monday night, 9-15-2008. After leaving 2 unanswered phone voicemails for them on Tuesday (trying to get my account #), I called again and spoke to a rep who told me the 5% cd was no longer available and my account was not opened, even though I have a confirmation number and a printout of the 5% cd on the rate sheet. Needless to say I am very angry with this horrible credit union.

Anonymous - #13, Wednesday, October 1, 2008 - 11:10 AM

Please avoid this bank in the future, I opened an account on 9/16, the day the promotion ended (but before the deadline) and due to the fact that it takes over 1 week to open the account, I was not able to get the rate due to their incompetence. Furthermore, my experience with customer service after the fact was truly horrible, please avoid at all costs!