Dedicated to Deposits: Deals, Data, and Discussion

4.00% 12-Month CD at Self Reliance New York Federal Credit Union

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Self Reliance New York Federal Credit Union
Update 3/28/09: CD rates have fallen, but they remain very competitive. Please check the credit union's website for the latest rates.

Self Reliance New York FCU is offering several competitive deposit rates. These include a 3.20% APY 6-month CD and a 4.00% APY 12-month CD. The longer term CDs all have APYs between 4.03% and 4.34%. Minimum deposit is $500. The money market account and IRA are also very competitive. The money market account has a 3.05% APY. Minimum balance is $2,500, and withdrawals are required to be at least $500. The IRA savings account has a 4.34% APY. These rates are listed in the credit union's rate table as of 2/27/09. The rate table has an effective date of 2/19/09 so new rates may soon be posted.

Membership is open to members of the Selfreliance Association of American Ukrainians. More details are listed at the bottom of the credit union's About Page. Update 3/28/09: Here are excerpts from the About page regarding this association:
Only members of Selfreliance Association of American Ukrainians are eligible for membership in the credit union. Selfreliance Association accepts as members: individuals of Ukrainian descent, by birth or marriage; members of Ukrainian parishes, religious communities or other Ukrainian community organizations.

According to the credit union, there are branches of the Association in New York City at 98 Second Avenue, New York, in Uniondale and Kerhonkson New York. The association has a $5 membership fee. Credit union membership requires a minimum balance of $50 in the basic share account.

The credit union has some strong ratings for safety and soundness: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. These ratings are based on 9/30/08 financial data. The credit union is federally insured by the NCUA (Charter # 7217).

Thanks to the reader who emailed me news of these rates.
  Tags: New York, money market accounts, CD rates, IRA rates, Self Reliance New York Federal Credit Union

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Comments
5 comments.
Comment #1 by Anonymous posted on
Anonymous
Here are the membership details from elsewhere on the website:

"Only members of Selfreliance Association of Ukrainian Americans may become members and open accounts at Selfreliance UAFCU. Membership in Selfreliance Association is limited to individuals of Ukrainian descent, spouses of Ukrainians and/or members of Ukrainian parishes.
For more information on becoming a member, please call and ask for our member services department at 1(888)222-8571 or email us at: members@selfreliance.com"

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Comment #2 by Shane (anonymous) posted on
Shane
I spoke with them on the phone today and they verified the posting above - they did say if you knew someone who was a member you could also join that way. For 4% APY, I need to find a Ukranian!

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Comment #3 by Anonymous posted on
Anonymous
I'm a Cossack, does that count?

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Comment #4 by Anonymous posted on
Anonymous
A question for Banking Guy or others - Up front, I'll warn you that this is going to sound a little paranoid. BUT - have you ever heard of a smaller credit union making membership available through a organization that is itself small and rather obscure, and later it is found out that the credit union is really controlling the organization? More to the point, what if that credit union later "determined" (in reality, mandated) that some of the members who joined via that organization were "not really valid members" - and therefore, were not due their interest on their CDs or savings accounts? Has anybody ever heard of such a thing happening?
Pre-financial crisis and pre-Madoff this might have seemed quite paranoid; now it just seems a little paranoid...

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Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
Huron River Area Credit Union was an example of a credit union which illegally expanded its field of membership via an association. The NCUA describes this in its report (pdf) on page 50. In this case the credit union was more interested in expanding its loans. The NCUA appeared to have covered all deposit accounts when it was liquidated. A reader has noted that the NCUA may not be required to cover deposits of non-members of a failed credit union. I don't have a NCUA source regarding this. If you're unsure about the field of membership, you can request from a credit union's its official charter which should include the FOM details.

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