Dedicated to Deposits: Deals, Data, and Discussion

High CD Rates at Progressive Credit Union in New York

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Progressive Credit Union
Update 3/3/09: CD rates are down for March, but they're still very competitive.

Progressive Credit Union is offering several very competitive CD rates. These include a 3.91% APY 6-month CD, a 4.18% APY 15-month CD and a 4.22% APY 24-month CD. These rates are listed at the credit union's rate table as of 2/27/09. Since the rate table has a January date, I called the credit union and confirmed these rates are still active. However, I was told that rates will be updated after today.

This credit union has an unusual membership policy. To join the credit union you have to be recommended by another member. According to the CSR, you must have a letter of recommendation from that member. Feel free to use this post to request recommendations from current members. The credit union only has 6,368 members so it's probably unlikely that any of them will read this post. For more details about membership, refer to the credit union's About Page. Membership requires a $10 deposit and a $2.50 membership fee.

Progressive is a small, one-office credit union located in New York, New York. It's federally insured by the NCUA (Charter # 60064).

Thanks to the reader who emailed me news of this credit union and CD rates.

  Tags: New York, CD rates, Progressive Credit Union

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Comments
29 Comments.
Comment #1 by me1004 (anonymous) posted on
me1004
To whom it may concern,

As suggested by Banking Guy, I am asking for a recommendation from a member of Progressive Credit Union so I can join.

Thank you.

Kevin

1
Comment #2 by me2u1004 (anonymous) posted on
me2u1004
Oh, to contact me, just click on my posting name to go via Gmail.

1
Comment #3 by Anonymous posted on
Anonymous
Sorry, I won't beg.

1
Comment #4 by Donald Adler (anonymous) posted on
Donald Adler
Donald Adler

1
Comment #5 by Donald Adler (anonymous) posted on
Donald Adler
Donald E. Adler
I am asking for a recommendation so I can join Progressive credit union. Thanks. Please send to:
twoadlers@aol.com

1
Comment #6 by Joseph (anonymous) posted on
Joseph
I am also looking for a recommendation to join Progressive Credit Union. Please contact me.

1
Comment #7 by Anonymous posted on
Anonymous
never got recommendation did anyone get recommended? thanks anton mcrmgf@aol.com

1
Comment #8 by Dore (anonymous) posted on
Dore
Hi

I am also seeking a recommendation. Contact tangentsradio@gmail.com. Thanks

1
Comment #9 by Anonymous posted on
Anonymous
Rates lowered. Living in neighborhood and going in still won't get you membership. Strangest membership requirement I have ever seen

1
Comment #10 by Anthony (anonymous) posted on
Anthony
Please can someone send me recommendation. my email is openac3@gmail.com

thanks
Anthony

1
Comment #11 by Anonymous posted on
Anonymous
I contacted Progressive directly and asked if there is ANY way to get a recommendation (since that's the very strange and ONLY way to join) — and of course they never bothered to answer the QUESTION.

They simply repeated what we all already know — that you need a recommendation to join. Duh... That's a big help, thanks.

It makes you wonder if the NCUA knows about and condones this kind of weird, rigid & exclusive membership policy that makes it impossible for anyone to join by being a member of ANY organization in the country. It sounds more like an exclusive country club than a government-supported credit union! Can they get away with this as a gov't-supported (NCUA-backed) credit union?

1
Comment #12 by Anthony (anonymous) posted on
Anthony
Can someone respond and supply recommendation? Ive gotten stu gotz as far as a response!

1
Comment #13 by Anonymous posted on
Anonymous
stay off the blog if youre not willing to make a recommendation when asked!@#?!

1
Comment #14 by Anonymous posted on
Anonymous
The person with email me2u1004 is an ahole

1
Comment #15 by Anonymous posted on
Anonymous
To whom it may concern,

I am kindly seeking a recommendation from a member of Progressive Credit Union so I can join and help start saving for my future. I am a NY'er and could use a recommendation.

please e-mail:
lora_morgenstern@timeinc.com

thank you, Lora

1
Comment #16 by Anonymous posted on
Anonymous
I am also looking for recommendation please. These big banks like CHASE are taking advantage of hard working NY/NJer's trying to save in hard economic times by offering nothing.

Please email:
gcvtech@gmail.com

1
Comment #17 by jennem (anonymous) posted on
jennem
Would love a recommendation! We're a working couple with a child, need to get every penny we can.
Jennifer
jennem22@yahoo.com

1
Comment #18 by Anonymous posted on
Anonymous
Same here. Contacted Progressive and they mentioned to continue to network. Its becoming impossible to find a member for a recommendation and no one is willing or to get involved. NCUA is useless also.

1
Comment #19 by Anonymous posted on
Anonymous
Does anyone know if the New York State Banking Department would be able to help locate a member? Also, presumably some if not all of the CU employees/staff are members -- can they recommend us to join?

1
Comment #20 by rmp (anonymous) posted on
rmp
Hi...I need a recommendation so I can join the Progressive Credit Union. Hope someone helps, thanks. Please send to:
shotz123@earthlink.net

1
Comment #21 by Anonymous posted on
Anonymous
Has anyone had any luck finding someone to help you be able to become a member. If so please let us all know. thank you

1
Comment #22 by Anonymous posted on
Anonymous
I called Progressive (from PA) this morning and the young lady who answered was very gracious and courteous. She referred me to a superior over the question of membership, and it's as we suspected. Absolutely, positively NO ONE can join without a recommendation from a current member. I feel like I fell into a hole! If the current members aren't reading this site, how can we locate them to ask them directly? I can't see any other way, and it beats me WHY the CU is so morbidly restrictive. I mean, with an online presence, itonly makes sense to expect and accommodate distant replies and applicants.

1
Comment #23 by Banking Guy (anonymous) posted on
Banking Guy
Perhaps soliciting for a recommendation on Craigslist? Credit union members who may come across it at Craigslist may be a little hesitant, but it's something to try.

1
Comment #24 by Anonymous posted on
Anonymous
Fishy. Bernie Madoff worked this way. I don't need this.

Perhaps someone should head down to the branch and solicit a recommendation directly from a depositor. However, if that depositor speaks like Marlon Brando in his classic 1972 movie, don't be surprised, and step away quickly.

1
Comment #25 by Scott W. (anonymous) posted on
Scott W.
I could use a recommendation please. scott_webber@yahoo.com Thanks!

1
Comment #26 by Anonymous posted on
Anonymous
Thanks Bankguy on the Craigslist recommendation. Tried it no response. Sent email to CEO or bigshot of PCU and he mentioned to network. Sent another email to CEO about how ridiculous their policy is and no response. "COWARD" Good luck to anyone who finds a member and gets a recommendation. If you find one please send me recommendation. If I get one I will reply to this post. Best of luck to all in these hard economic times. PSS I also mentioned to PCU customer service that i am unemployed and former member of a NYC Credit Union, didnt matter. NCUA mentioned if they give you such a hard time for a ridiculous policy - walk away. May be we should file a complaint with NY Dept of Banking and the OCC.

1
Comment #27 by Anonymous posted on
Anonymous
Try Melrose Credit Union, there rates are not as high but they are very reliable.

Susan

1
Comment #28 by Alan (anonymous) posted on
Alan
I would appreciate receiving a recommendation allowing me to join Progressive Credit Union.

Please respond to alan22122@yahoo.com

Thanks for your consideration.

Alan

1
Comment #29 by JOHN KEMMPF (anonymous) posted on
JOHN KEMMPF
I would appreciate any current member providibg me with a recomendation so I can open an account.

Thank you for your help and understanding in this matter.

2