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Share Plus Federal Bank Offering 2% APY 12-Month CD - Available Nationally

Tuesday, April 30, 2013 - 9:15 AMShareplus Bank
Share Plus Federal Bank in Plano, Texas is offering a 2% APY 12-month CD rate good for terms between 1-5 years. There is a minimum deposit of $10,000 and a maximum deposit of $25,000. The bank is limiting it to one CD per customer. While there is no online application, the CD can be opened via the phone. A mailing will be then be sent with the necessary paperwork, to be returned to the bank with a check.

Share Plus Federal Bank Offering 2% APY 12-Month CD - Available Nationally

I called the bank and CSR Michelle confirmed the CD offering even though it's not depicted on the bank's web site. The site, however, instructs one to call them at 1-800-352-8257 for current special CD offers.
11
ShorebreakShorebreak2,621 posts since
Apr 6, 2010
Rep Points: 14,205
1. Tuesday, April 30, 2013 - 11:41 AM
Shorebreak, thanks for sharing the info. 

Michele is bravely trying to keep up with the onslaught of calls.  Iit looks like the bank is trying to cope with the unexpected volume while they reallocate other associates to help in this area.   At this point they are asking for the caller's name and callback number, so someone can call them back.  Since they are not even requesting address information in this initial call, I wouldn't expect the account will be opened anytime soon. 

The bank will indeed mail a signature card to you, although it would be faster if someone visited a local branch.  Aside from the branch in Plano, there is one at Frito-Lay HQ in Plano, and one in Dallas.  There are also branches at certain locations in Irvine, CA and Louisville KY (see locations).

The account will not be opened until the signature card is received. 
7
pearlbrownpearlbrown1,436 posts since
Nov 2, 2010
Rep Points: 6,261
2. Tuesday, April 30, 2013 - 12:21 PM
Additional information based on the callback from a very helpful associate:

There is indeed a maximum of one CD and $25K for this CD - if you do not have an existing relationship with the bank.  If, however, you open a checking account with direct deposit or maintain a minimum of $1K balance at all times in the checking account for the life of the CD, then you can fund the CD up to $50K.   

There are a couple of checking account options:  the free checking account pays no interest, the Power+ checking pays minimal interest.  With the free checking account option, you must accept E-statements or you will be charged $3/month.    You must have activity (deposit or withdrawal) in the checking account at least once every 6 months, or it becomes dormant.  

The bank does a ChexSystems inquiry.  
8
pearlbrownpearlbrown1,436 posts since
Nov 2, 2010
Rep Points: 6,261
3. Tuesday, April 30, 2013 - 5:00 PM
Shorebreak,

Good find! Remember when this blog was named bankdealsblog.com? So this is exactly the kind of post that's in the "spirit" of the original blog. Unfortunately, given the decided lack of bank deals in this interest rate environment, if we only posted bank deals, we'd have little to post at all!

 If the bank is having problems keeping up with the calls, then I wouldn't expect this deal to last very long. Had there been an online application, the bank would most likely be even more overwhelmed, so perhaps this CD promotion might last longer this way.
7
WilWil242 posts since
Feb 26, 2010
Rep Points: 1,285
4. Tuesday, April 30, 2013 - 6:17 PM
Re: Wil @ 3. Tuesday, April 30, 2013 - 5:00 PM

Yup Wil, the 'good old days' so to speak.
4
ShorebreakShorebreak2,621 posts since
Apr 6, 2010
Rep Points: 14,205
5. Tuesday, April 30, 2013 - 10:29 PM
Wow!  They actually have a branch in my city!  And my CD doesn't mature until May!  Gripes, I need to figure out a way to put together 25M!  I avoided this bank in the past because they never had decent rates.  However, now 2% sounds like a great deal! 
2
paoli2paoli21,372 posts since
Aug 10, 2011
Rep Points: 6,011
6. Wednesday, May 1, 2013 - 10:36 AM
As I posted on the Blog, I got my 5 year Share Plus CD this morning at a local branch.  They said since we are a couple, we could have gone up to 50M but I didn't have more this morning.  If it continues until my two CDs mature this month, we hope to return and get more.  If anyone hears about how long it will last, please post.  Thanks!
2
paoli2paoli21,372 posts since
Aug 10, 2011
Rep Points: 6,011
7. Thursday, May 2, 2013 - 1:56 PM
 

Had no problems opening a 3 year cd at the Plano, TX branch. I live in Massachusetts and the branch manager, Heather took all my information over the phone. She was also very responsive to couple follow up questions I had.
1
FARFAR106 posts since
Feb 26, 2013
Rep Points: 381
8. Thursday, May 2, 2013 - 4:31 PM
FAR:  I found your post very interesting that you were able to open your CD living in Massachusetts.  I called Share Plus to find out if they are now allowing the special nationwide and was told the only way someone could have opened a CD for someone not living in Texas, KY, or California could be if they managed to get it "before" Share Plus met their quota.  The Rep said they met their quota a day or so ago and now they are limited to only selling the CD Special to people who actually have branches in the cities they live in.  Frankly, I don't think this is a very professional way of handling this because some of our posters may have been told no before their quota was met because their reps may have misunderstood the rules for this Special.  

  However, I am glad you managed to get someone who was willing to let you in on the Special or maybe you did buy the CD before they met their quota.  I hope making their quota this soon does not cause them to discontine the Special early.  We'll have to wait and see.
1
paoli2paoli21,372 posts since
Aug 10, 2011
Rep Points: 6,011
9. Thursday, May 2, 2013 - 8:45 PM
I was expecting to leave my number and wait for a call back as previously posted but all the information was taken on my initial call placed on May 1. The signature card was e-mailed to me that afternoon and I mailed my check today. Guess I got in before their quota was met.
1
FARFAR106 posts since
Feb 26, 2013
Rep Points: 381
10. Friday, May 3, 2013 - 7:51 AM
FAR:   If you placed your call on May 1st, that seems to explain why they accepted your deposit even if you were not in the area for the Special.  We were at our local branch that day getting ours and I remember the Assistant Mgr. who was handling ours was asked by the Manager "how were things going with the Special" and she was told it was "slow" so far.   I told her I expected it to get better for them since the word was out on a discussion group already on the internet.  She seemed happy to hear that so maybe they "bended" the rules to let more depositors in.  Anyway, I just hope the Special lasts longer.
1
paoli2paoli21,372 posts since
Aug 10, 2011
Rep Points: 6,011
11. Friday, May 3, 2013 - 2:25 PM
I had called on Wednesday, and was told they would send out a signature card.

Nothing showed up.  I called them today.  Got a Supervisor, TASHA, who told me they were NOT sending out signature cards until the check showed up. 

I pointed out that this was different from what they told us on Wednesday.  I asked how we were supposed to know that this little detail changed.  She said they thought they had already called everyone back, but must have missed us.  Just glad I did not wait to call back to ask what is going on.

SOoooo - if you are waiting for the signature card to send in your check, don't wait.  Mail them a check ASAP to make sure you can still get this rate.
1
Anon456Anon45630 posts since
Oct 30, 2011
Rep Points: 76
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