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INOVA FCU RCA Rate Increase (2.0%APY, $20K) To (3.0%APY, $20K)

Tuesday, June 4, 2013 - 8:36 AMINOVA Federal Credit Union - Details
The change was effective Monday, 6/3.  This 4-star DA-rated credit union is on Ken's list of credit unions open to anyone
5
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
1. Tuesday, June 4, 2013 - 4:20 PM
I filled out the application and when I got to the opening deposit section, it said that a minimum of $20,000 was required to join the CU. I typed in $50 as my initial deposit and got a pop-up window that again requested a deposit of at least $20,000. This is f****d up.
1
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
2. Tuesday, June 4, 2013 - 5:38 PM
I filled out the application and when I got to the opening deposit section, it said that a minimum of $20,000 was required to join the CU. I typed in $50 as my initial deposit and got a pop-up window that again requested a deposit of at least $20,000. This is f****d up.

Did you contact the credit union to clarify?  It may be a glitch in their online application process.

2
51hh51hh1,461 posts since
Jan 16, 2010
Rep Points: 6,351
3. Wednesday, June 5, 2013 - 3:04 PM
Dunker,

Did you add a savings account?  All credit unions require both savings and checking accounts.  Thus one needs a $5 (typically) savings before the RCA.
1
51hh51hh1,461 posts since
Jan 16, 2010
Rep Points: 6,351
4. Wednesday, June 5, 2013 - 3:20 PM
I was able to speak with a branch manager this afternoon and he agreed that the $20,000 minimum deposit was a mistake in the on-line application form and that he was glad that I broughtit to his attention.  He also said that this is NOT a nationally available RCA. You have to live within 100 miles of a branch. And since my nearest branch is more than 300 miles away, I am not elegible to join Inova.
2
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
5. Wednesday, June 5, 2013 - 4:05 PM
Dunker, I'm sure they appreciated your bringing the application issue to their attention so they could fix it. It's too bad that while membership in the credit union is open to anyone, there is restricted availability for the RCA.  

Some financial institutions have similar anomalies. For example, State Bank of Toledo is not a credit union, so qualifying for membership is not an issue.  However, their accounts, with the exception of their RCA, require a branch visit to open. 
3
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
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