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Fort Knox FCU CD Specials (9, 14, And 23 Months)

Saturday, July 27, 2013 - 11:01 AMFort Knox Federal Credit Union - Details
Five-star DA-rated Fort Knox FCU is offering 3 CD specials. 

The 9-month CD pays 0.75%APY, the 14-month CD pays 0.90%APY, and the 23 month CD pays 1.20%APY.   

These CDs can be opened online.

In the fine print at the bottom of the CD rates page (bolding and underlining is mine):  
When opening a Term Share Certificate of Deposit, the member has agreed to leave the principal of this account on deposit for the full term stated in the account or renewal notice. If all or part of the principal is withdrawn before the maturity date, the Credit Union may charge a penalty. Withdrawal of the principal amount of the Certificate may be made only with the consent of the Credit Union. Unless stated otherwise, the owner shall forfeit an amount equal to 180 days dividends whether earned or not on certificates with maturities greater than 24 months. The penalty on certificates with maturities less than 24 months is 90 days dividends whether earned or not. The penalty may be calculated at the rate paid on the deposit. The penalty will, if necessary, be taken from the principal amount of the deposit. ** 365 day early withdrawal penalty on the 59 month term.

5
pearlbrownpearlbrown1,482 posts since
Nov 2, 2010
Rep Points: 6,440
1. Sunday, July 28, 2013 - 10:23 PM
Pearlbrown, I wish you didn't give this credit union any publicity. If you remember, they changed the EWP on CDs retroactively. One of only two banks or credit unions in the entire nation to do this. This is a reprehensible credit union that should rot in h*ll. I urge all readers to never do business with this institution.  They will **** you.
4
loulou553 posts since
Aug 3, 2010
Rep Points: 3,432
2. Sunday, July 28, 2013 - 11:47 PM
Fort Knox FCU's and CEFCU's actions are familiar to longtime followers of this blog and of other popular sites as well.   Regardless of my own opinion about an institution, I prefer to provide facts so that individuals are free to make their own decision as to whether they wish to do business there.
4
pearlbrownpearlbrown1,482 posts since
Nov 2, 2010
Rep Points: 6,440
3. Monday, July 29, 2013 - 1:50 AM
But there are many readers who may not be aware of this credit union's history. Therefore, I think it is only fair we inform more recent followers of this very egregious act.

Edit: Even worse they did not allow CD owners the opportunity to withdraw the money penalty-free. Instead, you were given the choice of paying the old penalty within a 30-day period or consenting to the new penalty. A hobson's choice, which means no choice at all.
4
loulou553 posts since
Aug 3, 2010
Rep Points: 3,432
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