1st United CU Adds Limited-Time 36-Month CD


UPDATE 10/8/17: This special 3% 36-month CD has now expired.

UPDATE 10/6/17: This special is scheduled to expire at the end of Saturday, 10/7/17. Member Contact Center and most branches are opened Saturdays from 9:00am to 1:00pm PT. More details about this special and the Triple Advantage features are now listed at this credit union page.

Deal Summary: 36-month Fixed Share Certificate, 3.00% APY, $1k minimum deposit.

Availability: Residents of Alameda, Contra Costa, Kings, San Joaquin, Solano, Stanislaus Counties, California; Employees of 20 SEGs, including several state and local government agencies.

It’s a new month and a new quarter, which usually means there are new, competitive deals popping up. I think 1st United Credit Union (1st United) is an early winner with its 36-month Fixed Share Certificate (3.00% APY). The minimum deposit is $1k, with no stated balance cap.

1.60%$1k-1st United Credit Union36 Month IRA Fixed Certificate (Traditional, Roth)
1.50%$1k-1st United Credit Union36 Month Fixed Share Certificate
Rates as of April 26, 2018.

I have to admit I was slightly skeptical when I first saw this rate, thinking it was an error on 1st United’s website. Two phone calls and one Live Chat later, I’m feeling confident that this rate is legit.

The Certificate is also available as an IRA (Traditional, Roth), earning a slightly higher 3.10% APY with the same funding requirements.

As stated in the Member Account Agreement and Disclosure document, the Early Withdrawal Penalty reads as follows:

The early withdrawal penalty will be equal to the lesser of the dividends earned or
90 days dividends on the amount withdrawn which will be deducted from any Term
Account with a term of 84 months or less if a withdrawal is made prior to maturity.

Thanks to the DA reader who let me know about this "winner, winner, chicken dinner" 3.00% APY.


Headquartered in Pleasanton, California, 1st United Credit Union’s field of membership (FOM) is primarily residency based.

Residency: Individuals who live, work, or attend school in Alameda, Contra Costa, Kings, San Joaquin, Solano, or Stanislaus County are eligible to join.

Employment: Employees of 20 SEGs (including state and local government organizations) also qualify for membership.

Relationship: Immediate family members of current members, related by blood or marriage, are eligible for membership.

Joining 1st United and/or opening a Fixed Share Certificate can be done online, or at any of nine northern California branches located in Alameda, Berkeley, Castro Valley, Fremont, Hayward, Oakland (2), Pleasanton, and San Leandro.

Credit Union Overview

1st United Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.08% (excellent) based on June 30, 2017 data. In the past year, 1st United has increased its total non-brokered deposits by $95.69 million, an excellent annual growth rate of 11.95%. Please refer to our financial overview of 1st United Credit Union (NCUA Charter # 63958) for more details.

Founded in 1932 as City & County Employees' Credit Union, 1st United Credit Union was one of the first credit unions in the State of California formed for the benefit of state and local government employees. The original field of membership (FOM) included Alameda County employees but was expanded to include employees of city and county hospitals and schools. Following a merger in 1996 with ALFA Federal Credit Union, the Credit Union's name was changed to better reflect the FOM. 1st United Credit Union became a community chartered credit union in 2001 and today has more than 55,700 members and assets in excess of $995 million.

How the Fixed Share Certificate Compares

When compared to the 361 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available within the FOM, 1st United Credit Union's 36-Month Fixed Share Certificate APY currently (and clearly) ranks first.

These rates are accurate as of 10/3/2017.

To look for the best CD rates, both nationwide and in your state, please refer to our CD rates table, or our Rates Map page.

Related Pages: San Francisco Bay CD rates, 5-year CD rates

xyz   |     |   Comment #1
Has Bump up option.
Narrow local and State membership

No known work around
Bozo   |     |   Comment #2
Ouch! Murphy's Law: I wait and wait for a competitive local deal, and finally throw in the towel and purchase the MorganStanley 11-month 1.9% CD. Had I sat on my hands, I could have picked up this CD. Now, just watch, when the CD matures next August of 2018, this CD will have gone poof. I'm not having a lot of luck with CDs these days.
sympathizer   |     |   Comment #3
Ouch. Don't know whether to up-vote to show my sympathy or not, but here's hoping there are a whole lot more 3% CDs available for us all in 11 months....
Bozo   |     |   Comment #7
Sympathizer (re comment #3), to add insult to injury, PenFed will no doubt come out with a "hot deal" just after my 7-year CD matures in November of this year. As I noted, it's been one of those years.
Att   |     |   Comment #12
I doubt PenFed all have any "hot deal" in the future. They are more of a laggard than a leader now. Been a long time since Penfed offered a top rate.
F. Leghorn
F. Leghorn   |     |   Comment #4
Hey you're gonna drive yourself crazy about that stuff. I opened a 1.40% 15 month CD in 8/2016. At the time it was a great rate, making more than my 1.10% savings accounts. Now rates are way past the 1.40%, I just have to ride it out.
Robb   |     |   Comment #5
Bozo would it be worth it to break the CD and pay the EWP to capture the 3% rate? Guess we'll all be running the numbers in terms of the cost/benefit if rates continue to rise.
Bozo   |     |   Comment #9
Robb (re comment #5), it's a long/short story. The MorganStanley "CD" (in quotes for a reason), is not amenable to a break strategy. I do have an IRA CD at Alliant (as well as an after-tax CD), where a break strategy could work. I'm crunching the numbers as we speak. Other IRA CDs (with PenFed and StateFarmBank) I hold for esoteric reasons (see my prior posts). That said, I do have a rather juicy IRA CD at KeyDirect maturing in January of 2018. Now, if I could get a rate-lock on a custodian-to-custodian transfer, I would be a happy camper.

The irony is, these hot deals come and go so quickly, even medium-term planning is a dice-roll. By the time you fill out all the paperwork, and submit the transfer, it's "oops", that rate has been pulled.
Robb   |     |   Comment #16
Yes I totally get that. Typically when a rate is this decent they get overwhelmed with demand and the deal only lasts so long. Another poster mentioned below that the deal will be closing October 31st. Just hope we see a similar offer soon nationwide. Does look like rates are edging up lately.

Also, would be something if the president would appoint a new Fed chair with a touch of "hawkish" fiscal discipline. They are expected to make an announcement of some sort in the coming 2-3 weeks.
Bozo   |     |   Comment #18
Robb (re comment #16), it's quite frustrating. These "jump on it" hot deals don't mesh nicely with CD ladders. The logistics (and the math) are daunting. Does a break strategy make sense? Can I break and get the money before the new deal expires? Will the prospective hot deal institution reject me because Equifax froze my credit report, even though I didn't want it frozen?
Ann   |     |   Comment #79
"Equifax froze my credit report, even though I didn't want it frozen"

How did that happen?
nguyenp   |     |   Comment #6
I just talked to an agent at my local branch, open a saving or checking account requires a hard pull on credit report.
Moreover, the bank hold my check 10 days to post it in my saving account.
Fan of this website
Fan of this website   |     |   Comment #8
This also appears to be an add-on CD as stated on their Fixed-Rate CD web page:

"If we advertise a higher rate on certificates of this type you can make a one-time request during your certificates term to move up to the new rate. You may add funds to the balance of this certificate at any time and may make a one-time penalty-free withdrawal of your interest."
xyz   |     |   Comment #10
I saw NO info that THIS CD has a Add-On feature .
xyz   |     |   Comment #11
Statement withdrawn........
nguyenp   |     |   Comment #13
I just went to my local branch and opened saving and this special Platinum Plus Cert Fixed10 accounts. For this special CD, It "allows a once-time "bump" of your rate, and allow you to add funds at any time."
Sandra   |     |   Comment #14
I already had a 3-yr certificate at 2% from 1st United. I just now called them & got it bumped up to 3%. :-). I plan to buy another 3-yr now and then add on to it later when funds are available.
nguyenp   |     |   Comment #15
I just chatted with agent and she said this special 36-month fixed 3.00% APY CD will expire Oct 31.
Sylvia   |     |   Comment #17
3% for only 3 years, bump-up and add-on options, EWP not to exceed a mild 90 days, with offer available for 1 month? It’s a very rich chicken dinner, indeed. What’s not to like, except that I’m not eligible.
Bozo   |     |   Comment #19
Sylvia, so, theoretically, if my wife and I opened this CD this month, with, say, an opening balance of $20,000, we could walk in next August and add another (fill in the amount) at the same rate? I'm curious because I live in Contra Costa County.
Sandra   |     |   Comment #20
Bozo, Yes you have it right.
Sylvia   |     |   Comment #21
And if their rate goes up even higher in the interim, you can request bump up, as Sandra has done. The minimum is only $1K, another advantage. With well less than $20K, you can still open several of these bad boys, and add to each as funds become available. There's no reason not to jump in. I'd do it soon, just in case they decide to cut it short, before 10/31.
Bozo   |     |   Comment #23
To Sandra and Sylvia (comments #20 and 21, respectively), this is certainly worth a drive to Pleasanton. Parking in Berkeley or Oakland is a pain. This Bozo's mind reels at the prospect of unlimited add-ons for the duration of the 3% CD. But, it's certainly worth a drive.

Fast-forward to August of 2018. Bozo and wife walk into the 1st United branch in Pleasanton. With a check for (fill in the blank). Bozo and wife opened this sweet deal back in October of 2017. The concept is, 1st United will plop those funds, of whatever amount, into the CD opened in 2017, at 3%? For the remainder of the term of the CD?
Ann   |     |   Comment #82
Yes, that's how add-on CDs work! :-)
Bill   |     |   Comment #83
I don't know about this one Ann. They pulled the offer early (received too much money, more than they ever thought) . So to take in even more money thru add-ons makes one think they will put a halt to the add-ons.
Kaight   |     |   Comment #22
This is an absolutely screaming no-brainer for Bozo and others fortunate to be in his geographic situation. For $1000 you can purchase insurance of receiving 3% on your money through late 2020. If prevailing rates ascend there is no obligation to participate here further. If prevailing rates fall you add on to your $1000 and remain in the tall alfalfa to within a month or so of the next presidential election.

Only negative I see: I'll eat my hat if this deal remains available through month's end. In my humble estimation, for anyone wanting to participate here time is of the essence. Get your $1000 (or whatever) in and get it in FAST!!
Bozo   |     |   Comment #24
Kaight (re comment # 22), I get it. I do love the expression "screaming no-brainer". Never heard that before. I plan to motor on down I-680 from Lafayette, to I-580 east, to Pleasanton. Probably next Monday. I'll let the folks here at DA know how it goes.

PS: I suspect you are correct that this offer will expire soon. I mean, seriously? A person plops $1000 in a CD at 3%, and that rate is then fixed, with unlimited add-ons, for the duration of the CD? As they say, "if it sounds too good to be true", and all that. But it's worth the drive.
Kaight   |     |   Comment #25
Yeah, I sort of made that up on the fly. I wish you good fortune opening this CD account, AKA a gold mine. Interesting:

Clearly gold continues to exist in CA, for this is a golden deal if ever one existed.


Persons hoping this deal presages wonderful prospects for all the rest of us not in CA note carefully last fall's Andrews deal (not as good as this deal) was a one off, not a pacesetter. Deals this good you thankfully grab if you are eligible and do not look back.
Bozo   |     |   Comment #26
Kaight (re comment # 25), too funny. A 3% CD a "gold mine"? After state and federal taxes, I view it as an opportunity to tread water. But, I'll take it.
Nothing   |     |   Comment #27
On taxes...proper prior planning prevents ____ performance on (current) taxes.
Anonymous   |     |   Comment #30
Knight, I think I know who you are.

I'm jumping on this deal, right now! I just withdrew funds from my AgFed no penalty CD. (the old one that only paid 1.54%) And lucky (this time) that I live in CA.
Kaight   |     |   Comment #31
Totally agree with breaking AgFed 1.54% CDs for this deal. I would do same thing without hesitation were I eligible to join 1st United.
Att   |     |   Comment #28
You can withdrawal Intrest penalty free too.
Bozo   |     |   Comment #29
Att (re comment #28) I was wondering about that. Thanks much.
ltp   |     |   Comment #32
Fund the cd/saving account on line
by credit card up to $2000. Easy earn a little cash/miles/points!
Vic   |     |   Comment #33
Just finished bumping up rate on the old 36-mo., 2%APY CDs at the Alameda branch; online customer rep did not deliver, as online account did not immediately reflect the new 2.96% rate after his bump-up claim.
The new 36-mo., 3%APY CD has monthly compounding, but the EWP is very good: the lesser of dividends earned or 90 days of dividends on the amount withdrawn. Rate bump feature is there, but the language is ambigous about the number of times allowed during the certificate term.
Love CDS
Love CDS   |     |   Comment #34
I was very excited to see this rate as I live in Solano County, and just had $99K mature in cds. Unfortunately, although this credit union has online banking, it only allows transfers with a maximum of $2000 through ACH. I called spoke with a representative, asked that representative to speak to a supervisor and was still told they cannot move more than $2000 through ACH. This is the twilight zone of banking. I wanted to purchase a CD for $99K, and they only want $2000 and cannot increase their limit to allow me to move all $99K or at least $50K.
Doney   |     |   Comment #36
I was a bit frustrated as well on the low ACH limit, but the terms of the CD were too good to pass up so I just wired the money instead (with no limit on the wire).
Kaight   |     |   Comment #37
Just a heads up for anyone planning to visit 1st United this coming Monday, October 8th, to open one of these wonderful CD accounts:

October 8th is Columbus Day. Some banks and credit unions are open, others might be closed. Best to check ahead with 1st United to be certain they will be open when you show up.

Advance wishes to all for a Happy Columbus Day. Rumor has it corpulent Mr. Kim might also decide to celebrate on that day. Hope not. But if he does, American patriots will attribute his celebration not to Columbus Day, but instead to otherwise unmentionable Indigenous People's Day.
???   |     |   Comment #38
Dang Kaight. Its like "word for the day" with you. You a Bill O'Reilly fan? ;)
Anonymous   |     |   Comment #39
This great CD offer closes 10/7/17! Kaight, You were right about this deal not lasting long.

But I had a problem because I couldn't get the funds out of AgFed CU in time to meet this deadline. So today I tried to wire funds from AgFed but because of the time difference the wire couldn't be accomplished. So a wonderful lady at AgFed made me a deal with the money I had moved to their Savings Acct. She talked to a supervisor (or maybe she was one) & offered me a deal for my money in saving. 30-month, no penalty CD, 2.50%. Unbelievable!

Then I call 1st United CU to cry to them because I couldn't get their 3.00% 30-month CD because they were ending it tomorrow. This nice Rep suggested I take $1000 out of a CD I already have with them & pay the EWP of $4.27. Keep this $1K CD and add to it later. I said, "Go for it".

What a day, but I think it ended well for me.
Bozo   |     |   Comment #40
Oh goody. Another deal goes "poof". I think I'm batting "0 for 4" this cycle. At this rate, I'll be relegated to the minors.
Bozo   |     |   Comment #41
I mean, seriously, once a hot deal pops up on Ken's blog, it's the kiss of death.

My wife was just too funny. "Well, we should have gone yesterday." I replied "you weren't here yesterday, you were babysitting."

Deer in the headlights.
deplorable 1
deplorable 1   |     |   Comment #88
@Bozo: Check out CBB bank they have a 36 month installment savings account that pays 2.53% APY. Very similar to the Wilshire bank/bank of hope installment savings account except the cap is $250,000 on this one and $500,000 with the wife. I can't get it as it seems to be only open to folks in California.
Kaight   |     |   Comment #43
A thirty month, no penalty CD at 2.5% is astonishing. What a score!!
111   |     |   Comment #45
Anonymous , #39 - Dang, I have some of those AgFed 1.85% 30-month No-Penalty CDs too. Wonder if I called that same nice AgFed lady she'd do the same 2.50% for me.... Whoops. Forgot - I live in Illinois - so, probably not believable. Oh well - maybe next time.
Kaight   |     |   Comment #42
I am surprised the deal is ending so soon. The dynamics of these rate chaser deals fascinate me. That's because I really do not understand. To wit:

Had this been a national deal, or one available to a large region of the country, I'd have been pretty certain something this good would have disappeared pronto. Anyway, that has always been my experience.

But I have no real feel for expected duration of a deal with such limited reach. And I have been hugely wrong before on such a deal. I recall warning a poster here that a CFCU deal, a decent deal but not nearly as good as this 1st Union deal, would not last long. Well, I was completely full of prunes on that one. That CFCU deal lasted so long I actually was able to get a piece for myself!

I can only guesstimate, re this 1st Union deal, that there must be a LOT of money in the territory they serve. But I live so far away I really do not know that for a certainty. Regardless, sincere congratulations to anyone who snagged this one. You people are REALLY fortunate, I envy you, and boy do you owe Ken your thanks big time!
Ann   |     |   Comment #84
"I can only guesstimate, re this 1st Union deal, that there must be a LOT of money in the territory they serve. But I live so far away I really do not know that for a certainty."

Yes, there are a lot of massively-appreciated homes, hefty paychecks, and inflated stock options out there. I know someone in one of those counties who just sold their house to a buyer who was able to put down about 60% cash, despite having been a renter until then. And 100%-cash offers are not uncommon.
Bill   |     |   Comment #85
Ann, the fed has really painted itself into a corner. 8 years ago they were only concerned with strengthening the economy thru QE and low % rates (easy money). Never intending easy money to last for 8 years creating asset bubbles in RE and equities. Now they must concern themselves with keeping those assets from crashing, that means low % rates for a very long time. That's why deals like this draw large sums as people start to cash out of stocks and simply move their existing money to the next highest yield .
Kaight   |     |   Comment #44
Hey, Bozo, all not lost. You win!! Ken now saying deal will still be good tomorrow, Saturday. Congrats!

My best counsel:  be there, waiting at the door, when they open.
Bozo   |     |   Comment #46
Kaight, a custodian-to-custodian IRA CD transfer seems doomed. Oh, well, win some, lose some, some get rained out.

I'll look at the bright side. First, I'm still making that 1.9% on the MorganStanley CD for the next 10 months or so. Second, my 2017 IRA Vanguard profits are (basically) secure. Third, our global carbon emissions will be lower, since we won't be driving to Pleasanton next Monday. 

But, seriously. We need a whole new category for these ephemeral offers. Maybe "don't blink".
Dunmovin   |     |   Comment #47
Not if u physically carry the check payable to the new ira trustee!
Robb   |     |   Comment #48
Tells you how yield starved the country is after having low rates for so long. I too am surprised how quickly this one went away but the demand must have just been so strong. Sorry you missed this one but at least a few were able to lock in it seems.
Dunmovin   |     |   Comment #49
Personally, it is unfortunate b/c the longer it was out there the more likely one can negotiate a similar rate with other CUs but its demise w/o having others pop up is the most distressing!
Bozo   |     |   Comment #50
Dunmovin (re comment # 49), I have had zero success lately negotiating rates. Heck, I could walk in with a million bucks, and I wouldn't even get a toaster (inside joke for those of a certain age).
Dunmovin   |     |   Comment #51
Pick your targets...but given this offering is in your backyard
Bozo   |     |   Comment #52
OK, the "toaster" joke (comment #50). Back in the 1950's, when banks actually wanted our money, they would offer these giveaways for new depositors. The standard freebie, a toaster. Walk in with the minimum balance, walk out with a passbook and a toaster. Seriously, the banks actually had toasters in the back for new customers.
Bill   |     |   Comment #53
Many years ago, for a $27,000 deposit I actually received a fairly nice grandfather clock from a local savings and loan association. The clock still works.
h_meister   |     |   Comment #54
Bozo, all you need to do is to fund the account with $1000 by tomorrow. You can add monies at any time during the remainder of the three year term. Note they have a branch in College Avenue in Rockridge, a 15 - 20 ride from Lafayette. I've had no problem doing regular CDs and a Roth. If your better half wants an account in their name, they have to appear in person as sell. My wife and I have four in place 3 year CDs and the bump was easy to execute and add-ons have been no problem as well..
Bozo   |     |   Comment #55
Mister Meister, got it. I'll try to slip this puppy through the mail slot tomorrow morning. Rockridge is not a heavy lift. The wife has agreed to drive.

Frankly, the whole concept seems too good to be true. I mean, seriously, open a 3-year 3% CD with $1000, then add $350,000 a year or so from now? At 3%? For the remainder of the term?
Fan of this website
Fan of this website   |     |   Comment #56
Good luck! Go Bozo Go!
Att   |     |   Comment #61
Or they could pull a Valor and try to impose limits.
Kaight   |     |   Comment #57
Have to agree with others. Anyone eligible who does not open this CD is either incredibly rich . . . or insane.

However, in fairness to Bozo:

Long time followers of Ken's work will remember the USCU (Asheville, NC) debacle roughly ten years ago (not sure exactly). I'm not gonna re-hash that contretemps here, but it goes straight to Bozo's incredulity and lends credence thereto. So what is the takeaway from USCU?

Simply stated, get as much money in as you can, and as you wish, as soon as you're able. Passage of time does not enhance prospects for a deal of this nature to remain intact. Remember, the NCUA allows changes to the terms of this deal with thirty days' notice.

That said, anyone who does not drop in a thousand bucks today is just plain nuts or, again, very, very rich. Think: "foot in the door". Think: "camel's nose under the tent". This deal is WAY too good to simply ignore.
Jersy   |     |   Comment #58
Does anyone remember when the thought of 3% interest would make you physically ill? The FED is rejoicing that savers now accept 3% with glee!
Kaight   |     |   Comment #59
I remember that. But I'm also aware, and I remember prior to that, when 2% to 3% was the going interest rate. Think WW II, then post-war on into the 1950's. I cannot predict interest rates going forward. But I tell you with confidence they will be variable. Have a look at this chart:


So bottom line, "what's a mother to do"?  What you do is, when an amazing deal like this surfaces you grab it, hold on tight, and never look back.
Anonymous   |     |   Comment #62
Kaight, question for you.

I weathered the "perfect storm" yesterday. I ended up with $1000 deposited in ist United 36-mo CD, 3.00%. I still have those 1.85% no penalty CD's at AgFed. I also managed to gain a 2.50% no penalty CD at AgFed also.

My question is, would you take any money out of the 1.85% & add to the 3% CD? Remembering the 3% CD is not a no penalty CD. I'll have to wait for that money for 3 years.
Kaight   |     |   Comment #72
I tougher call than the AgFed certificates you already cashed in, because the interest rate difference is less. This is something you must address on your own because only you have all the pertinent information regarding overall nest egg size, split percentages, and so forth.

You must assign the value to you, expressed as an interest rate percentage or fraction thereof, of the AgFed no-penalty feature. Also determine the value to you, again in terms of interest rate percentage, of splitting up your holdings. Sure it is better not having all your eggs in one basket. But  you must decide how much better, in your opinion, is it.  Finally, ask yourself the value of simply having additional "dry powder".  Add all those beneficial aspects of your existing AgFed holding to its 1.85% APY interest rate. Now you can compare the two interest rates, one at 3% and the other at 1.85% plus the value to you of the AgFed benefits.

If you still are unable to decide, don't ignore the possibility of "cutting the baby in half", that is, only cashing in a portion of your AgFed 1.85% APY money. Hopefully you structured things at AgFed correctly to allow for such a course of action. For example, if you have $100,000 at AgFed it should be set up as four $25,000 certificates and, in this scenario, you would liquidate two of those.  Good luck.
Anonymous   |     |   Comment #75
Thanks Kaight for your answer.

When checking my no penalty CD's with AgFed I noticed that I had an old one paying 1.64%. With your suggestion I believe I may go ahead & cash this CD in. I'm going to call my "nice lady" this coming Tuesday & see if she might make a better deal if I leave my funds in AgFed. If she can't see her way to the offer she made me last Friday, I'll go ahead & follow your advice on maybe take part or all of the 1.64% & move it over to 1st United CU deal.
jimdog   |     |   Comment #73
The FED are legal thieves, real banksters.
Anonmous   |     |   Comment #60
There are probably many of us who remember the USCU deal particularly from out of state who opened up those add on CDs and found that they were unable to add the funds by a change in the rules. I was one of those who went to a lot of trouble setting up that account and found it was a complete waste of time and effort. Now many years later I am extremely careful and picky about what financial institution will get my business.

Do remember back when Pentagon Federal had some Issues regarding who was permitted to open some particular high interest CDs? I believe Ken wrote about it some years ago.
Anonymous   |     |   Comment #63
Ok Kaight, I just weathered the "perfect storm", & I have a question.

I got the 1st United CU, 36-month 3.00% CD, with a deposited $1000. I still have the AgFed 1.85% no penalty CD's + the nice No Penalty CD 2.50% there. Would you take any of the 1.85% money & move it into the 3yr 3% CD? Remembering that I can't take the funds out for a full 3yr without an EWP.
Anonymous   |     |   Comment #65
sorry for the repeat. I didn't think the first one went through.
klink   |     |   Comment #66
Interested in if anyone got any kind of confirmation notice from 1st United and how. I went online, completed the application process and credit card funding this morning. During the process and after all info was submitted I got the application complete and welcome. Nothing further. Before I call, I wonder should I be getting anything else?
nguyenp   |     |   Comment #67
My online application got approved the next business day. There is no email but just a confirmation number when you applied it.
Moneyman   |     |   Comment #68
klink - I had wondered the same thing and called, and in fact it takes them about a day before you see the account opened and viewable on the web site. Give it a day, like nguyenp also confirms
klink   |     |   Comment #71
Thanks to all. Will sit and hope.
Martin   |     |   Comment #64
1st United Credit Union
Effective October 1, 2017

4. We reserve the right upon thirty (30) days written notice to change any provision of or establish new provisions to this Agreement
5. We may refuse to follow any of your instructions, accept for deposit, or process any transaction, that in our sole judgment are illegal, fraudulent, inconsistent with our policies, or those of any of our third party processors, or would expose us to potential liability. Alternatively, we may require adequate security or invoke other security measures to protect us from all losses and expenses incurred if we follow your instructions. You agree to reimburse us for any damages, losses, liabilities, expenses, and fees (including, but not limited to, reasonable attorneys’ fees) that we incur in connection with your account if we take an
action in accordance with your, or what purports to be your, oral, written, or electronic instructions.
6. We reserve the right to refuse to open any account, to provide any service in connection with an account, or to accept additional deposits to an existing account.
16. We or you may close an account(s) at any time. We have the right to close the account for any business reason on providing you with a written notice, within 10 days, at your last known address.

You can verify it all in here:
Anon   |     |   Comment #69
Not uncommon language in terms and disclosures. In real world, it'd be a PR disasater if FCU were to change provisions within 30 days, they'd be labeled as a 'bait and switcher'
Martin   |     |   Comment #74
This is a special case, just for the sake of the argument, lets say the CU opened 10000 accounts and they figure the average balance will be $10K per account, no problem, we can handle the $100 millions coming in, but what about if the average account will be pumped up to the maximum insured of $250K per account, my question is:
What would they do with $2.5 billions siting in their vaults, how they will generate the revenue to pay the interest?

In their disclosure in #5, they wrote: " ... invoke other security measures to protect us from all losses and expenses incurred if we follow your instructions."
I think they are already thinking about that part of the agreement. "Your instructions to deposit more money", implies on the new money poring in for the next year or two or even three. People parking their live savings in it, can create huge liabilities for the CU.
Att   |     |   Comment #76
XCEL credit union had a great rate a fee years back . The rep told me once they hit 40 million they would stop the offering.

With this CD and the add on feature they will be getting large in flows of cash. If they raise the rate they have a bump up feature too. Maybe they are biting off a little more than they can chew. Sounds like a Valor in the making.
Bozo   |     |   Comment #91
Martin (re comment #74), as I was getting dressed to motor on over to the branch in Rockridge last Saturday, I did the math (as did you). This type of open-ended offer is impossible to quantify, from the credit union's point-of-view. As you note, with an unlimited balance cap and add-ons for the next three years, at 3%, what's a loan officer to do? Granted, loan demand is "healthy" here in the Bay Area, but "billions" healthy? That's a stretch.

Cynic that I am, I wondered whether this was a variant of the classic bait-and-switch. I finally just changed clothes and watched football games.
111   |     |   Comment #77
Honestly Martin, were you the guy who predicted 17 of the last 2 recessions?
Martin   |     |   Comment #87
111, comment #77, A think people who live in Illinois are in permanent recession, I do not blame you for the exaggeration, it must feel like it to you.
Illinois has the costliest state and local tax burden in the country. Statewide, the median Illinois household pays $8,162 in annual state and local taxes, including sales taxes, property taxes and income taxes.
Please deny it if you dare.
Martin   |     |   Comment #89
111, I forgot to include the short cut as proof of a permanent recession going on in your state:

P.S. For your record, you are mixing me with someone else from the past, I started to post here in the last 8-9 months and only with factual info. I have never wrote anything on the "recession" as per your observation. Next time, please skip reading my posts and stop reacting with abrasive and false language.
By the way, why are you posting with different names, it is very amateurish and people are not taking you seriously.
Kaight   |     |   Comment #78
The most often seen terms revision to a deal of this sort is rescission of the add-on feature. This happened at USCU. It also happened at Valor. Importantly, per NCUA rule, such a rescission can happen only following a thirty day notice period.

In an add-on situation gone wrong we have not witnessed a forced return of funds or an amended interest rate. Such would be unprecedented, though also within the rules following the same thirty day notice period.

If past is precedent, once your funds are on deposit, absent wish by you to close early and pay the penalty, they most likely will remain there at the 3% APY rate until the end of this CD's three year term.
Att   |     |   Comment #80
Valor collapsed and Penfed took them over. Not sure if the NCUA was involved with the merger. Don't know if Penfed had to honor the rate on Valor CDs. If Valor had failed the approximately 3% CD they had would have been called and the funds returned.

I doubt this CU will fail but what they may encounter with an inflow of funds in the future could cause problems.
Anon   |     |   Comment #90
Though Valor was in danger of collapse, it did not. The Penfed takeover was a merger, so there was no option to cut rates on existing CDs. Penfed was much larger, so they could afford it, and they must have thought that paying the "high" valor CD rate was worth it to get the Valor customers.
Anonymous   |     |   Comment #81
Now I have the 1st United CD with the $1000 deposited.

I'm thinking should I withdraw funds from Alliant CU & deposit them in the add-on feature of the 3%'r. I have a Justice CD that matures in Nov, that I could replace my funds in Alliant. (these funds at Alliant are for Quarterly Fed's & other bills).

Since you talk of a rescission of the add -on feature, it's possible that waiting to long might be a problem. Oh, what to do. ;)
Kaight   |     |   Comment #86
The required thirty day notice period is your saving grace. Follow events closely. Should 1st United give notice of add-on feature rescission then, yes, you will be under pressure for quick decisions. But today there is not that same level of pressure. Today, instead, it's more of a balancing act whose solution is dictated by your personal investment situation.
1st United CU (CA) 24-month CD Has Bump-Up And Add-On Options
Deal Summary: 24-month Fixed Share Certificate, 2.00% APY, $1k minimum, one bump-up; additional deposits at any time.

Availability: Residents of Alameda, Contra Costa, Kings, San Joaquin, Solano, Stanislaus Counties, California; Employees of 20 SEGs, including several state and local government agencies.

Last month, 1st United Credit Union (1st United) raised the rate on its 24-month Fixed Share Certificate (2.00% APY) by an impressive 90 bps. This is the highest APY in the Share Certificate’s 18-month history. The minimum deposit is $1, with no stated balance cap.

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1st United Services CU (CA) Has Competitive 36-Month CD
Availability: Residents of Alameda and Contra Costa Counties, California; employees of SEGs, including several State and Local Government agencies.

1st United Services Credit Union (1st USCU) is offering a 36-month Fixed Share Certificate (2.00% APY). The minimum deposit is $1K, with no balance cap.

The 36-month Fixed Share Certificate is also offered as an IRA (Traditional and Roth) that earns a slighter higher APY of 2.10%, with the same opening deposit of $1K.

The fine print on the CU’s Deposit Rates page lists two advantageous conditions:

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Add-On CDs with Rates up to 2.85% at 1st United Services Credit Union in CA
1st United Services Credit Union is offering some competitive rates on its Add-On Certificates. There's a 2.60% APY for an Add-On CD with terms of 12 to 24 months. Minimum deposit is $1,000. There's also an Jumbo Add-On CD with a 2.60% APY for 6 months and a 2.85% APY for 12 months. Minimum deposit is $100,000. In addition to the add-on feature, the Jumbo CD includes a rate bump-up feature and a penalty-free one-time withdrawal feature. These same CDs are also available as IRA certificates. These rates are listed...
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4.00% 48-Month CD and Other CD Deals at 1st United Services Credit Union in California
1st United Services Credit Union is offering a 4.00% APY bump certificate with terms of 48 and 60 months. Minimum deposit is $2,000. It's available as both a regular and IRA certificate.

The bump feature allows you to make one request to bump up the rate during the term to the new advertised rate. It probably won't be useful for the next year or two. Nevertheless, a 4% APY is competitive now for a 48-month term regardless.

A more useful feature is the add-on option. The credit union is listing an add-on...

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7.00% 7-Month CD at a California CU - $2.5K Max (1st United Services).
1st United Services Credit Union is offering a 7.00% APY 7-month share certificate at its new Castro Valley branch from June 16th through July 21st. The minimum deposit is $1,000, and the maximum is $2,500 per member. A checking account is required. Note, this is only available at the Castro Valley branch. This special doesn't seem to be listed at the credit union's website. It's being advertised in a California newspaper. The ad is available online here.

The $2,500 deposit cap hurts the deal. You'll earn about $29 over what you...

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