For some time, Dallas-based Advancial has had very competitive CD rates, but the question of who could join was never answered to my satisfaction. For example, more than a year ago I called Advancial in an effort to get more information about the SEGs.
Me - Hello, I'm interested in joining the Credit Union. Can you tell me who the Selected Employee Groups are?
CSR - No, we do not give out the names of our SEGs. You have to tell us who your employer is, and then we can tell you if you're eligible for membership.
Based on internet searches and information from DA readers, I was fairly confident that the SEGs were probably connected to the oil and gas industry, but I could not get any confirmation from Advancial. At some point, Advancial included the residents of eight Louisiana parishes (Lafayette area) in the field of membership. Coincidentally, those parishes are served by SLEMCO (electric utility), which just happens to be an Advancial SEG. Armed with that fact, my team started to weave together all the loose threads of information we had on Advancial.
Long story short, it’s probably past time we talked about Advancial’s Certificates.
All of Advancial’s Certificates have tiered APYs, based on minimum opening deposits: Certificates ($1k min), Junior Jumbo Certificates ($25k min), and Jumbo Certificates ($50k min). The APYs are tiered in increments of 10 bps.
Advancial’s Certificates are also offered as IRAs (Traditional, Roth, CESA), earning the same tiered APYs with the same funding requirements.
In a Live Chat, CSR stated,
The early withdrawal penalty for our One-Year, 18-Month, Two-Year, and Three-Year Savings Certificates is equal to 180 days dividends. For a Four-Year and Five-Years Savings Certificate, the early withdrawal penalty is equal to 365 days dividends.
Advancial participates in Shared Branching through the CO-OP network, which gives members access to more than 5,000 branches and nearly 30,000 surcharge-free ATMs nationwide.
Headquartered in Dallas, Texas, Advancial’s field of membership (FOM) is wide with a variety of ways to join, enabling almost any U.S. citizen or resident alien to join.
Easy Membership: Joining Connex ($5 membership fee) qualifies for membership in Advancial. According to Connex’s website, membership with Connex provides “access to a professional, online interactive network of work associates and friends, company information and jobs, and other opportunities.”
Residency - Individuals who live, work, worship, or attend school in the Louisiana parishes of Acadia, Avoyelles, Evangeline, Iberia, Lafayette, St. Landry, St. Martin, and Vermillion are eligible to join.
Employment - Employees of hundreds SEGs also qualify for membership. Unfortunately, Advancial does not list any of the SEGs on their website. According to the Membership Eligibility page,
To learn if your company or association is an Advancial Select Employer Group,
please contact your local branch or our Member Service Center at 800.322.2709.
I’ve called Advancial a few different times in hopes of getting more information about the SEGs, but the CSRs have not been helpful. I do know that Advancial’s branch locations “are in energy producing areas, having started as ARCO’s credit union catering to the oil and gas industry,” and that many of the SEGs are oil and gas industry companies.
Joining Advancial can be done by downloading the Membership Application and returning the completed application by mail, fax, or email to the Member Service Center in Dallas. Advancial has 15 branches located in Alaska (2), Louisiana (2), New Jersey (1), Oklahoma (1), and Texas (9).
I was surprised when I stumbled onto an Advancial online application during a Google search, since no online application is available on Advancial's website. The following is a portion of a Live Chat concerning that online application.
Me - I know your application can be downloaded and printed out, but I found a true online application for Advancial that's not listed on your website. Is that a functional online application?
CSR - This option is available to employees of certain Select Employer Groups. Would you mind providing the name of your current employer?
Me - I am not an employee of one of your SEGs. I just found the online application accidentally, and was curious.
CSR - I see. I am sorry, but in this case unfortunately we will need a paper application.
Based on my experiences with Advancial, I have to agree with comments made by DA reader, Sylvia.
I do wonder about their servicing capabilities for online customers. Little is disclosed on their web site. You're directed to call or visit a branch for more info yet they seem unable to handle call volume (long wait, rep sounded rushed).
But DA reader, Striker, gave me hope with his comments.
After reading the membership requirements, I was surprised at how easy and quick it was to become a member and open the account.
Many thanks to all the DA readers for their comments and emails about Advancial. Your continued support and participation is invaluable.
Credit Union Overview
Advancial has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.75% (excellent) based on March 31, 2017 data. In the past year, Advancial has increased its total non-brokered deposits by $78.32 million, an excellent annual growth rate of 7.15%. Please refer to our financial overview of Advancial (NCUA Charter # 2285) for more details.
Chartered in 1937, as the Atlantic Federal Credit Union, Advancial is the 12th largest credit union based in Texas, with more than 80,700 members and assets in excess of $1.4 billion. The original charter was issued by the Farm Credit Administration, an independent agency of the Executive Branch that was created in 1933. (If you’re wondering why a Texas-based credit union would have “Atlantic” in its name, the original FOM included employees of the Atlantic Richfield Company, better known as ARCO.) In 2001, the Credit Union rebranded as Advancial to better reflect its diverse membership.
How the Certificates Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, all of Advancial's Jumbo Certificate APYs currently rank either first or second, regardless of minimum deposit.
The above rates are accurate as of 7/26/2017.