Advancial's Jumbo Certificates ($50k min) Offer Top Rates
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.
Availability
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.
To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table, or our Rates Map page.
I had a slight problem enrolling in online banking, which was corrected during an online chat.
I then opened a CD (I chose snailmail) by sending a check and a letter of instruction. That went very smoothly.
Re early withdrawal penalty (from the Disclosures): "Early withdrawal penalties will be imposed regardless of whether dividends equal to the amount of penalty have been earned at the time of the withdrawal. If the dividends in the Savings Certificate at the time of withdrawal are insufficient to pay the entire penalty assessed, the penalty will be assessed against principal."
Great rates here, but they sure set off bells and alarms with how the operate.
There's still time to get this deal until the end of the month (when their promotional rates presumably expire, though guaranteed 'till then), but their process can be slow. It seems to help to prod them with live phone calls, but (due to the long wait time) I actually have found the online "chat" [with "Joey" -- real, or "bot" I'm not fully sure].
I wish I had taken notes the first time, it might have made it easier the second time. And I did it all online, with scanning of signed signatures, and jpg photos of drivers licenses. The first circle of hell involves getting "secure mail" established -- with it's own links and passwords -- which is the vehicle you can use to receive and then send back documents.
Joining Connex is a snap, but requires a $5 payment, combined with your initial $5 Savings account funding. You can apparently pay this initial $10 with a credit card, but I used a debit card. Once you see the withdrawal, you know your account has been established. But you don;t know it's number.
And none of this occurs until they personally call you, and ask those Chex questions. My roommate (who would also have qualified for membership through me, i.e., not needing to join Connex himself) flunked the verbal exam, since Chex still had erroneous data that had been successfully expunged from Experian, Equifax & TransUnion years ago. So beware!
If you pass the Chex test, and have your $10 withdrawn, you then may have to email them for your account number. Which they will only send through their "securemail" system. So don't throw out those passwords too soon. The link to establish securemail, however, is sent to your regular email address. But no other valuable information can be sent you directly, so, to avoid the hassle,you might simply call them, and wait for someone on the other end to pick up.
Funding the account was easy -- through a normal Co-op credit union. Same day, instantly -- as long as you first get that all important account number from Advancial. If you want to get your number by phone, then you will need to use your "Pass Phrase" -- which you were to create (20 characters, or less) on your initial application. So hold on to a copy of that, too!
But then, once your saving account has your initial $5 plus enough for the minimum Junior or Jumbo certificate ($25K or $50k) you then need to either call them (and wait) or do it the hard/easy way: online.
Easy, because if you get into your account, you just click "New Account" specify type [all possibilities are in a drop-down pick-list] and source of funding, and you're done. It's very quick.
But to get your online access established is a major hassle. You can get caught in a loop, stuck, since none of your previously used credentials work. You need to establish a "Profile ID" and it's password, but to do so, you need to Sign up. And then choose "Sign up" or "Set Password" . .. or, when you discover none of these work, choose "Contact Us"
And the reason they don't work is because, behind the scenes, they have yet to link your email account. I sent a "Help!" themed email, and struggled some more, going around in circles. And then remembered to chat with the affable Joey (bot, or not). By the time I got through describing my confused, stuck state, he told me that they made their behind-the-scenes adjustment, in the interim (as a result of having sent the "Help!" email). And so I was now good to go -- creating my new login ID, and a password, and selecting a picture, and creating 5 ID questions (and deciding how many I'd like to answer at each login).
My favorite discovery was that you can create your own questions to answer. (And require just one to vet you at each login, rather than 3, or 5)
Bottom line, it's a mess trying to get yourself set up. Full of roadblocks, deliberate or not. Certainly not a smooth process, and YMMV. [I infer that they are swamped, behind the scenes, which may be why there have been delays of as much as a week to get responses to an email, not to mention phone calls. (Which you make, but they also initially need to make.)
So it's a long and winding road. But once you get over the humps, bumps and hurdles, with major persistence (and help from Joey) you're rewarded with great rates. And a lifetime membership (that can be leveraged by relatives and roommates) which should make it easier, down the road, to ladder more great rates from Advancial in the future.
But it ain't fast, and it ain't easy -- especially if you want it to be fast. (Given that these new account rates are only guaranteed through July 31st). Essential would be a scanner, a nearby Co-op branch, and lots of determination and patience!
I have run into major hassles and hoops to jump through and delays at too many other places, it is exhausting and is not for the faint of heart, in all reality, it could affect your health. So I believe your description completely -- and it seems this place is even worse than any other I have been very sorry I ever started. And it sounds like I would have to start this weeks in advance, and by the time I finished, maybe find a better deal elsewhere anyway.