AEA Federal Credit Union (AEA FCU) added two Special Certificates last week: 9-month (1.00% APY) and 15-month (1.50% APY). Both Special Certificates require a $1k minimum deposit of new money, with a $100k balance cap.
These are limited-time offerings, and while there is no stated end date, the promo page presents the Special Certificates as a “Thanksgiving Special,” suggesting they may not last long.
As stated in the Truth in Savings document, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of 365 days or less: The penalty we may impose will equal 90 days dividends on the current balance of the certificate. This may include part of your principal deposit.
If your account has an original maturity of more than 365 days: The penalty we may impose will equal 180 days dividends on the current balance of the certificate. This may include part of your principal deposit.
Note: Partial withdrawals are not allowed: withdrawals must be for the full balance of the Certificate, resulting in its closure.
Headquartered in Yuma, Arizona, AEA Federal Credit Union’s field of membership (FOM) is primarily residency based, with individuals who live, work, worship, or attend school in the Arizona counties of La Paz or Yuma eligible to join.
Family and household members of current AEA FCU members also qualify membership.
Credit Union Overview
AEA Federal Credit Union (NCUA Charter # 4915) has an overall health grade of "C+" at DepositAccounts.com, with a Texas ratio of 29.79% (average), based on June 30, 2016 data. In the past year, AEA FCU increased its total deposit by $36k, an average annual growth rate of 0.02%. Please refer to our financial overview of AEA Federal Credit Union for more details.
Established in 1942 with seven founding members and $35 in deposits, AEA Federal Credit Union's original FOM included public school employees in Yuma County, Arizona. A quick glance at the “health grade” detailed above isn’t that impressive, but AEA FCU belongs to the “Survivors Club” – a very small group of credit unions that have been released from conservatorship.
A June 2016 article in Credit Union Times stated,
For the tiny handful that have convinced regulators in recent years to give them a second chance and release them from conservatorship, Independence Day takes on a whole new meaning. After about five years in conservatorship, the NCUA returned control of the Yuma, Arizona-based credit union to its members on December 18, 2015.
As the one-year anniversary of its “Independence Day” nears, AEA FCU is currently Arizona’s 13th largest credit union, with more than 33,300 members and assets in excess of $253 million.
How the Share Certificate Special Compares
When compared to the 196 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, AEA Federal Credit Union's 9-month Special Certificate currently ranks first.
When compared to the 153 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, AEA Federal Credit Union's 15-month Special Certificate currently ranks third.
The above rates are accurate as of 11/28/2016.