Good Deals at American Airlines Credit Union for Those Who Are Eligible

POSTED ON MONDAY, SEPTEMBER 17, 2012 BY Ken Tumin

APY	MIN	MAX	INSTITUTION	PRODUCT
3.30^*%	$1k	-	American Airlines Credit Union	60 Month Regular Share Certificate
3.25^*%	$1k	-	American Airlines Credit Union	48 Month Regular Share Certificate
3.20^*%	$1k	-	American Airlines Credit Union	36 Month Regular Share Certificate

Rates as of March 19, 2023.

Some of the nation's big credit unions like PenFed and Alliant have made it easy for people to join. However, there are others that have kept their fields of membership limited. The 11th largest credit union in the nation, American Airlines Credit Union, is one of these. Membership continues to be primarily limited to those in the air transportation industry. For those who are members or are eligible to join, there are some good deals for savers.

One deal that may interest savers is a 3% CD. As you might expect there's a catch, but it's still a good deal. The credit union has what it calls a share certificate ladder program. My last review of this was last year. This program makes it easy for members to start a CD ladder, and it rewards members with higher rates on the ladder CDs.

The best deal is currently the credit union's ladder option 1 which requires opening a 30-month CD and a 60-month CD. These have the following yields for a $10K minimum deposit as of 9/17/2012:

3.09% APY 5-year CD
1.81% APY 30-month CD

Equal deposits must be made in each CD. These are also available in IRAs. For the other ladder options, ladder details and for the latest rates please refer to the credit union's rate sheet. Thanks to the reader who emailed me news about these latest rates.

If you don't want a CD ladder, you can still get competitive long-term CD and IRA CD rates. The following are the best CD rates for a $10K minimum deposit as of 9/17/2012:

2.27% APY 5-year CD
1.81% APY 4-year CD
1.51% APY 3-year CD

Checking Account Deal

The credit union also offers a free reward checking account that it calls Priority Checking. However, I don't consider it a good deal as compared to other reward checking accounts due to its low balance cap. As of 9/17/2012, it has a 2.27% APY for balances up to $5K. To qualify for this rate, the member must make 15 debit card purchases per month, receive direct deposit of at least $250 and receive e-statements. This also qualifies the member to receive ATM fee refunds up to $20 per month. For the latest rates and for the details of this account, please refer to the credit union's Priority Checking page.

$100 Checking Account Bonus Until 9/30/2012

The best checking account deal is a $100 bonus for opening the Priority Checking and completing one month of its requirements. The promotion is scheduled to last until 9/30/2012. Bonus details are listed at the bottom the credit union's Priority Checking page.

Limited Membership

As I mentioned above, American Airlines Credit Union hasn't expanded its field of membership to include any easy-to-join associations or any community areas. Their membership continues to be open only to those working in the air transportation industry. Please refer to the credit union's eligibility page for the full details.

Branch Locations

As you expect from a major airlines credit union, American Airlines Credit Union branches are located in airports of many cities around the country.

Credit Union Overview

With $5.53 billion in assets, it's the 11th largest credit union in the nation. It has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 5.64% (excellent) based on March 2012 data. Please refer to our financial overview of American Airlines Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 23957).

Searching for the Best CD Rates

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

Comments

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6 Comments.

Anonymous | Sep 17, 2012 | Comment #1

This credit union took $49,800 of my money - they are keeping it - then said my membership is declined. This was AFTER I was told that they would not be taking funds out of my account. This credit union SUCKS!!

lou | Sep 17, 2012 | Comment #2

Anonymous #1, could you provide some more details about the credit union taking your money. Are you claiming they took your money and will not reimburse you after declining your membership? Is there anything else going on which you may not have disclosed here? It is hard to believe the credit union will not return your money.

Anonymous | Sep 18, 2012 | Comment #3

I applied for membership with American Airlines Credit Union. i gave my Chartway FCU information for them to do the ACH transfer - total $49,802. I got an email the same day (9/14) that my eligibility was being reviewed. I telephoned them immediately after - I was told that I was declined. The CSR told me that nothing would be coming out of my account with Chartway. Yesterday (9/17) - I looked at my account and they had taken the funds out after telling me they would not. I was told that they do not have the money. The funds are being held at the Federal Reserve Bank. I have left a message on a voice mail with Michelle Ryan (a mgr). To please invetigate the recorded telephone messages what I was told vs what was done. She said she did not see my phone call. I cannot believe they have such lousy customer no service. Who should I talk to now?

Rachel Pruett | Sep 18, 2012 | Comment #4

BTW - My name is Rachel Pruett. My email is [email protected] If anyone has a suggestion about how to get my funds back - whom to talk to, etc. Please email me. I really appreciate your help!

lou | Sep 18, 2012 | Comment #5

Let me see if I understand what you're saying. You had the funds ACH transferred to them but found out shortly after you did the transfer that your membership was declined. Because an account was never opened, the funds couldn't be delivered and are probably stuck at the Fed or somewhere in between Chartway and AA Credit Union. If this description of what happened is correct, I would contact the people at Chartway and tell them the funds never made it to the destination and ask them to track the money to see if they can find the funds. There must be a way to put a trace on the money so you can locate it and have it returned to Chartway. Find out from Chartway how to do this.

lou | Sep 18, 2012 | Comment #6

Also, ask to speak with Michelle's supervisor. You should have the two credit unions talk with each other, so they can figure out what happened. They should be able to trace the money and have it returned to your account.