ASI FCU (LA) Offers Competitive Long-Term CDs

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Deal Summary: 48-month CD (2.27% APY), 60-month CD (2.53% APY), $1k minimum.

Availability: Residents of the Louisiana municipalities of Avondale, Bridge City, Gretna, Harvey, Marrero, South Kenner, Waggaman, and Westwego, and the Parishes of Lafourche, Orleans, and St. Tammany; Employees of 600+ SEGs.

ASI Federal Credit Union (ASI) is currently offering competitive rates on two of its long-term CDs: 48-month CD (2.27% APY) and 60-month CD (2.53% APY). The minimum deposit is $1k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.53%$1k-ASI Federal Credit Union60 Month CD
2.53%$1k-ASI Federal Credit Union60 Month IRA (Traditional, Roth)
2.27%$1k-ASI Federal Credit Union48 Month CD
2.27%$1k-ASI Federal Credit Union48 Month IRA (Traditional, Roth)
Accounts mentioned in this post. Rates as of November 20, 2017.

The CDs are also available as IRAs (Traditional, Roth), earning the same APYs with the same funding requirements.

Both CDs have been part of ASI’s product line since late 2011, with rather unimpressive APYs. Last month’s rate changes were the first increases since their introduction, with the 48-month CD gaining 121 bps and the 60-month CD adding 142 bps.

As stated in the Truth In Savingsdisclosure, the Early Withdrawal Penalty reads as follows:

If your account has an original maturity of more than one year:
The penalty we may impose will be the greater of: seven days dividends on the amount withdrawn, or all dividends that have been earned not to exceed 180 days.

Availability

Headquartered in Harahan, Louisiana, ASI Federal Credit Union’s field of membership (FOM) is primarily residency-based, with individuals who live, work, worship, or attend school in the municipalities of Avondale, Bridge City, Gretna, Harvey, Marrero, South Kenner, Waggaman, or Westwego eligible to join. Those who live, work, worship, or attend school in Lafourche, Orleans or St. Tammany Parishes also qualify for membership.

Employees of more than 600 SEGs are also eligible to join.

Immediate family members (parent, grandparent, sibling, child) of current members and membership-eligible individuals qualify.

Joining ASI and/or opening a CD can be done at any of 12 Louisiana branches located in Covington, Harahan (2), Harvey, Jefferson, Mandeville, New Orleans (3), Slidell, Thibodaux, and Westwego.

Credit Union Overview

ASI Federal Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 11.64% (above average) based on December 31, 2016 data. ASI has an excellent capitalization level (12.55%), the result of holding $313.11 million in assets with $39.3 million in equity. Please refer to our financial overview of ASI Federal Credit Union (NCUA Charter # 14692) for more details.

ASI Federal Credit Union was established in 1961 to serve the blue-collar workers of Avondale Shipyards, Inc. ASI is currently the eighth largest credit union in Louisiana, with more than 56,300 members and assets in excess of $313 million. In keeping with its Mission Statement of “To strengthen the financial health of underserved communities through financial services and education,” ASI participates in the Department of Treasury’s Community Development Financial Institution program.

As a certified Community Development Financial Institution, ASI is specifically a community development credit union (CDCU). CDCUs offer an economic lifeline to low-income communities that have been abandoned by commercial banks and targeted by high-priced check cashers and predatory lenders. CDCUs also provide a platform to serve the broader community through outreach to disadvantaged populations and neighborhoods, participation in government programs, and partnerships with the private sector in community revitalization efforts.

How the CDs Compare

When compared to the 181 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available within the FOM, ASI Federal Credit Union's 48-month CD APY currently ranks first.

When compared to the 203 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available within the FOM, ASI Federal Credit Union's 60-month CD APY currently shares the top spot with MutualOne Bank’s 61-month CD APY.

*Note: Melrose Credit Union is currently operating under an NCUA conservatorship.

These rates are accurate as of 5/9/2017.

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: New Orleans CD rates, 5-year CD rates

Comments
leopersica
leopersica   |     |   Comment #1
Their Truth In Disclosure is a total lie or you have bad information. After looking at listed rate on DepositAccounts and using the EWP Calculator I decided to open a 60-Month CD. The rep there was evasive about the EWP. Only after opening the CD and reviewing the documents they gave me did I realize that the the EWP for 60 months is 30 MONTHS INTEREST. UNBELIEVABLE. No wonder the rep was evasive about the EWP. I also noticed that the rep had made CD out for 30 days not 30 months (a blessing in disguise as I explain later). Immediately I went back the following day to CANCEL and they wanted to CHARGE ME 30 MONTHS worth of interest for NOT DISCLOSING (BEING EVASIVE) the EWP UPFRONT AFTER I REPEATEDLY ASKED THE REP. Mind you this is less than 24 hours after I initially bought the CD. I had to beg and plead and threaten with a lawsuit....the only thing that saved me was that the representative had mistakenly made the CD out for 30 days not 30 months. Without this good fortunate I was going to be ****ed out of nearly 6,000 dollars.
On another note Ken: Is there a law/regulation that allows one to cancel a CD purchased w/o penalty in the first few hours/days/weeks after purchasing the CD. In anticipation of ASI skull-duggery I googled this very question but was unable to find any substantive information. Your answer will be the most helpful to your users/followers in a similar predicament I am sure.
anonymous
anonymous   |     |   Comment #2
What is the precise problem? You write that you "decided to open a 60-Month CD." Then you write that the rep "mistakenly made the CD out for 30 days not 30 months." What happened to the 60 months? You also write that according to certain documents, the EWP for a 60-month CD is 30 months interest. What language did these documents actually contain? Quotations would be helpful. Your posting bounces around among 60-month CDs, 30-month CDs and a 30-day CD. I find it hard to follow (AND THE CAPS DON'T MAKE IT EASIER).
Bogey
Bogey   |     |   Comment #3
Playing the blame game? You have no one to blame but yourself for agreeing to open the CD without really knowing what the EWP was. Same as signing a contract without knowing the details.

Lucky for you, the CU rep made a mistake by making the CD out for 30 days.
Anonymous
Anonymous   |     |   Comment #4
What did they say when you pointed them to the Truth In Savings Disclosure that Ken linked to in the article?