Availability:Residents of New York State's Capital Region (Albany and environs) and employees of 700+ companies and associations.
Capital Communications Federal Credit Union (CAP COM) recently added two Special Certificates to its product line: 13-month Special Certificate (1.50% APY) and 27-month Special Certificate (1.75% APY).
The minimum opening deposit for either is $500 of new money, with no maximum balance cap. Both Special Certificates are limited time offers, although an end-date has not been specified.
As stated on CAP COM’s Disclosure Page, the Early Withdrawal Penalty reads as follows:
For Accounts having a term greater than 12 months but less than 36 months,
the penalty imposed will equal the greater of: (a) 7 days dividends; or
(b) all earned dividends, subject to a maximum of 180 days' dividends.
21-Month Monthly Allowance Certificate
About a year ago, I wrote about CAP COM’s 21-month Monthly Allowance Certificate (1.25% APY) that permitted one withdrawal each calendar month (up to $2.5K) without penalty. That 21-month Monthly Allowance Certificate (MAC) is still available and is still earning 1.25% APY. The minimum opening deposit is $5K and a $500 minimum balance is required to earn the stated APY. An additional single withdrawal of any amount may be taken penalty free throughout the term of the certificate.
At first glance, the EWP on this MAC seems a bit convoluted. First, the straightforward part:
We will impose a penalty if You withdraw any of the principal funds during the first six days after these Accounts are opened. The penalty will equal 7 days’ dividends on the amount withdrawn.
For the next section of the disclosure, keep in mind the withdrawal being discussed is beyond the one withdrawal (up to $2.5K) allowed per month.
If the first withdrawal of any of the principal funds occurs after the first six days these Accounts are opened, We will not impose a penalty on the first withdrawal.
We will impose a penalty for the second and subsequent withdrawal of the principal funds before the maturity date.For Accounts having a term greater than 12 months but less than 36 months, the penalty imposed will equal the greater of: (a) 7 days dividends; or (b) all earned dividends, subject to a maximum of 180 days' dividends.
Capital Communications Federal Credit Union’s membership eligibility requirements are varied, including residency, employment, and family relationship.
Residency: Individuals who live, work, worship, or attend school in the cities of Albany, Cohoes, Mechanicville, Rensselaer, Schenectady, Troy, Watervliet, and the Town of Green Island are eligible.
Employment: Employees of more than 700 Member Companies or organizations in the Capital Region are eligible to join.
Other: Immediate family members of existing members or eligible individuals, as well as household members of existing members, can join. Eligible children under age 18 can open an account with a joint member who is at least 18 years old.
Joining CAP COM and/or opening a CD can be online or in person at any of ten branches located in Albany, Clifton Park, Cohoes, Glen Falls, Glenmont, Latham, Malta (new, as of this month), Schenectady, and Troy (2).
CAP COM joined the CO-OP Shared Branch Network last year, allowing members access to transactional services in 5,000 locations throughout the country.
Credit Union Overview
Capital Communications Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 7.86% (excellent) based on September 30, 2015 data. In the past year, CAP COM increased its total deposits by $99.99 Million, an excellent annual growth rate of 10.55%. Please refer to our financial overview of Capital Communications Federal Credit Union for more details.
Capital Communications Federal Credit Union (NCUA Certificate # 8658) was originally established in 1953 as the Capital District Telephone Employees Federal Credit Union, a credit union for the employees of the New York Telephone Company in Albany. At that time, all banking needs were handled by one person out of one desk drawer. Six decades later, CAP COM has grown to become New York State’s 14th largest credit union, with over 121,000 members and assets in excess of $1 Billion.
How the CDs Compare
When compared to the 175 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to the residents of New York state’s Capital Region, CAP COM’s 13-Month Special Certificate ranks first.
When compared to the 168 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to the residents of New York state’s Capital Region, CAP COM’s 27-Month Special Certificate ranks first.
While there are currently ten comparable CDs with APYs higher than CAP COM’s 21-month Monthly Allowance Certificate, the no-penalty early withdrawal feature increases this CD’s appeal and viability.
The above rates are accurate as of 2/27/2016.