Between April and November 2016, I wrote three blog posts about competitive CDs offered by Cedar Falls Community Credit Union (CFCCU). With last week’s rate increases on its Jumbo Certificates, it’s time to write a fourth. Of the 10-, 15-, 25-, and 37-month Jumbo Certificates, the 15-month has the most competitive rate. The minimum deposit is $100k, with no stated balance cap.
The Jumbo Certificates have been part of the product line for more than three years. In that time, the 15-month has experienced eight rate increases, adding a total of 111 bps.
In a Live Chat, CSR stated the Early Withdrawal Penalty for the 15-month Jumbo Certificate is a substantial 12 months interest.
Since I last wrote about Cedar Falls Community Credit Union, its residency-based field of membership (FOM) has expanded, with an additional 13 Iowa counties now included.
Individuals who live or work in the Iowa counties of Allamakee, Benton, Black Hawk, Bremer, Buchanan, Butler, Chickasaw, Clayton, Delaware, Grundy, Fayette, Floyd, Franklin, Hardin, Howard, Linn, Marshall, Mitchell, Tama and Winneshiek are eligible to join.
CFCCU’s Become A Member page states that membership eligibility is, "also extended to your entire family: spouse, children, parents, brothers, sisters, grandparents and grandchildren."
Joining CFCCU and/or opening a Jumbo Certificate can be done in person at any of three Iowa branches, located in Cedar Falls (2) and Waverly. A completed Membership Application can also be returned by mail, but signature(s) must be notarized.
CFCCU’s “online application” is actually a Contact Me form, and upon submission,
We will be in touch with you shortly to finalize a few details...and then
you'll soon be a proud member-owner of Cedar Falls Community Credit Union!
Credit Union Overview
Cedar Falls Community Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 2.22% (excellent) based on June 30, 2017 data. In the past year, CFCCU has increased its total deposits by $10.78 million, an excellent annual growth rate of 12.2%. Please refer to our financial overview of Cedar Falls Community Credit Union (NCUA Charter #65565) for more details.
Cedar Falls Community Credit Union was originally chartered in 1958 for the benefit of members of a local machinists’ union. The FOM expanded to include other employee groups over the next 20+ years, until a community charter was granted in 1982. Cedar Falls Community Credit Union is currently Iowa’s 20th largest credit union, with nearly 8,200 members and assets in excess of $116 million.
How the Jumbo Certificate Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Cedar Falls Community Credit Union’s 15-Month Jumbo Certificate APY currently ranks first.
The above rates are accurate as of 9/18/2017.