California-based Chevron Federal Credit Union (CFCU) hasn’t had any of its Share Certificates listed in DA’s CD Rates Summary for a few months. Next week’s Summary will include several of CFCU’s Super Share Certificates, following recent rate increases. While these 10 basis point increases aren’t “wow-worthy”, it’s good to see a large, “easy access” credit union back in the game.
CFCU has four APYs for all of its Certificates, based on tiered deposit levels ($500, $50k, $100k, and $250k). The table below is a sampling of some of the more competitive Super Share Certificates.
The Share Certificates are also available as IRAs (Traditional and Roth) earning the same APYs, with the same funding requirements.
As stated in the Disclosure document (Section X), the Early Withdrawal Penalty reads as follows:
(1) If your account has an original maturity of one year or less: The penalty we may impose will equal three months of dividends on the amount withdrawn subject to penalty.
(2) If your account has an original maturity of more than one year through two years: The penalty we may impose will equal six months of dividends on the amount withdrawn subject to penalty.
(3) If your account has an original maturity of more than two years through three years: The penalty we may impose will equal nine months of dividends on the amount withdrawn subject to penalty.
(4) If your account has an original maturity of more than three years: The penalty we may impose will equal 12 months of dividends on the amount withdrawn subject to penalty.
Fall Membership Drive
There’s less than two weeks left for CFCU members to receive $25 for referring a friend. New members can earn up to $50 for joining. Complete details can be found in the November 2016 issue of e.connection, CFCU’s newsletter.
Headquartered in Oakland, California, Chevron Federal Credit Union’s field of membership (FOM) is detailed on the Membership page, and the last option, “Members of the select, partner non-profit associations,” provides a way for almost anyone to join.
Easy Membership Requirement - Joining any of three Non-Profit Partner Associations (Contra Costa County Historical Society, Tree Musketeers, Navy League of the United States) qualifies for membership. Links to each association’s application are included on the Non-Profit Partner Associations page. “Please submit your association application with your CFCU application so that we may help you with your new membership.”
Residency - Individuals who live, work, worship, or attend school in 15 San Francisco neighborhoods are eligible for membership, as are those who live, work, worship, or attend school in the Maryland cities/towns of Emmitsburg, Frederick, Thurmont, Woodsboro, and the surrounding Frederick County areas.
Employment - Employees of several companies, including the Chevron Corporation and its wholly-owned subsidiaries, also qualify for membership.
Relationship - Family members of current CFCU members, including “parents, grandparents, children, grandchildren, spouse or domestic partner, siblings — even roommates or unrelated persons who live with you and share your household expenses,” are also eligible to join.
Credit Union Overview
Chevron Federal Credit Union (NCUA Charter # 24326) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 2.02% (excellent) based on June 30, 2016 data. In the past year, CFCU has increased its total deposits by $258.18 million, an excellent annual growth rate of 10.98%. Please refer to our financial overview of Chevron Federal Credit Union for more details.
Chevron Federal Credit Union was originally established in 1935 for the benefit of Standard Oil Company employees. Between 2011 and 2013, the Credit Union merged with four other credit unions (Stewart FCU, Star Energy CU, Spectrum FCU, and Chevron West CU) and today is California’s 12th largest credit union. CFCU is also the 60th largest credit union in the country, with more than 106,000 members and assets in excess of $2.9 billion.
The above rates are accurate as of 11/18/2016.