Having significantly expanded its field of membership, California-based Christian Community Credit Union (CCCU) is offering an 18-month New Member Welcome Certificate, which earns 1.00% APY. The initial deposit has a $500 minimum and is capped at $10k, limiting the maximum earned interest to $150. There is a limit of one Welcome Certificate per new member and a Welcome Certificate must be opened within 30 days of joining CCCU.
According to CSR, the Early Withdrawal Penalty is 120 days interest on the amount withdrawn, plus a $25 penalty fee. Partial withdrawals are allowed, as long as a $500 minimum balance is maintained. Earned interested can be withdrawn at any time during the term and will be distributed by check or transferred into a CCCU savings or checking account.
Funding and Maturing Funds
The Welcome Certificate can be funded by ACH, wire transfer, or check. CSR stated that funding instructions appear on the online application. Maturing funds can be distributed by cashier’s check or by wire, or transferred to a CCCU checking or savings account. There is a 10-day grace period before the Welcome Certificate automatically renews as a 12-month “regular” Share Certificate.
$200 Checking Bonus
If you’re not interested in the Welcome Certificate, you might find the $200 Checking Bonus more to your liking. CCCU has two checking accounts: Free Checking (non-interest bearing) and Checking Plus (0.05% APY on balances of $1.5k+) and both qualify for the bonus.
Rather than paraphrase the $200 Bonus landing page, I’m just going to quote it:
1) Open your FIRST Free Checking or Checking Plus Account with at least $100,
2) Sign up for eStatements within 60 days of account opening at myCCCU.com/estatements, AND
3) Set up a qualifying Direct Deposit, which must be received within 60 days of account opening.
To qualify for the $200 bonus,
Direct Deposit needs to recur for a minimum of 60-days from the first electronic deposit and be for at least $200.00 from your or your joint owner’s paycheck, pension, or government benefits (such as Social Security).
The bonus will be deposited into the new checking account within of 60 days establishing a new membership, and meeting the Direct Deposit and eStatement requirements. There is a limit of one checking bonus per member and per household. If the new checking account is closed within six month of account opening, the bonus will be deducted from the closing balance.
Thanks to long-time DA reader, cumulus, for his email about these deals.
American Share Insurance
Christian Community Credit Union is not federally insured nor insured by any state government, but is instead insured by American Share Insurance (ASI), a provider of private share insurance for credit unions. As stated on at the bottom of every page of CCCU’s website,
Each account is insured up to $250,000. By members' choice, this institution is not federally insured.
For those not familiar with ASI, here are a few facts to help you decide if you’re comfortable with an ASI insured credit union:
- ASI is the nation’s largest provider of private share insurance for credit unions.
- ASI has been insuring credit unions since 1974.
- Only ten states permit credit unions to be privately insured (Alabama, California, Idaho, Illinois, Indiana, Maryland, Nevada, Ohio, Texas, and Wyoming).
- Privately insured credit unions are legitimate credit unions that are regulated by their home state.
- ASI-only insured credit union liquidations have been rare, with only three occurring between 2009 and 2014: Cumorah Credit Union, Nevada (2009); USA One National Credit Union, Illinois (2012); and Bensenville Community Credit Union, Illinois (2014).
The above facts are intended as neither an endorsement of or an objection to ASI or ASI insured credit unions.
Headquartered in San Dimas, (Los Angeles County) California, Christian Community Credit Union has expanded its field of membership (FOM) and now offers an easy membership requirement.
Joining Christian Alliance for Orphans (CAFO) qualifies virtually any U.S. resident with a valid Social Security number for CCCU membership. In addition to joining CAFO, new members are required to indicate in the online application that they agree with CCCU’s Statement of Faith.
I understand CCCU will share my name and contact information with CAFO and pay the $50 membership fee on my behalf. (You’ll receive an email directly from CAFO in the next 7-10 days with instructions on completing your CAFO membership registration.)
Members, regular attendees, employees, missionaries, or students/alumni of a Protestant Christian church, ministry, or school list in the FOM are also eligible to join. The list of approved organizations includes 58 Christian church groups, 50 Christian ministries, and 53 Christian schools.
Relatives of a current member of CCCU are welcome to apply. Qualifying relatives include spouse, father/mother (and in-laws), brother/sister (and in-laws), son/daughter (and in-laws), grandparent, grandchild, aunt, uncle, niece, nephew, or cousin.
The Membership Application can also be downloaded and returned by snail-mail or fax, or hand-delivered to the San Dimas branch location.
With just $100, you can begin enjoying the benefits of Christian Community Credit Union's Savings Account while putting your money to good works!
CCCU participates in the CO-OP Shared Branch and ATM networks, providing members with access to more than 5,000 branches and nearly 30,000 ATMs across the country.
Credit Union Overview
Christian Community Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.38% (excellent) based on March 31, 2021 data. In the past year, CCCU has increased its total non-brokered deposits by $127.51 million, an excellent annual growth rate of 20.91%. Please refer to our financial overview of Christian Community Credit Union (NCUA Charter # 97068) for more details.
Established in 1957, Christian Community Credit Union is currently 68th largest credit union headquartered in California, with nearly 29,000 members and assets in excess of $836 million.
How the Welcome Certificate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and nationally available, Christian Community Credit Union’s 18-month New Member Welcome Certificate APY currently ranks first. While offering a good rate, the Welcome Certificate’s $10k balance cap limits maximum earned interest to $150.
The above information and rates are accurate as of 8/11/2021.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.