Consumers Credit Union 16-Month Jumbo CD Rate Increases


UPDATE 12/8/2016: This promotion will end on Saturday, December 10, 2016.

Availability: Easy Membership Requirement

Most DA readers associate Consumers Credit Union (IL) (CCU) with its very competitive and popular Free Rewards Checking account. CCU now has two additional competitive products to talk about: 16-month Jumbo Certificate (1.85% APY, $100k minimum deposit) and 16-month Certificate (1.60% APY, $250 minimum deposit).

The APY on both Certificates was increased by 145 basis points this week, with the previous rates (Jumbo 0.40% APY and Certificate 0.15% APY) in effect for more than four years.

Both Certificates are offered as IRAs (Traditional, Roth, CESA, SEP) earning the same APYs, with the same funding requirements.

As stated in the Truth in Savings Disclosure (last page in CCU Membership Booklet), the Early Withdrawal Penalty reads as follows:

Terms of more than 1 year – 120 days’ dividends


Headquartered in Gurnee, Illinois, Consumers Credit Union offers membership to virtually anyone in the U.S., regardless of residency or employment status.

CCU’s Membership Page states, “Membership follows a simple, two-step process: Pay a one-time, non-refundable $5 fee to our sponsor, the Consumers Cooperative Association, and then deposit and maintain a minimum $5 in your Membership Share/Savings Account.”

Joining CCU and/or opening 16-month Jumbo Certificate or 16-month Certificate can be done online, or at any of the ten full-service Illinois branches, located in Gurnee (2), Mundelein, Northbrook, Palatine, Round Lake Beach, Schaumberg, Volo, and Waukegan (2)

Credit Union Overview

Consumers Credit Union (IL) (NCUA Charter # 68588) has an overall health grade of "A" at, with a Texas Ratio of 3.17% (excellent) based on June 30, 2016 data. In the past year, CCU has increased its total deposits by $220.74 million, an excellent annual growth rate of 35.66%. Please refer to our financial overview of Consumers Credit Union for more details.

Consumer Credit Union is the 7th largest credit union in Illinois, with more than 84,900 members and assets in excess of $926 million. Chartered in May 1930 as Consumers Cooperative Credit Union, the Credit Union had 32 shareholders, $367 in assets, and three outstanding loans ($225 total) at the end of 1930. The “Cooperative” in the original name was a nod to the Cooperative Trading Company of Waukegan, a local dairy cooperative. CCU’s website has a 68-page “History Report” that answers any question about the Credit Union you could possibly imagine. For example, Consumers Cooperative Credit Union was one of the first credit unions to apply for federal share insurance in February 1971.

On October 19, 1970, President Nixon signed Senate Bill S.3822 into law, thus creating a National
Credit Union Share Insurance Fund which would cover members savings up to $20k per account.

How the CD Compares

When compared to the 150 similar length-of-term CDs tracked by that are available nationwide, Consumers Credit Union’s 16-Month Jumbo Certificate and Regular Certificate APYs currently ranks first and second respectively, regardless of minimum deposit.

The above rates are accurate as of 10/27/2016.

To search for the best CD rates, both nationwide and state specific, please refer to the CD rates section of or our Rates Map page.

Anonymous   |     |   Comment #1
Does anyone happen to know if CCU generates a soft or hard pull on your credit report when applying for an account the first time?
Anonymous   |     |   Comment #2
I just did a Google search and found someone had reported CCU does a hard pull.  Darn.  The extra interest isn't worth the possible hit to my credit right now.
Anonymous   |     |   Comment #3
Could you does one know the type of "pull" any/all CUs do?  Google/search OR____ for?  Thanks!
Sylvia   |     |   Comment #5
#4, That link is for a specific checking product.  As there's a slight chance it doesn't apply to CDs, I suggest calling to confirm.
Anonymous   |     |   Comment #28
its a hard pull even if you have another account with them.  also they do a chex inquiry with every account, even for existing customers.
Anonymous   |     |   Comment #29
I noticed the same "pull" for unrelated credit card application with a bank that we already had a cc with and could see that that bank had access through prior credit inquires on our credit reports.  I objected to them not disclosing that those with "freezed" credit reports would be required, in effect, to pay a fee to get a credit card!  They wouldn't pay the fee and I elected not to do business with them.
Anonymous   |     |   Comment #6
Those rates are very good . Your afraid of a pull?
I think you might have to work on your credit before looking at CDs
You have to go out 3 yr for one and 2 yr for the smaller to get anywhere near those rates.
Anonymous   |     |   Comment #7
no offense intended
Anonymous   |     |   Comment #8
None taken.  Just preparing to shop for new house/mortgage in the next six months.  Credit is good and I am just taking a conservative approach to everything credit-wise right now -- don't impact it negatively in anyway if not necessary.  
Anonymous   |     |   Comment #9
From what I understand, each time a hard credit pull is done, it lowers a persons credit score by so many points, the number of which, I don't know.  And a lower credit score may cost a potential borrower more money by paying a higher loan rate.  Could be why some people shy away from hard credit pulls?

Myself, a hard credit pull means nothing.   Being retired, everything we own, including our home and several country acres is paid for in full.  And being retired, we do not purchase anything we do not have the cash to pay for.  We have always lived below our means to get to this wonderful point in life. 

Thanks to my parents, they taught me very early in life, saving for the future was more important than spending. 
Anonymous   |     |   Comment #10
Incidentally, CCU does a hard credit pull if opening their CD.  I called.
me1004   |     |   Comment #11
I just got off the phone with this CU -- a very long call, because the people there have zero, literally zero idea of anything, they could not even tell me how to fund my opening share savings account!

First, Ken, you might want to tweak something on your rate charts. The CU tell me this rate has been in effect since Oct 1, but it has not been on your rate charts, they have not  picked it up, but it is on the rate chart at  the CU  Website. They also said it is set to continue through Dec. 31 -- and that means means "at least."

Otherwise, after a lot of talking with the SUPERVISOR, who also didn't know, had to look up routine things and ask others, the final thing that came up might nix this CD: You cannot open a CD immediately with money you deposit by check, as they will not transfer that money from your share savings account to open a CD until after the hold on it expires!

This, they tell me, is the info from the people in their investment department, which are the people behind the scenes opening the accounts. 

This delay on opening the CD is insane. I have NEVER had that issue in all my years of banking, whether with banks or CUs. You simply transfer the hold on the money over with the money to the CD, no big deal. 

They will not allow you to fund the CD directly with the check -- I presume unless you did it at the branch -- and so you have  to wait until the hold on it in the savings account expires before you can open the CD.

So, since CDs often get a sizable  amount in them, that can mean 10 days of hold! That is 10 business days, so two weeks of lost interest, because of a stupid rule that no other financial institution in America has.

I have asked to talk with the Investments Department direct about this -- I am awaiting a call back from them, and will report here once I hear from them. But until you find out otherwise, anyone here looking  to open a CD better be aware of this delay, and with your funds in the savings getting basically no interest, a mere 0.05  APY for two weeks.
Anonymous   |     |   Comment #12
As a thought.....would funding the account via shared branching avoid the wait times. I've use shared branching in the past to withdraw/add large amounts and never had a issue with wait times/holds plus it avoided the cost of wire fees, lead times, etc...but this CU may be different. 
me1004   |     |   Comment #22
No, that is how I was planning to do it. They said any deposit must go to the share shavings,and there  will be a hold and it will not be allowed to be transferred until the hold ends.

It  occurs to me that MAYBE I could mail in a check and have it go direct  to  the CD that  way, but even that will lose me three days in the mail, and more if a weekend  is in the way.
Anonymous   |     |   Comment #13
I really hope there was some sort of misunderstanding.  I cannot afford to send them a large check and have the money languish in share savings for ten or fifteen days.  Holds are supposed to exist to prevent withdrawal of new funds, and that is understandable.  But if they use the hold to prevent movement of money into a CD, that is too large a loss to bear.  For large sums one would then be left with wiring funds as the only option.  I agree that if this CU is "hold crazy" we need to know ASAP.  Nobody else out there is pulling anything like that.
Anonymous   |     |   Comment #15
why do people stress yourselves with check rules? see if you can do what #12 said or send
the darn wire. you want the cd or not? geeze ,, pick your battles.
me1004   |     |   Comment #23
That is an idea,  wiring the money. I didn't ask about that, because my money will be in a bank check being mailed to me, because the bank it is coming from refuses to allow outgoing ACH of more than $20,000 even if initiated by the other bank. I think that bank said the same about wiring. So I don't have that option. Gee, that bank would not even let me open a checking account because  I'm out of state.
Anonymous   |     |   Comment #17
I just spent 15 minutes with them:
- the online app has the wrong interest rate
- the online app limits funding to 10k
- they limit the first cd to 100k
- they allow you to open additional cds but you have to send a check or visit a branch
pretty ugly, I'm not investing with an institution that has such poor planning/testing. Unfortunately, they did a hard credit pull before I started having problems with their online app.
Anonymous   |     |   Comment #18
sorry to reply to my own reply but I see I wasn't clear. first you enter an amount (say 100k), then they do a credit pull, then they ask you to fund the account and that's when you get the error that the amount is limited to 10k. and you can't change the amount. and the interest rate is wrong. and they don't tell you anywhere that the limit is 100k.
me1004   |     |   Comment #24
RE the interest rate, the 1.85%  is only for the  jumbo  rate, over $100,000. Possibly all you are seeing on the application is the non-jumbo rate of1.60%?

I was told you have to fund it immediately via the application, and since I can't do that via the online application, since I can't do that with the bank check I will have, I didn't pursue that any further, figured I would have to open it separately after starting the membership. So, people using a check can't open the CD via the membership application anyway. I suppose they might offer ACH to do it that way.

I note,after filing the application, t hey told me to takes 24-48 hours  to process and open the membership  and share account. I  don't know if  there  might be any reason to reject your application.
Anonymous   |     |   Comment #14
Just as a heads up for others, we have here a CU which might not be ready for "prime time".  I funded my share savings with my credit card.  So far I am seeing THREE temporary authorizations on my credit card for that one initial share savings funding.  There is an additional, separate, temporary authorization for the $5 fee (which is fine, just a single instance of this authorization).

So is this credit union FUBAR?  Stand by.  We will know soon. 
Anonymous   |     |   Comment #16
see what i mean? just complicating it even more. we are DA not FWF
Anonymous   |     |   Comment #19
To #11:

Just off telephone with my guy at this CU.  What you were told is bogus.  He has moved funds to CDs several times today already.  Or optionally just say in your letter, which accompanies your check, that the money is to be deposited directly into your CD.  The funds remain on hold, of course, as you would expect.  But there is no lockup in share savings for a couple of weeks.  Instead you earn interest at the CD rate.

Also, there is no limit on the size of your first CD.  100K, 500K, 1M, it's all good.  They want money.
me1004   |     |   Comment #25
That's  what I'm  trying to  clarify. I will update here --  but I don't yet have the answer from the "horses mouth," the investments department.

The investments department never called me today, so that is still pending. I called the CU back at the end of the day to follow up on that.  I asked for the supervisor I had spoken with this morning by name, as she told me to do it that way,  that she is the only Audrey in the call center. Well, the guy I  got at the end of the day insisted there is no Audrey in the call center, supervisor or otherwise. We went round and round on that, and I then just  asked to speak with any supervisor.

This guy, no matter  what, would not  give me a supervisor, he just kept  asking the same stupid questions over and over no matter how many times I answered, no matter how many times I insisted on talking with a supervisor. After about 15 minutes of that idiocy from him, I gave up and slammed the phone down, he was so irritating and so stupid. What is the matter with this CU,  everyone there is so extremely incompetent.

One thing he di  say  -- and I don't take anything he said as definitive -- was that he confirmed that yes, I cannot transfer the money from the share savings to open a CD until after the hold on the money has expired. Again, I don't take anything he said as reliable.

So, I will try again on Monday to get through to the investments department.

So, Anonymous 11, you have one person saying sure it can be done, and I hit two who said it can't be  done. And the supervisor I spoke with said that is what the investments department, which processes the stuff, says, they will not do it.

But I must say, I have never run up against such extreme incompetence with every last person, even the supervisor, at any place before.This is not very encouraging.
Anonymous   |     |   Comment #26
Welcome to the "new" Mexico.  We better hope that whoever gets elected as president that the congress will work with them and make the changes needed to get this country back like it used to be.
Anonymous   |     |   Comment #27
Appreciate your post, #25.  Thanks.  I do not know how others are moving their money.  For example, using electronic means it might not be possible to move money straightaway (i.e., directly) into a CD.  Money might have to go into savings first.  Myself, I'm using the USPS with a tracked first class package.  Use PayPal to print the label and get shipping discount.  Tracking is included for the price you pay (under three bucks).  I include a letter ordering my (paper) check to be deposited directly into my CD (already open and just awaiting funding).  Check is made payable to myself.  I endorse check with a limited "for deposit only into my CD" endorsement.  So will this work?  We shall see, but they will have to violate the endorsement on my check to place the money instead into my savings.  Oh, also on the front of my check, in the "memo" area, I indicate money is for new CD and I state that fact, as well, in my (signed) letter of instruction.

So, again, I feel OK about the way I have moved my funds to the credit union.  But those choosing other than the USPS might encounter a different outcome.  I dunno.

A little off topic:

This USPS first class package service has worked great for me.  Using it now pretty much exclusively.  With any (paper) check deposit you want tracking so you know when your check has arrived.  But with first class letters tracking is problematic.  USPS tries to move you up to expensive Priority or Express Mail service to get the tracking feature.  But first class packages offer sort of a loophole in the otherwise onerous USPS scheme of mailing.  First class mail oftentimes is as fast as Priority Mail, or is at worst one day slower.  But, again, we need tracking.  So you just ship your letter as a package, in a Jiffy Pak for example.  PayPal, working in collaboration with the USPS, has a facility to allow label printing and payment both at the same time.  It's quite easy, and it works.
Anonymous   |     |   Comment #20
I started the online app this morning early.  First flaw, $100K Jumbo CD showed 1.60%.  Second, funding only showed $10K max.  I then called, first Rep, couldn't tell me how to finish the online app & suggested I do a telephone app, which required another Rep. After a short wait a Rep started the application (she was able to connect to the online app and continue by phone.) It's true you cannot fund the Jumbo CD right away.  She used my Visa card to fund $5 membership & $5 to join. I had to fax photo ID & 2 bill records. I do have an account # now, and I must get the $100K to them later. As Number 12 said, I would like to find out about shared branching, to send $100K check.  Process took me about 2-3 hours & I still don't have the Jumbo CD.
Anonymous   |     |   Comment #31
Just checked and I can log into my acct.  It shows $5 in Share Acct.  Now the question is, do I try to deposit $100K at the shared banking or go with #27, USPS first class package service?
Anonymous   |     |   Comment #21
they have shared banking , no receiving fee , go to web site and use their app to locate near you
Anonymous   |     |   Comment #30
Just curious if anyone has learned when the CD matures how to get your funds back besides them mailing you a check?
Anonymous   |     |   Comment #32
Simply make a withdrawal via shared branching....assuming CCU doesn't have limits on withdrawal amounts via shared branching. 
mbregman   |     |   Comment #33
I had similar experience trying to open on line yesterday.  I had to call because on line app showed .15% apy for CD instead of  1.6 or 1.85.  They told me not to worry.  I proceeded to apply for a share account and $100k cd and ran into $10k max on line funding glitch which they tell me they are working on.  I couldn't back up in the on line app so worked with a phone rep to open my share account over the phone. I then brought my $100k to a local shared branch.  I had been told it would have to clear by the first phone rep, but when I called back, they moved the $100k into the cd immediately.  Overall, my experience with them on the phone was great, despite their on line operations not being prepared at all.  They use e-signatures but otherwise need some help in the IT dept.  I still strongly recommend this CU, especially with the best rate in the country.
Anonymous   |     |   Comment #34
Sounds like a good way to go!  I have the shared savings acct # now.  You said, to bring the $100K check to the local shared branch.  Do you deposit the check into the Shared Savings & then call a phone rep to have it moved to the Jumbo CD? It's pm now on a Saturday, so I guess I will wait until Monday.
Anonymous   |     |   Comment #35
This is encouraging news . thank you very much.
although sending that large amount by anyones bank/cu is hit or miss (HOM)
i dont think these guys know what theyre in for when they get hit by a DA storm.
mbregman   |     |   Comment #36
I agree with you on the DA storm, but am still amazed how much better they are handling than other banks.  I do not expect them to be able to maintain this rate through the end of December though.  The funds show up immediately on line once you make the shared branch deposit, just as if you deposited it directly to one of their branches.  No HOM.
Anonymous   |     |   Comment #38
actually i was referring to the amount the shared branch would send.
i have had a credit union put a cap on how much they would send, but that might have been to do it without charging a fee?
Anonymous   |     |   Comment #39
Just signed into my CCU account for the first time.  Process went smoothly; no complaints.  My share savings is showing the correct amount (I used CC funding) but with zero available.  This agrees with my CC provider telling me the charges to my card have been authorized but not yet charged.  I expect the charges to hit my card in the next day or two.  My CD account is showing as open with a zero balance.  This is correct as my mailed check has not yet been received by CCU.

Bottom line, so far so good.
RickZ   |     |   Comment #40
I opened up a share account with Consumers Credit Union last Thursday and everything went smoothly.  On Friday I received a welcome email from the New Member Advisor at CCU.  I emailed this new member representative this morning and he called me back within an hour.  This representative advised me that they had a meeting with management this morning to clarify how they will handle the opening of these CDs and the following is the procedure.  When they receive a check it will be deposited into the share savings account with a hold.  However, a customer can then call the CU after the deposit is received and request to open the CD with the funds in the share account and the funds will immediately be moved to the CD with the hold being transferred to the CD.  The funds do not have to sit in the share account not earning interest until the hold is lifted as some people were advised.  The CCU representative was very helpful and knowledgeable and he apologized to me for any confusion that may have occurred.  He also advised me that this CD will be available until December 31th.  I think the CU was a little overwhelmed with the response to this CD but I believe that they are committed to correcting this confusion and to making sure new customers are happy.        
me1004   |     |   Comment #41
Thank you very  much for that. You finally got  through  to someone who should know something. 

I just called  a little while ago, still haven't been able to get past the call center to someone who actually knows something.

The CSR put through another message for a call back, this time from the people at the branch who deal in opening accounts -- the call I was  promised from last week from the investments department has never  come. If I actually get that call, I presume I  will get the confirmation of your post, RickZ, and I will note it here. But the call center still does not have that word this morning.

Also note more idiocy  from the call center. The CSR today  goes to the rate chart online and tells me it is dated Oct. 31 and there is no 16-month CD on it nor any CD of these kind of rates. That is, it appears it had been updated.

Scared, after the call I go look. Another wrong piece of info, the rate chart remains the same, these CDs are still listed, and still say through Dec. 31.

Why I'm giving this update now, a possibly very good tipoff: This woman at the call center says she does not have any accounts with this CU. I have to think she finds them impossible to deal with, although she didn't know anything more than anyone else. :)

If I should get this callback today, I will update.
me1004   |     |   Comment #42
OK I just got the call back. RickZ is only partially correct. There a details.

The person I spoke with said the new policy is that they will allow no more than $100,000 of a check deposit from a shared branch to be transferred from the savings to open a CD until after the hold has expired. They will not allow you to open a CD larger than that until the hold has expired. They don't  even care that my check will be a bank check, not a personal check.

So those wanting a CD of larger than $100,000 and using a check would have to either wait for the hold to expire, or you can mail it in and the check then can be used to directly open the CD, so he said -- but of course, you lose time in the mail anyway.

I went round with him on it, and he actually agreed about how preposterous the limitation is. After all, it doesn't matter whether the hold is on the money in a savings account or a CD, and no one here is asking for the hold to be lifted, simply for it to be transferred to the CD. 

He has referred the matter over for "management" to call me back -- so that will be the last possibility to deal with this. I do not expect that cal before tomorrow. If they  don't change the policy again, than this limitation is it.
Anonymous   |     |   Comment #43
I went to the Shared Branch closest to me. (20 miles)  I was able to deposit $100K.  Since I had opened the account a few days ago with the $5 balance it was necessary for me to call Consumers
CU and talk to a Rep before the Shared Branch was able to complete the deposit.  After the deposit was completed, I continued to talk to the Rep from Consumers CU.  I wanted her to open the 16-Month Jumbo CD right then & there.  She said, I must wait for 2 business days, then call back & she would open the CD.
Anonymous   |     |   Comment #44
I posted up thread about having sent in my deposit via snail mail in a first class mail package.  I wrote about the restricted endorsement and all the rest to ensure the money would land in my CD.  Well, the deposit DID arrive equally as fast as if I had used Express Mail, with full tracking the entire way and for a cost south of three bucks.  That was a very good experience and hats off to the USPS.  I do not have a shared branch option where I live, so choice of the USPS was the right one for me.  Also, my deposit was well over 100K, so maybe even if I had a shared branch it would not have helped me.  Still, I am pleased that I chose to use the USPS and I am very well satisfied with their service.

However, at CCU the joke was on me.  When my check arrived they promptly ignored my letter and my restricted endorsement and all the rest and deposited the money into my savings account.  This even though the CD was already open and awaiting funding.  I telephoned the call center, naturally, to request immediate transfer of the money.  Was told they would be able to move the funds to my CD after the passage of ten days' time!!  That was a little upsetting but I was able to hold my temper and I remained courteous with the rep, and she with me (very nice person).  Bottom line was immediately thereafter successful in making contact with the individual who had opened my accounts.  That person was able to move the funds straightaway to my CD without any hassle whatsoever!

Lessons learned:  Well, first I'm happy I did not blow up.  Remaining calm was the best course.  Second, some persons you reach over the telephone are able to move "on hold" funds from savings to CD, but others ARE NOT.  You must reach an individual so empowered.  Call center denizens, including supervisory personnel there, are not empowered to move funds while those funds are on hold.  Other persons at the credit union ARE able, for example those in new accounts.  Worst of all, call center folks are unaware of need to bring in outside help when a transfer request is received for on hold funds.  They merely tell their callers about their inability to move the funds for many days.

Finally, my deposit is on hold right now, following the transfer.  I think most of Ken's readers would anticipate a long hold on funds sent in by new members to any CU.  However, my funds are on hold inside my CD, earning the promised rate of interest . . not in my savings.  All is well which ends well, and this ended quite well indeed.  Thank you, Ken.  
me1004   |     |   Comment #45
OK, l I have a final on it now. It is mixed.

The restricted policy I noted in my last post above holds. However, as some other have said, if you get past the Call Center, you can find someone who will be able to waive that policy if you have over $100,000 and immediately transfer the funds you deposit at a shared branch to open a CD.

Still, I was not able to get that done by a new accounts person, as some people seem to have, that person had to go to management, and it is actually the top branch manager who will do this for me, won't even OK it and delegate it to the new accounts person.

So, get past the Call Center to the regular CU, the branches. Then someone there will be able to approve the immediate transfer to CD, even if they have to go to the manager. And, this is being done for each case separately, not as a policy. I strongly recommend you do this in advance of opening the membership -- with  a case-by-case basis, that could end at any time. I won't be doing my CD for two weeks, they know that and already have approved.

I  have to think if they find themselves waiving that new policy do the transfer  but only for up to a $100,000 enough times, they will come to realize they should just  eliminate it and do what pretty much all other financial institutions in the United States do and just transfer any amount with the hold. It makes no difference what account the money is in as long as the hold remains until it expires.

Also, they confirmed again today that this CD is scheduled to continue to be offered through Dec. 31.

On a periphery, I generally like to also open a checking and get some free checks with it -- I can use them at maturity if I choose to move the money. However, this CU does not print any temporary checks, you have to do a regular order. And they have refused to waive the cost of the check  order for  me, despite my larger deposit. The cheapest order of checks there is $24.55 for about 120 checks. Too  much. My plan is to skip the checking account, and figure when it matures, I can go to a shared branch and withdraw it and they will issue me a check, at a cost of $5 (the shared branch system sets that as the maximum price for the check). And  then do whatever I want with the check. Alternately, something I have done before at  a shared  branch, if I am moving the money to another CU in the system, I can withdraw from this CU and not take a check, instead have them simply deposit the money into  the new CU. I have done that  once before, no problem, and skipped the $5 charge. A bit more troublesome than just writing a check at home myself, but  not too much trouble.

I also note, they did tell me they were being flooded with calls, and they specifically asked me what Website it is. I told them it is And KEN, take note: I also told them that if they are getting that much response all from DepositAccounts, then that should tell them where they want to put their ads. :) So, I've done my part for DepositAccounts today -- because I do appreciate this Website and Ken,  you are a very good journalist even without that as your background. 
Anonymous   |     |   Comment #54
CHECK HOLD:Was able to open a CD this week with funds I wired from one source and deposited by check via a shared branch from a second source.  While the funds deposited by check stated that there was a hold on them, for purposes of opening an Andrews CD with the funds, I was able to get a CSR to access the "held" funds and open the CD the next day.  The funds "on hold" were > $100,000.
Anonymous   |     |   Comment #46
Everyone seems to be talking about complicated methods to fund the CD.

Is there any reason you can't do an ACH push from another bank (like Ally, for example) into the savings account and then use that to fund the CD?  Has anyone tried?
Anonymous   |     |   Comment #47
You could definitely do an ACH push.  Usually banks don't place a hold on an ACH push (as opposed to a pull) but you never know.  Another problem is that if you want to deposit a large sum you may run up against a bank's maximum daily outbound ACH limit.  For example, my funds are at Alliant and I have a $25K daily outbound ACH limit.  My inbound limit is $100K so it seems that the outbound limit is a security feature.  You could also fund the account with a wire transfer but that involves a small fee.
Anonymous   |     |   Comment #48
Yes, you can do an ACH transfer.  I recently opened the account, when I received the acct #, I started the process of small deposits.  I use Alliant CU & today I had the small deposits to verify.  But I also used a shared branch to deposit $100K which was stashed in the savings.  I was told I must leave it there for 3 business days before I could open the 16Month Jumbo CD.  Since I could only transfer $25K per day with Alliant CU, I choose to use Shared Branch.  When the CD matures I will use ACH to transfer the funds out.
Anonymous   |     |   Comment #49
If you get bored waiting for the account to be credited you can always sign in to play
the Money Island Game  with a age appropriate child or by yourself
Annonymous   |     |   Comment #50
Well..I should have read all these comments before..facing the same issue with their site, the bank. Will call them on Monday and see if they agree to resolve it.
Anonymous   |     |   Comment #51
can you open a cd with a credit card?
Anonymous   |     |   Comment #55
The Certificate promotional rate expired on Saturday, December 10. In addition, I really hope that You are joking about using a credit card to fund the CD otherwise You are completely delusional and a CD is not for You.
Anonymous   |     |   Comment #56
It's not a Bank, it's a Credit Union. Banks have shareholders, credit unions are not for profit, and the members are partial owners.
Consumers Credit Union (IL) Free Rewards Checking Changes
Availability: Easy Membership Requirement

At the end of January, Illinois-based Consumers Credit Union (CCU) lowered the rate on its Free Rewards Checking (Medium) to 3.59% APY. (For those of you not familiar with CCU’s Free Rewards Checking account, ir is considered to be one of the top RCAs, and comes in three “varieties,” each earning a different APY with different requirements.)

While this rate change was noted and discussed, there have been changes made to the qualifying balance cap and qualification requirements that occurred somewhere around the time...

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Reminder of the Great Reward Checking Deal at Consumers Credit Union

Update 3/25/15: The guarantee period has been extended to the start of 2016.

Last November Consumers Credit Union (CCU) made a very nice change to its Free Reward Checking Account. It increased the balance that qualifies for the top rates from $10K to $20K. Also, the credit union is guaranteeing the top rates until August 2015. Thanks to DA members for highlighting these changes in the DA forum. I just wanted to remind everyone of this great deal.

CCU’s Free Reward Checking Account is a great deal, but it has become a...

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Unique Changes Made to Consumers Credit Union’s Free Rewards Checking

Consumers Credit Union made several changes to its Free Rewards Checking Account that many savers should appreciate. First, you can now earn 5.09% APY for balances up to $10,000. Before this change you could only earn 3.09% APY for balances up to $5,000. However, qualifying for the 5.09% APY is not easy. If you don’t qualify for 5.09%, you can still qualify for 4.09% or 3.09%. If existing members have been earning 3.09% before, they can continue to earn 3.09% with no additional work. In that case the only change...

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Consumers Credit Union's Reward Checking Guarantees 4.09% Through June 30, 2012

Consumers Credit Union has added a rate guarantee to its free reward checking account. It's guaranteeing 4.09% APY until June 30, 2012. This is listed on the credit union's rates page:

It's important to note that this 4.09% APY is only for balances up to $10,000. The portion of the balance between $10,000 and $25,000 only earns 0.56% APY, and the portion above $25,000 earns only 0.35% APY. If you don't meet the monthly requirements, the rate falls to 0.01%. The monthly requirements include:

  • 12 signature-based debit card purchases
  • one direct deposit OR...
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Top CD Rates & Other Deals at Consumers Credit Union - Easy Membership

Consumers Credit Union continues to offer some good CD and checking account deals. The best CD deal is its 59-month special CD. The Jumbo version with a $100K minimum still has a 2.75% APY. The regular version with a $250 minimum has a 2.50% APY. These are also available as an IRA. The rates are listed in the credit union's rates table as of 6/03/3011.

CD Early Withdrawal Penalty

The credit union's early withdrawal penalty is smaller than average. According to the credit union account disclosure (below the rate table), the penalty...

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More Past Offers

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