Dover FCU Offers Top Rate 57-Month CD For Only Two Days


UPDATE 6/18/2015: Based on the experience of two DA members (see comments below), it may not be possible to join Dover FCU and fund a CD within the 2-day window.

Availability: Easy membership

For two days only, June 18 and 19, Dover Federal Credit Union (Dover FCU) is offering a 57-month Term Share Certificate (2.57% APY).

The 57-month Term Share Certificate (CD) is part of Dover FCU’s 57th anniversary celebration, and requires a minimum opening deposit of $2.5K with no maximum balance cap.

As stated on Dover FCU’s Truth In Savings page, the Early Withdrawal Penalty reads as follows:

If your account has an original maturity of more than one year:

The penalty we may impose will equal 180 days dividends.

Thanks to the DA reader who let me know about this deal.


Dover Federal Credit Union offers membership to individuals who meet any of the following qualifications:

Military and Uniformed Services: Military personnel of the U.S. Government with duty locations in Delaware.

Employment: Employees of Bayhealth and Dover Downs (all locations), and employees or members of more than 400 Dover FCU’s Business Partners.

Family Relationship: Immediate family or household members who qualify.

Other: By joining Friends of Bombay Hook, a non-profit working in conjunction with Bombay Hook National Wildlife Refuge. To make joining as easy as possible, Dover FCU will pay the membership fee.

Complete details on membership eligibility can be found on Dover FCU’s "Join Now"page.

Opening a CD can be done online, or in person at any seven Delaware branches located in Dover (3), Dover Air Force Base, Milford, New Castle, and Smyrna.

Credit Union Overview

Dover Federal Credit Union has an overall health grade of "A" at, with a Texas ratio of 6.42% (excellent), based on March 31, 2015 data. In the past year, Dover FCU has increased its total deposits by $12.51 Million, an excellent annual growth rate of 3.47%. Please refer to our financial overview of Dover Federal Credit Union for more details.

Dover Federal Credit Union was first chartered in 1958 by a group of Air Force and civilian workers at Dover Air Force Base. Today, Dover FCU has over 41,000 members and assets in excess of $418 Million.

How the CD Compares

When compared to other similar length of term CDs tracked by, requiring a similar minimum deposit and available nationally, Dover Federal Credit Union’s 57-month Term Share Certificate clearly stands out.

The above rates are accurate as of 6/18/2015.

To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of

Anonymous   |     |   Comment #1
Unless you already have an account established, it will be hard to open the 57 term share certificate. I spoke to the CSR. The CU needs to have the money by tomorrow, it is not like you will lock in the rate once you open the account.

Once you opened an account, you have to wait for the CU to a run credit check and membership check before you will be given an actual account number. Without the account number, you won't be able to wire the money in by the deadline.
NYCDoug   |     |   Comment #2
Just ran into a similar problem: ACH trial deposits would need to be acknowledged in 2-3 business days, too late to fund the account by tomorrow [though the CSR did suggest wiring the money, without mentioning the account number gotcha]. Dover does not participate in CU shared branching, so that option is also not viable.

Didn't find out about any of this until successfully completing their application process -- which had a few odd multiple choice identity/confirmation questions [matching names and birthdates of current and former roommates "sharing the same address"  . . . a first time for me; unexpected, and peculiar, I thought]. Called, and had them cancel my application by phone a few minutes ago, so that my intended funding (savings) account wouldn't be hit with their two mandatory trial deposits/withdrawals. 

In sum, an offer too good to be true -- for most -- and not readily available (unless you live near a branch, and can take immediate action). Don't think they want too many folks participating in this celebratory offer. More for show. [I'd rather they show us the money, please!] A sorry waste of time, sad to say  . . .
NYCDoug   |     |   Comment #4
Curiouser and curiouser . .  . or worser and worser . . .

The two trial deposits -- and, more importantly, debits -- that I wished to prevent, by cancelling my application Thursday, by phone with the CSR, have posted anyway, this morning. Does this mean that my application is not really cancelled, and that the CSR did not know what he was talking about? Is my application going ahead? [Is this another FUBAR financial institution?]

Stay tuned . . .
Anonymous   |     |   Comment #6
Good morning,
My name is Deb Jewell, Marketing Manager from Dover Federal Credit Union.  I invite you to contact me directly at 888-818-3328 ext. 3015 so that I can personally assist you with your request and answer any additional questions you may have.  I look forward to speaking with you.
DoverFederalCU   |     |   Comment #7
Good morning!
I am Deb Jewell, Marketing Manager at Dover Federal Credit Union. I invite you to contact me at 888-818-3328 ext. 3015 so that we discuss your request and I can answer any questions you may have.   
Anonymous   |     |   Comment #8
Hi Doug

When you completed your application you likely set into motion an automated (ACH) process all but unstoppable.  I know when I do ACH, and I do a LOT of ACH, if it goes beyond the cutoff it is g-o-n-e - nobody can stop it.  So if your cancellation happened beyond some invisible cutoff, what you are reporting is not a surprise.

This deal really is akin to the hilarious "one minute sale" parody legends.  Except this is real life . . . not some parody.

You cannot accuse Dover of failure to have a sense of humor.  Sadly, in this instance, the joke has come at the expense of many would-be customers! 
Anonymous   |     |   Comment #5
"Unauthorized ACH."  File a compliant with the originating financial institution
NYCDoug   |     |   Comment #10
All's well that ends well . . . with more than a little 11th hour maneuvering. Lot's of behind-the-scenes drama/trauma, but Dover's Marketing Manager, Deb Jewell, was extraordinarily helpful in finally getting my account number set up [after I completed a second application] and I was subsequently able to wire funds into my account this afternoon, meeting Dover's firm and fast deadline for this promotion.

I also found that I could lower my wire transfer fee by taking cash out of a higher charging bank [HSBC: $35] and depositing it into TD Bank for a more reasonable $25 domestic outgoing fee.

(Deb assured me that Dover would not be charging me any incoming fee for receipt of the wired funds.)

Lots of running around today, and lots of learning.  ;-)
Anonymous   |     |   Comment #3
I think deals such as this are great fun, though perhaps not all that profitable.  This Dover deal appears to have been inspired by a famous Rush Limbaugh parody:

I also found this Australian parody right along the same line:

I'd write more but I'm out of time;  this comment is now over!! 
NYCDoug   |     |   Comment #9
Love it! -- Thanks for the gut-busting laughs, and lingering ear-to-ear grin . . . the best thing to have come out of all this  ;-)
Top Long-Term CD Rates at Dover Federal Credit Union in Delaware

Dover Federal Credit Union is offering some very competitive long-term CD and IRA CD rates. Minimum deposit is $500 for CDs and $2,000 for the IRA CDs. Below are the best CD rates as listed in the credit union's rates page as of 8/22/2012.

  • 2.25% APY 5-year CD
  • 2.00% APY 4-year CD
  • 1.75% APY 3-year CD
  • 1.60% APY 30-month CD

Credit union membership is open to many US military members based in Delaware. There's also a long list of select groups and organizations. Employees and members of these may also be eligible for credit union...

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