Indiana-based Financial Center First Credit Union (FCFCU) is offering an 84-month Certificate Special (2.50% APY). The minimum opening deposit is $500, with no balance cap.
In the past two years, there have been four rate changes for the 84-month Certificate Special, with the APY fluctuating between 2.25% and 2.50%.
The 84-month Certificate Special is also available as an IRA (Traditional) earning the same APY, with the same funding requirements.
As stated on FCFCU’s Rate page, the Early Withdrawal Penalty (EWP) reads as follows:
Terms of 7 years or greater - 730 Days Dividends
Even though this is a harsh EWP, I have to commend FCFCU for displaying it prominently. Too often, finding this important information becomes a website treasure hunt, or necessitates a phone call to the financial institution. Thank you, FCFCU.
Another interesting piece of information on the Rate page concerns the Excess Share Insurance (EIS).
Qualified accounts insured up to $500,000. $250,000 in federal insurance provided
by NCUA and an additional $250,000 in private insurance provided by ESI.
For more details concerning EIS, please check out my blog post from September 2011.
Headquartered in Indianapolis, Financial Center First Credit Union’s field of membership (FOM) is primarily residency based.
Residency: Individuals who live or work in the Indiana counties of Boone, Brown, Hamilton, Hancock, Hendricks, Johnson, Marion (with the exception of Decatur Township), Morgan, Putnam, and Shelby eligible for membership. The FOM includes the greater Indianapolis area.
Employment: FCFCU’s eligibility page also lists about 20 local SEGs that qualify for membership eligibility, but the last SEG listed widens the FOM considerably:
US Armed Forces, which includes active duty, Guard and Reserve members, military retirees, Medal of Honor recipients, 100% disabled veterans, and their authorized family members.
A Live Chat with FCFCU confirmed that anyone who meets the US Armed Forces prerequisite is eligible to join, regardless of residency.
Family Relationship: Family members of current FCFCU members or individuals who meet any of the above options are eligible to join. "Family members" is defined as "spouse, parents/step-parents, child/step-child, sibling/step-sibling, grandparent, grandchild, aunt, uncle, niece or nephew."
In other words, if your Uncle Joe lives in the FOM or your father is retired military, even though you live in California, you qualify for FCFCU membership.
Credit Union Overview
Financial Center First Credit Union (NCUA Charter # 68658) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 3.35% (excellent) based on December 31, 2015 data. In the past year, FCFCU has increased its total deposits by $3.44 Million, an above average annual growth rate of 0.81%. Please refer to our financial overview of Financial Center First Credit Union for more details.
Financial Center First Credit Union was established in as the Fort Harrison Credit Union in 1953, serving the military personnel and civilians assigned to Fort Benjamin Harrison. Located northeast of Indianapolis, The Fort was officially closed in 1991, but the Defense Finance and Accounting Service is still located on the former post. The Credit Union’s name is derived from the Fort Harrison Finance Center. Following a merger with Horizon One Federal Credit Union, FCFCU currently is Indiana’s 14th largest credit union, with more than 55,000 members and assets in excess of $512 Million.
How the Certificate Special Compares
When compared to the 14 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available to central Indiana residents, Financial Center First Credit Union's 84-month Certificate Special currently ranks second.
The above rates are accurate as of 3/10/2016.