4.00% 12-Month CD & 3.75% 6-Month CD at First Command Bank - Nationally Available

I just filled out the application, pretty simple process. If it pans out Ken, I'll hit the tip jar for sure. Nice work.

I was ready to jump on this one too. But was dicouraged by the rate lock not being guaranteed until the funds are received. Rates can drop overnight. Then a person would be stuck with a lower than anticipated interest rate. Sometimes even electronic funds transfers are delayed. It would be better if at least the bank would say how long their present rates would be good for or allow for a grace period of a few days to fund the CD after they receive the online application.

The problem with the unavailability of the rate lock, as mentioned by Anonymous at 8:13 am, is the same problem I had with GMAC Bank's CDs.

If you are that concerned, do a wire transfer. Some banks (WaMu) don't even charge to send them, but if your bank does charge, the $10-$20 fee would be well worth it.

I am a little concerned about the rate lock as well, but took my chances. A couple things to note: 1. the CD application is under the checking/savings link; and 2. during the application where you are picking your CD, if you click on "check current rates" (or something like that) the rates for 2/19/2008 come up. I called a CSR and he confirmed that those rates are incorrect and he confirmed the one year rate to be 4% APY.

Opened a CD toady, 1 year 4%, called to confirm that I got 4% and they said yes.

12:45 I am simpatico with your situation in every respect as re the toady CD. I also have opened those in the past, as well as CDs that were a little squirrelly.

Stock investors may have their cats and dogs. But darn it, us savers have our toads and squirrels.

You should first determine if this company is where you want to put your money - http://www.sec.gov/news/press/2004-170.htm

"Washington, D.C., Dec. 15, 2004 -- The Securities and Exchange Commission today announced the institution of settled enforcement proceedings against First Command Financial Planning, Inc. (First Command), a registered broker-dealer whose customer base consists almost entirely of active-duty and retired U.S. Military personnel. The SEC alleges that First Command used misleading sales materials to offer and sell mutual-fund investments through an installment method called a systematic investment plan (systematic plan). The NASD today also initiated settled disciplinary proceedings against First Command based on similar allegations relating to the firm’s sales of systematic plans. In settlement of these actions, First Command has agreed to pay $12 million to be used to reimburse certain customers and to fund investor education programs for members of the U.S. Military and their families."

Two things to consider about that last post. 1) That issue was resolved over 4 years ago. 2) The bank is not the investment arm of the company, it's the bank.

Guess what? The rate just dropped to 3.75% today (Monday, Jan. 19th). I sure am glad I didn't grab their bait!

Just spoke to a supervisor. She said they have been innundated with applicaitons. She said they would be sending email out to applicants within the next 48 hours indicating whether their application was approved. She told me if I applied on Friday I probably would get the Friday rate. CSR told me that the bank president decided not to take CD applications from non-members as of Friday. I pointed out this was not posted on their web site Friday and she told me that it is posted now.

i open the cd on 1/17/09, good for me since the rate just dropped, they dont take non-bank customer apps, i called them they said my app will be declined.
guess i will have to go to clearsky

Got this email from them today:
-----------------------------
Thank you for your application for a deposit account with First Command Bank. After careful consideration, we regret to inform you that we are not able to approve your request at this time.



We are currently accepting applications only from existing First Command clients and individuals who apply in person. We invite you to apply for a deposit account at our branch location or visit a First Command Financial Advisor to apply (see www.firstcommand.com for locations near you).



We apologize that our online deposit account application did not make this clear, and we welcome the opportunity to serve you. If you have any questions, please contact us at 888-763-7600 or [email protected]



Sincerely,



First Command Bank





Donna Sheckels | Sr Data Management Rep |

First Command Bank | 888.763.6000 x 2692

I got same email/letter. Really mad as there was nothing on their site that said it they woulud only accept from existing First Command clients and individuals who apply in person.

But probably would have been put into lower rated cd anyone so Im mad but...

I jumped on this thing first thing on the 16th, and got the same email just now. My ACH transfer had already gone through as well. I called Donna (accounts person) - apparently they had an "executive meeting" in which they decided not to honor the rate. Total bullsh*t. Somebody ****ed up and now they are covering their butts. Hell of a way to run a business. She said I should get my money back tomorrow. We'll see. At least I have a paper trail.

I just got the message as well. They took my money yesterday though. Bet they don't credit me any interest on that.

First Command managed to withdraw my funds on the 20th, before emailing me on the 21st that I couldn't open an account. They said I might have my money back tomorrow. On the 16th they said the account wuld be opened without problem. I have never heard of taking money, then returning it. What a business!

I had the same thing happen with my money. "You are denied, but we are going to take your $$ for a few days anyway." Do you know if they send your money back via ACH, free wire, or check? Getting it by check would just be kicking us while we are down.

I find what they did shady at best. Anyone know who to file a complaint with? I feel that going back on their word after the fact is not truthful in their advertising. At the very least there should be some sort of public record that makes people aware of their practices.

Seems like the banking managers learned their tricks from the invesment arm managers.

Same here, I opened a CD, called to verify over the phone that I was locked in at the 4% rate. They told me yes that I was. They took out my money. And then they send me the email saying that they were in the process of updating their website. What total bull! Oh and like you guys still haven't gotten my money back.

Crazy enough, First Command called me today and told me my account application had been accepted, after I received the rejection e-mail yesterday. I applied on the 16th and got the advertised rate. Good thing too, they had already taken my money.

Same here, they rejected me, then decided to accept me. It appears that they have decided to accept all the people who applied before the warning was issued to their website. For me they already took my money, and they told me they will back date my interest from the 16th at 4%, hooray!

I was in, then out, and am now back in as well. Robin called and was very nice - so all is well in the end. Pretty cool. Kudos to them.

you guys are a bunch of whiners. you probably overloaded them which caused them to change their policy regarding new applications.

keep in mind, usaa and nfcu and all the other "military banks" have a policy that you must be in the military to have an account. it appears first command may have gone that route

"whiners"?

Apparently we got them to change it back again. What, you miss out Mr. Grumpy?

major props to First Command! i got my rate afterall and am happy. i could see why they would change their policy on the fly- because of the vultures that surf this site!