Fortera Credit Union 18-Month CD Continues To Be Competitive

Early Withdrawal Penalty

As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:

The early withdrawal penalty is equal to 90 days dividends on the amount withdrawn if the certificate term is 12 months or less, and 180 days dividends on the amount withdrawn if the certificate term is greater than 12 months.

The penalty is calculated on the amount of early withdrawal. If earned dividends are insufficient to satisfy the penalty, the penalty will be deducted from the principal balance.

CSR stated that a partial withdrawal can be made, but the 18-month Share Certificate principal will be reduced if a withdrawal is made within 180 days of account opening.

Availability

Headquartered in Clarksville, Tennessee, Fortera Credit Union’s field of membership (FOM) has expanded about a year ago and now includes virtually all U.S. citizens and resident aliens, 18 years or older, who have a valid Social Security number.

A quick glance at the Fortera “Join Us” page gives the impression that the FOM is community-based: anyone who lives, works, worships, or attends school in any of seven western Tennessee counties or five western Kentucky counties is eligible to join.

The next sentence is rather vague, which prompted me to contact Fortera.

Residents of other counties in Tennessee, Kentucky, Alabama and Arkansas may also be eligible.

CSR stated that in addition to Tennessee, Kentucky, Alabama and Arkansas residents, all U.S. citizens/resident aliens, regardless of residency, are membership eligible.

Account Opening

Joining Fortera Credit Union and/or opening an 18-month Share Certificate can be done online or at any of five Tennessee branches located in Clarksville (4) and Nashville. There are also three Kentucky branches located in Fort Campbell and Hopkinsville (2).

After a membership application is submitted, it will be reviewed with a 24-48 hour turnaround time. You will be contacted by Fortera to complete opening an 18-month Share Certificate. The online application has an “Add An Account” section for existing Fortera members.

Whatever you’re saving for, all you need is $10 to open a share savings account and become a member of Fortera Credit Union.

Funding and Other Details

The following information is from a conversation with CSR.

Funding – ACH, wire (no fee), check, internal transfer, shared branch transfer. Funds must be on deposit at Fortera before a Certificate can be opened.
Ownership – Individual or joint.
CO-OP Shared Branch Participant – Yes.
Dividends – Compounded/credited quarterly and cannot be withdrawn penalty free.
Maturing Funds – Wire ($20 fee), cashier’s check to address on file, or internal transfer to a Fortera share savings account.
Beneficiaries – Unlimited with equal shares, Social Security numbers not required.
Grace Period – 7 calendar days before automatic renewal.
Credit Check – ChexSystems.

Credit Union Overview

Fortera Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.73% (excellent) based on September 30, 2023 data. In the past year, Fortera has increased its total non-brokered deposits by $9.54 million, an above average annual growth rate of 1.43%. Please refer to our financial overview of Fortera Credit Union (NCUA Charter # 9759) for more details.

Established in 1954, the original Fort Campbell Federal Credit Union served the military members stationed at the base. (Fort Campbell is a U.S. Army installation, which straddles the Kentucky-Tennessee border. Fort Campbell is home to the 101^st Airborne Division and the 160^th Special Operations Aviation Regiment.) In 2005, a community-base charter was adopted, with the new FOM including five counties in Kentucky and Tennessee. The Fortera re-brand occurred in 2016 as the FOM continued to expand. Fortera is currently the ninth largest credit union headquartered in Tennessee, with more than 81,000 members and assets in excess of $873 million.

How the 18-Month Share Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, have a fixed rate, and have minimum deposit requirements of $10k or less, two credit unions have higher rates than currently offered on the Fortera Credit Union 18-Month Share Certificate. The following table compares the 18-Month Share Certificate to the four highest-rate similar length-of-term CDs from banks/credit unions with nationwide market areas.

The above information and rates are accurate as of 2/5/2024.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.