Nice CU With Great Rates. Quirky, So Just Be Patient.
Please read, there's a lot of info here for those considering Greenwood CU.
Greenwood is a small 1-branch credit union that anyone in the US can join. They consistently have high CD rates.
They're a small credit union, so there ARE some quirks about them. They're not Alliant or NavyFed. But if you're patient, they offer high CD rates, are friendly, and everything will work out okay.
Their online webiste is very basic.
However, new customers can go to their webpage and immediately open up a CD of your choice (you'll automatically have a primary savings account opened as well -- which costs $5, just like with any CU). After selecting the CD you want (Length/APY) it'll ask how you want to fund the CD. You don't have to fund it right away. One option to click is "Send in a check." If you're not already a member, just choose that one to finish the form. They'll give you a week or two to send in a check to them. Or you can also ACH funds into your Greenwood savings account once it's been setup and verified and such, and simply have them do a transfer instead if you want). Instead of submitting ID documents online, you'll send everything via US Mail. You'll see a download link to download a PDF that you'll print out, fill out, and send in to them. On the form there's only room for one POD, but just attach a separate sheet if you have more than one POD (not a problem). You send everything (completed form, printed copies of requested ID documents, etc) in the US Mail.
As far as when the CD is actually "created", as far as the MATURITY date is concerned, the CD is created the moment you finish on-line. Then it becomes "funded" whenever they receive the money (either a check, or a transfer). But it won't be completed until they receive the filled-out documents.
Here's an example:
On March 10th, you go to their website and create a CD. So the Maturity date will be X number of years from March 10th (even if they don't have the funds or paperwork yet). Say they receive the funds on March 12th. Then it'll be "funded" on March 12 (the date you'll start earning interest). But it won't be complete, and you won't see it online until they receive and process the paperwork. Say they receive the paperwork on March 15th. Using these example dates above, you'll see your CD online (all finished) on March 15th, but you'll have earned interest from March 12 (the date it was funded) and the maturity date will be X number of years from March 10th (the date you applied for the CD).
It sounds weird, but in a way this is good, because it "locks in" the rate for you (even if the rate lowers between the time you open the CD and the time they receive the funding, they'll honor the original rate).
For a CD opening, they will do a credit check, but only a soft pull for a CD, not a hard pull.
Keep in mind this one quirk: even if you're already a Greenwood member, and have a few CDs, if you want to open up yet another one, you STILL have to use the same lengthy process to open up a new CD. Kind of stupid, but for good rates I don't mind going through the hoops each time.
ACH: you CANNOT initiate ACH transactions from Greenwood's side (their basic online system doesn't allow it) -- but if you initiate from ANOTHER institution, you can either send to, or pull from, your Greenwood Savings account no problem (as long as it's initiated from another institution). No fee for that on Greenwood's end.
Greenwood CSRs are very friendly on the phone, and are eager to help if you need it. Again, some things may not make sense to YOU (ie, having to go through the same full approval process to make a CD even if you're already a member) but if you just go with the flow, everything will be fine.
Misc: if you want to open up a CD for more than $100,000, it's no problem, but their online software only allows $100,000 max, so just enter that, and then when you send them the check (or call them to do a transfer after an ACH) just tell them what you want, and it's not a problem. (Say you want to open up a CD for $135,000. You'll have to select $100,000 online, but when you send the check just send a letter telling them it should be for $135,000 ... or likewise, just tell that to a CSR and it'll be fine).
They will send you a debit card for a savings account, but the debit card is NOT CO-OP!! So unless you're in Rhode Island, there will be FEES with using the ATM/Debit Card (so it's pretty useless).
However, Greenwood IS CO-OP for SHARED BRANCH. You can go into any Co-Op Shared Branch and do deposits, withdrawals, etc -- with no FEE (some CUs, like GTE, charge a fee for using Shared Branch. Greenwood does not).
So the deal with Greenwood is... it's a SMALL credit union, that has some quirks, and requires you to do a bit of extra work. But if you go with the flow, everything works out well, they're friendly, and they have great rates.