P1FCU (formerly Potlatch No 1 Federal Credit Union) is ending the week by raising the rates on all its long-term Share Certificates. While P1FCU’s Share Certificates have had tiered APYs (deposit levels of $500, $10k, and $100k) in the past, this week’s new rates are the same for all three deposit levels. These new APYs are the highest levels since DA began tracking P1FCU’s rates in March 2011.
The Share Certificates are also available as IRAs (Traditional and Roth), earning the same APYs and with the same funding requirements.
As stated in P1FCU’s Rates and Fees Schedule, the Early Withdrawal Penalty reads as follows:
For certificates 1 year or greater the amount of
the early withdrawal penalty is 180 days’ dividends.
Excess Share Insurance
In addition to the NCUA insurance coverage on funds up to $250k, Excess Share Insurance Corporation insures funds up to an additional $250k.
Additionally, your board of directors has chosen to provide up to an additional $250,000 of savings protection to each qualifying account through ESI. ESI's Excess Share Insurance Coverage applies to any credit union account currently subject to the maximum level of $250,000 in coverage provided by NCUA.
Headquartered in Lewiston, Idaho, P1FCU’s field of membership (FOM) is primarily residency-based, with individuals who live, work, attend school, worship, perform volunteer services, participate in associations, or participate in programs to alleviate poverty or distress in any of the following counties:
Oregon: Umatilla, Union, Wallowa.
Washington: Asotin and Whitman.
Idaho: Benewah, Bonner, Boundary, Clearwater, Gem, Idaho, Kootenai, Latah, Lewis, Nez Perce, Shoshone, and Valley.
Montana: Deer Lodge, Flathead, Granite, Lake, Lincoln, Mineral, Missoula, Powell, Ravalli, Sanders, and Silver Bow.
Individuals with an immediate family member who is currently a P1FCU member, or qualifies for membership through the above methods, is eligible for membership. The immediate family members "can be living or deceased, as long as they were eligible for membership at the time of death." P1FCU uses the NCUA’s definition of immediate family member that includes,
a spouse, child, sibling, parent, grandparent, grandchild,
stepparents, stepchildren, stepsiblings, and adoptive relationships.
Complete details about joining P1FCU can be found on the Membership page.
Joining P1FCU and/or opening a Share Certificate can be done online, or at any of the 11 Idaho branches located in Bonners Ferry, Culdesac, Grangeville, Hayden, Lewiston (2), Moscow, Orofino, Ponderay, Post Falls, and St. Maries, or the three Washington branches located in Clarkston (2) and Pullman.
Note - In response to an earlier blog post, “Anonymous” made an interesting point in the Comments:
Eligibility to join Potlatch may be broader than just residency. The website notes people also qualify by Participation in 1- "associations in our field of membership" or 2- "programs to alleviate poverty or distress in our field of membership." That seems to leave open qualification via donation/membership.
Anonymous speculated further that contributing to an Idaho nonprofit that "alleviates poverty or distress," such as Habitat for Humanity of North Idaho, might serve as a criterion for membership eligibility. The argument seemed reasonable to me, so I called P1FCU to see exactly what the Credit Union’s definition of "participate" was. CSR wasn’t quite sure of the answer, and I was on hold for quite some time while the answer was sought.
CSR stated that "participate" meant an actual physical participation, such as helping to build a house. I stated I wasn’t physically able to do that (I lied), but I could contribute money to Habitat for Humanity’s "Nuts and Bolts" donation program, which I saw as "participation." Long story short, I didn’t win the argument, but CSR did see the merit in my logic, or perhaps she was just humoring me. In any event, it was worth a phone call to get a better understanding of P1FCU’s FOM.
Credit Union Overview
P1FCU has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.38% (excellent) based on June 30, 2017 data. In the past year, P1FCU increased its total deposits by $105.14 million, an excellent annual growth rate of 14.29%. Please refer to our financial overview of P1FCU (NCUA Charter # 2734) for more details.
Established in 1938 by 12 employees of Potlatch Forests, Inc., (a leader in sustainable forestry), P1FCU was originally known as Potlatch No 1 Federal Credit Union. While many fledgling credit unions began in less than impressive surroundings, P1FCU didn’t even have a stationary location: the first transactions were conducted out of the trunk of a car (pictured below, along with subsequent branch locations) and the funds were kept secure in a cigar box. Membership grew to 353 in the first year of operation and nearly 80 years later, P1FCU is Idaho’s second largest credit union, with more than 82,500 members and assets in excess of $944 million.
For those of you who were wondering, according to Wikipedia,
A potlatch is a gift-giving feast practiced by indigenous peoples
of the Pacific Northwest Coast of Canada and the United States.
How the Share Certificates Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar deposit and available within the FOM, all of P1FCU's Share Certificate APYs currently rank in the top two.
The above rates are accurate as of 12/15/2017.
To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table.