Update on PSECU’s Very Competitive Special CD Rates


UPDATE 11/18/19: Even though the special CD rates ended on Nov. 9th, PSECU members who call by 11/30/19 may be given these prior special CD rates. This may not apply to all members (those joining after the 9th). Please refer to the comment thread that starts at comment #138 for details.

UPDATE 11/11/19: The special CD rates ended on Nov. 9th. Lower rates are now in effect for the 2-year, 3-year and 5-year terms.

The following was originally posted on 11/5/19.

I don’t have anything new to report on PSECU, but I thought a quick mention of PSECU’s CD Specials would be useful. I will mention them again later today when I publish the CD summary. As I was starting on the summary, I realized that the two PSECU CD rates are now way above the CD rates of other credit unions and banks. For anyone looking for mid-term CDs, these are excellent deals in today’s interest rate environment.

0.85%$500-Pennsylvania State Employees Credit Union60 Month CD
0.70%$500-Pennsylvania State Employees Credit Union36 Month CD
0.60%$500-Pennsylvania State Employees Credit Union24 Month CD
Rates as of April 20, 2021.

PSECU’s 24-month CD earns 3.00% APY. The next highest 24-month CD rate that’s nationally available is only 2.50% APY (at Home Loan Investment Bank). PSECU’s 36-month CD is even better at 3.25% APY. The next best 36-month CD rate is only 2.70% APY (at Dow Chemical Employees' Credit Union). Even PSECU’s 60-month CD is worth noting. It has a 3.00% APY which is now the only nationally available 5-year CD with a 3% APY.

Besides the high rates, PSECU’s CDs have a mild early withdrawal penalty (EWP). Here’s how the EWP is described in PSECU’s Certificates page:

If you withdraw money early from a 3 to 24 month certificate, you’ll lose 90 days’ worth of earnings on the principal amount you withdraw, whether or not the certificate has earned an initial dividend. If you withdraw money early from a 36 to 60 month certificate, you’ll lose 180 days’ worth of earnings on the withdrawn principal amount, whether or not the certificate has earned an initial dividend. Penalties are deducted from the certificate value and calculated at the certificate’s annual dividend rate.

This makes PSECU’s 24-month CD an especially good deal. Even if you close the CD early after one year, your net yield after the penalty would be 2.25%. That equals or surpasses the highest 1-year CD rates from most online banks. You can review the effective yields of PSECU’s CDs when closed early by using our CD Early Withdrawal Calculator.

PSECU’s CDs have an add-on deposit option, but it has several limitations. I have details of this feature in my October 26 blog post.

As I mentioned in my October 26th post on these PSECU’s CDs, I was told by PSECU that they intend to offer these specials through November. Of course, there’s no guarantee. The small print does say “Rates and information are subject to change at any time.” If the demand for these CDs is high enough, they may end these specials early. Fortunately, PSECU is a large credit union. It’s the 32nd largest credit union in the nation with assets in excess of $5.5 billion and deposits of almost $5 billion. That should reduce the odds that they will be forced to end the special rates early.

Also as I mentioned in my October 26th post, I was told by PSECU that their field of membership (FOM) now extends across the country. In the past I’ve been told that the FOM was limited to Pennsylvania residents. Hopefully, this nationwide FOM will continue. For details about how to qualify for membership, please refer to my October 26th post.

Lastly, thanks to all readers who have shared their experience with PSECU in the comments. You can read the recent comments in the October 26th blog post and in this Forum thread.

Related Pages: Harrisburg CD rates, 5-year CD rates, nationwide deals

  |     |   Comment #1
Thanks, Ken.
Yup, act now... 'cause even though this CU says that the rates are good 'til 11/30,
they could, if they really wanted to, pull them at any time. PSECU looks like the last
of the great CU rates where there aren't strict membership rules.
  |     |   Comment #32
Another post about PSECU was submitted by Ken 7/9 days ago. Sometimes you can overdo a good thing and..i would much prefer Ken find new offering out there in the CD universe then repost an existing offering again. Saying all that much respect for Ken!
  |     |   Comment #33
Case in point FrontWave CU is offering a 1 year CD for 3.00% and Founders CU is still offering a 5 yr for 3.00% (has been for months.) These are just two examples of good rates that can be found today that this blog has neglected to post.
  |     |   Comment #45
Navy Federal's 5 year CD is 3.00%, too.
Wild Billy
  |     |   Comment #47
Navy Federal's 5 year is down to 2.5%.
  |     |   Comment #53
Case in point really is both those CU's mentioned (Founders & Frontwave) only apply to an extremely limited base of investors that qualify for their membership requirements. For example the membership requirements for Frontwave state you must live, work or worship within the boundaries of 3 specific counties or..be an immediate family member of a current member.
  |     |   Comment #68
@ Shelby;; Ken mentions PSECU above the others because THEIR membership
and deposit offerings are available NATIONALLY, not just to California.
(as posted by hwhiteco comment #53).
  |     |   Comment #73
Frontwave CU population membership base is close to 5 million covering 3 counties in Southern California, thats hardly what I call an "extremely" limited base of investors.
Founders CU has over 27 locations in South Carolina and considered one of the largest CU's in that state, allowing for a pretty significant base of investors that can apply for membership as Founders services almost all of South Carolina. These are just two new examples of existing CU offering that are available not posted in Ken's forum. If all chatters on this site researched and also posted two good deals they find not already posted, it would increase everyones chances of finding new offers that may suit their current investment needs.
  |     |   Comment #74
I am sure Shelby knows quite well that PSECU is national coverage.I also agree that PSECU may become damaged just like GTE was from the overkill by this website and the posters comments as well.I know for a fact that both of the credit unions read this site having being told by upper management of both FI's.
  |     |   Comment #76
#74, I'm sure PSECU has a specific goal in mind as to membership and dollar amount in deposits. That is why their CD rates remain as high as they are when most other FIs have lowered theirs considerably.

I do not believe the management at PSECU bases their decisions on some website with a bunch of unknown, unrecognized, people with keyboards.
  |     |   Comment #77
As a matter of fact PSECU has informed me that many on this site have posted misinformation about the terms relating to opening cd's. You would be surprised at how many policy changes are based on what management reads on forums like this one.
  |     |   Comment #75
Face it Shelby. Ken bases his information on a different criteria than you have IF you were running this site. The CUs you note are only open to membership covering a very small portion of geographic area of our country.
  |     |   Comment #80
@ Shelby;; cmmt# 73.
In case you didn't realize, 5 million is only about 1.5% of the total U.S. population.
No comparison. Secondly, if you look at the majority of CD deals posted in this blog they are, on average, in the 1-3 year range. The two CUs you mentioned have their most notable deals in the 5 year range ONLY. Most people who still need to spend some of their money at one point (and most readers of this blog, I'd wager) do NOT want to tie up their funds for that long.

Ken can't cover EVERYTHING ...& you can always post your own promo under the corresponding CU's information page.
  |     |   Comment #87
RichReg...Thank you for helping me bring attention to the fact that other posters on this website can also post promos... and if and when this occurs more frequently there may be less redundancy on this forum which was my point to begin with.
  |     |   Comment #95
@ Shelby;; cmmt# 87,
You're welcome. And MY point was that the 'redundancy' (by the writer of this blog BTW, not OTHER posters) was intentional based on the criteria I mentioned earlier.
If there aren't enough local deals for you being posted here, I fail to see how reiterating PSECU's deals will UN-inspire others to post them.
  |     |   Comment #107
#95 the redundancy by the writer of this blog as you put it may have played a part in the closing of the PSECU effective midnight Nov 9. Exactly the point Shelby was making, all the focus became centered on this FI and guess what? Five days later the deal closed as a result of the redundancy you feel is harmless. Coincidence the PSECU offer is closed?
  |     |   Comment #108
In ken’s words, ‘As I was starting on the summary, I realized that the two PSECU CD rates are now way above the CD rates of other credit unions and banks’ so he rightfully felt the need to publish this again for the benefit of DA readers. Why people say it was redundant is beyond me.

I saw the deal in October but was concerned I didn’t have enough time, and decided to wait until November to make sure the promo had not ended yet. Perhaps there are many others like me. If people here are upset about the publicity, could it be for self reasons - concerned that the add ons won’t be honored? I am thankful to Ken/DA and all fellow posters who make meaningful contributions.
  |     |   Comment #109
#108 Ken posted on October 26 only nine days earlier then this new update post that "PSECU (PA) 36-Month CD Still Earns 3.25% APY" and on the CD"How the CD's Compare" chart listed on that same post Ken noted the PSECU was 0.35% higher then the next CU offering on the 36 month, and 0.50% higher on the 24 month offering then the next CU. Ken didn't just realize that the two PSECU rates were way above the competition, he knew it on October 26. Ken just decided to pump PSECU again, PSECU was swamped with calls the last 10 days and now the OFFERING is OVER. A CSR I spoke to today told me" come Tuesday it will be boring around here again as the calls will be stopping thank goodness."
  |     |   Comment #112
@raven, cmnt# 107;
Hey!.. thanks for the update.
I arbitrarily chose yesterday to apply for PSECU membership (thinking I had at least a little while to open the CD) & later received approval within 5 hours time. After reading your post this morning, I got on the phone w/PSECU for about a half hour;; then discovered that I didn't need to wait for the ATM card & could use mobile deposit to fund the CD with no hold on an initial $500.

Great contributory post! BTW, if you think Ken's blog is responsible for controlling the decisions of the largest Credit Union in all of PA, I think you're sadly mistaken. This deal has been mentioned on Hustlr's Money Blog, BankRate.com, etc., among others. Though I didn't feel it would end this quickly, I never really believed it'd go as far as Nov. 30th EITHER; which was my very first point.
  |     |   Comment #113
#112, The prospective membership in PA is already at saturation point which is why the CU opened up the offer to nationwide membership. And that new nationwide membership base that is attracted to the CU because of the CD offer is driven from national blogs such as this one. So yes, you are sadly mistaken if you don't think this blogs and its multiple posting of the offer played a part in the premature closing of the offer today along with other blogs.
  |     |   Comment #81
Just see how much posts this has generated suggest this is worth Ken publishing it again. We all hope Ken could come up with special deals but this one is available nationwide.
Predatory Depositor
  |     |   Comment #3
I have been in the process of setting up an IRA account here for several days.

The people are good, but their online system could be better. Some of the instructions were misleading and there were two places in the process that had technical glitches and I had to call to get them resolved. I had to make a number of calls to get things straightened out and sometimes hold times were long, causing my online process to time out and I had to keep starting over (It was a Monday so that may have had some affect on the hold times). When I did call they acknowledged that these were known technical problems that many people encounter and they did get them straightened out for me on their end.

Overall, I give their CSRs an "A" but their online signup process a "B-" It took several hours to get everything done contrasted with the best online experience I've had that took minutes. As many FIs do, they used third party processors for their online process. My observation from experience is that they need to work on better integration with these processors' systems to get some of the kinks out.

I have all the paperwork in now. Now I'll find out how well they handle it.
  |     |   Comment #4
Anyone thinking of joining PSECU and getting in on their CDs shouldn't delay too much longer. The application process is backed up and takes several days, a week or more if there are any glitches. Added to that is their initial funding procedure and clearance to a regular share account, then finally funding the CDs themselves.
  |     |   Comment #44
Yes, I have experienced those glitches and it was particularly difficult to receive my account number because the "welcome letter" with this info was a dead link that could not be explained or fixed on their end. The only recourse was to mail the account# by snail mail to me which I thought was poor customer service on their part. Hard to believe that they could not figure out a work around for their IT failure.
Predatory Depositor
  |     |   Comment #52
IRA process not going well. PSECU told me yesterday they sent fax to receiving bank. Today receiving bank tells me they never received it. PSECU says they will fax it again, then calls me to say whoops, we just noticed that yesterdays fax was never sent.
Predatory Depositor
  |     |   Comment #66
URRR! The same thing happened all over again today! Other FI says they never received this fax either. My ears are worn out from two days of non-stop phone calls so I arranged a manager to manager phone call between the two FIs where they can hopefully hash it out. Hopefully this will get it resolved. I need a beer...
F- IRA App
  |     |   Comment #56
Like a lot of credit unions, they use Ascensus as the online portal for their IRA products.
It's really a cumbersome and basically useless way of doing things.
At the end of the process, it just creates PDF files that you have to print and physically sign anyway.
They don't offer an e-sign option. PSECU will only let you mail or fax the documents.
Most places let you upload the signed forms an attachment to secure email.
PSECU's secure email doesn't allow you to attach documents.

Usually, I just try to get PDF files of the IRA applications and transfer requests.
But, PSECU insisted that I use Ascensus.
The web app does provide some rudimentary editing.
It also lets you chose what term CD you want from what's currently available.
But other than that it's a really poorly designed application.
I'd give it a "F-".
Predatory Depositor
  |     |   Comment #58
I don't have a problem with the Ascensus product, I've used it before elsewhere so I knew what to expect. The problem for me happened after they received the transfer form. Hopefully it is resolved now, but I've been unable to confirm.

Yes, they need a secure communications portal to upload documents. I mentioned that to them when I returned the transfer form by fax. They indicated that it's on their todo lost.

I don't want to overemphasize the issues I've had. There have been a few, but other than the debacle with the transfer form, they've all been pretty minor and they fixed them quickly. I'd call the transfer form problem moderate because it caused me to have to spend maybe a couple of hours on the phone altogether making about 10 phone calls to them and the other FI and waiting on hold before I found out they had made an error. That was not fun.

It's not over yet, but I'm hoping for smooth sailing from here on in.
  |     |   Comment #5
Thanks so much Ken. Your site provides a very useful service. I have one question regarding the PSECU Add-on option that seems to be drawing mixed answers. In your October 26th blog you said: "The add-on option doesn’t work as I hoped it might. Add-on features are most useful when you can wait a year or more to make an add-on deposit, e.g., maximizing the potential of maturing CD funds when there’s no better place to put the money. That strategy doesn’t work very well when you're required to maintain a regular add-on deposit cadence." Ken, Some bloggers have posted that IF the amount of money elected for transfer in the ATS option is NOT in savings at the time of the interval selected, the add on option will not be cancelled and that the ATS option will remain on the account until the funds are there at the next interval. This would not be maintaining "a regular add-on cadence" as mentioned in your October 26th blog. You stated that you can't wait a year to add a CD that's coming due later, yet some bloggers say that you CAN do this because the ATS option isn't cancelled during an interval/s when adequate funds aren't available for transfer. Could you please clarify this? It would help a lot of us. Again, thanks so much!
  |     |   Comment #6
murr9506 -- Different PSECU representatives have provided different answers to your query. (I've personally received different answers.) I have seen nothing in on the PSECU website or in the disclosures that resolves the issue. As best I remember, no one has reported on what actually happened to them if they had insufficient funds available to effectuate the ATS transaction. One could open a CD for $500; select a high transfer amount; do nothing for a year or longer; and then dump a large amount into a liquid PSECU account in a year or two; and see what happens. There's not much of a downside o doing that.
  |     |   Comment #14
Who knows? Perhaps a year or so from now people will be pulling money out of PSECU to chase the next best thing.
Predatory Depositor
  |     |   Comment #11
Great question, but tricky one as if this is called to their attention by asking they may close the loophole (if it in fact does exist to begin with).
Predatory Depositor
  |     |   Comment #26
If anyone finds out something definitive about this please post.
  |     |   Comment #30
The (ATS) terms are not printed in any disclosure hence can be amended easily at any time...if no initial pull was ever discovered I would not blame a CU from discontinuing all future pulls because the initial (ATS) was never activated. Of course we know credit unions can change terms at any time and the (ATS) terms are not governed by a disclosure agreement. Be smart, figure out the best(ATS)strategy for yourself then zip your lips...before you spoil a good thing.
  |     |   Comment #78

Not sure if the above fits what you're looking for but below is some of what's posted there on PSECU's website. It's contained In the small print, beneath the "Rates for Certificates and IRAs" section & what's also listed further down below that, under the 1st FAQS question titled "Can I add money to my certificate over time" contains the following info pertaining to terms & conditions..

To begin with, PSECU's website indicates, one needs to setup their specific recurring ATS terms within 30 days after the certificate is purchased or lose it. Their operative word also seems to be "recurring". Possibly meaning unless one reduces the original amount properly in time, the very 1st time you miss the full amount of the original add on amount...it has not reoccurred, thereby "breaking-the-chain" & automatically stopping it (permanently). In other words, nowhere in the original terms does it clarify "Pausing" as an option. Their summary interpretation appears to be, you can reduce the add on amount if done properly, but you can never do the reverse, to ever increase it again.  In conclusion, although I've seen posts pertaining to the selection of when the frequency of those add on time periods occur (which seems likely in addition to the amounts of the add on dollars...I did not notice any info on those terms at this particular website.  Anything further, you may want to consider corresponding with PSECU by email so you have something in print?
  |     |   Comment #7
The IRA dept, x3570 appears to be pretty good. I am in the process of transferring two IRA CDs to them. Please note that the funds MUST be deposited before the special ends.

ALSO - previous comments have mentioned that the credit union is good, reps are good, but opening process is a bit problematic. They are NOT a SHARED BRANCH participant, so you may have to use SNAIL MAIL for funding unless you can wire. I do not normally get checking, but since they do not do shared branch and limited ACH, the checking option may come in handy when it come to maturing CD funds (in taxable accounts, of course).

THANK YOU, KEN, for this site, and to all those that help by posting specials and specifics on transaction details. This is such a wonderful resource.
  |     |   Comment #10
Anon456 wrote: "They are NOT a SHARED BRANCH participant, so you may have to use SNAIL MAIL for funding unless you can wire... they do not do shared branch and limited ACH"

That's not my experience at all. I've had no problem transmitting funds via ACH, using the website of an external institution. PSECU's website's ACH capabilities may be "limited", but, in my experience, they have not placed limits on external transfers to PSECU. It is misleading to state that the options are limited to snail mail or wire.
  |     |   Comment #12
Why do an ACH transfer that may take several days when you can wire for a $20 fee?
  |     |   Comment #16
Overnight ACH is routine at Alliant, at PurePoint, and elsewhere as well. If you're doing business where ACH takes several days, you are doing business with the wrong financial institution.


It's probably worth mentioning that, as an Alliant member, I sometimes experience same day ACH funds movement.  But this is not the rule and cannot be relied upon.  Reliable overnight ACH at Alliant, though, has been happening for me for well over a decade.  
  |     |   Comment #19
ACH transfers depend on when the institution batches them in/out which is usually once a day. And if two banks do it at different times then you're gonna miss an extra day. You don't know when PSECU does it or any bank that happens to have a attractive rate. But why not spend the $20? You probably lose that and more in interest.
  |     |   Comment #8
Went through the online application process yesterday and found it quite simple and easy compared to others I've used in the past. Before starting, I "unfroze" my Experian credit report as PSECU will perform a hard pull on it when you apply. I also had a .jpg of my driver's license ready to go which I was asked to upload through their site during the process. (just take a photo of your license with your phone and save it to your computer for upload later..) I received a clear online message and follow up email that I had provided all that was needed for now and my application was being reviewed. I imagine they're overloaded so I'll wait a few days before calling if I don't hear back. The confirm email did include my application number in small print. You'll also need a credit/debit card to charge $15 during the application process - $5 to fund the saving account and $10 to join as a member so have that ready. I'll wire my CD funds over from my main bank once my new account is active.  Crazy to think that less than a year ago we were all talking about which 3% to 4%+ CD's to choose when now this is one of the only ones remaining.
Predatory Depositor
  |     |   Comment #9
Two different CSRs told me they don't do a hard pull, only soft. Hope the hard pull comment is wrong.
  |     |   Comment #15
They did a hard pull at Experian for my application.
Predatory Depositor
  |     |   Comment #21
That's disturbing. The amount I am putting in isn't worth a hard pull. That's why I specifically asked two CSRs and they both told me no hard pull with no equivocation. If they did a hard on me, I'm going to downgrade my CSR rating from an "A" to a "C."
  |     |   Comment #22
I also got a hard pull at Experian. I am going to put 200k with add-on, so it's worth to me.
Predatory Depositor
  |     |   Comment #25
If they did a hard pull, I'm going to ask them to remove it.
  |     |   Comment #23
I asked (specifically from the applications department) during two separate calls today, and both times I was told they do a hard pull from Experian. I unfroze my credit to apply. Hope app is accepted quickly.
  |     |   Comment #31
Yes, it is a hard pull, HOWEVER, if you apply for their 1.5%/2% credit card, the same day your account is opened, they use that hard pull for the credit card also. There is no bonus unfortunately but I did get a nice 30k limit which is their maximum. I also opened a checking account for which there is a $150 bonus.
Predatory Depositor
  |     |   Comment #40
Hmmmmm... Where did you find out about the checking account bonus? They asked me if I wanted a checking account and didn't mention a bonus.
  |     |   Comment #49
For information on a $150 checking account bonus, scroll down to "$150 Direct Deposit Bonus Rules" at https://www.psecu.com/150?promocode=DEB
Predatory Depositor
  |     |   Comment #54
Thanks alan1:

For others... You have to have one of these direct deposited to the new checking account to qualify for the bonus (as well as meeting the other requirements).

"...paychecks, Social Security payments, and pension payments."

If you don't receive any of those you can't qualify.
  |     |   Comment #29
I was expecting them to ask for a copy of my driver's license in the online application process today, but they did not, maybe they'll request it in an email. I had 1 rep tell me "soft" pull and 2 other reps tell me "hard" pull. We'll see.
  |     |   Comment #34
Hard pull at Experian for me. During application, was asked to upload drivers licence so I was ready, thanks to Blade. I also agree the application process was easy and will patiently await confirmation and next step.
  |     |   Comment #37
I agree that the process was relatively easy. I got notification at 5:45 pm that my membership application was approved. I just checked Experian (which I had unfrozen on Saturday), and there was no new inquiries. Last one was from HUGHES FEDERAL CR UN. In the approval notification, they said they were mailing a signature page. But I can Upload a scan or photo, or fax it back.
  |     |   Comment #46
My impasse occurred after the application was approved which in itself took 4 business days. The email link that they provided showing the account number was corrupted and they claimed this info could now only be provided via snail mail. Two different CSR tried regenerating the email link however it continued to lead to a 404 error page. Very frustrating!
  |     |   Comment #71
Received an email and text that my new account was approved. I followed the link in the email and completed their online digital signature requirements to complete my account opening. I then attempted to setup online banking and create my login/PW. This was tricky as the link for that purpose required my new account number (not application #) which had not yet been sent to me? The online page also showed me 3 already selected documents available for print with a "Print" button in the upper right but again no account number. I called them and the agent was great and advised me my account number was in the 3 selected docs shown on the page. I advised her it wants me to print them and I have no printer at this time. I selected the "Print" button anyway which instantly downloaded the docs as a PDF on my system which is what I wanted. So... Print also means download on this page! Opened up the PDF docs which was 7 pages long with several of them blank. For me, my account number was found on page 3 of the docs and was a large bold number that looked like a phone number but was not listed as an account number. I read the number to the phone agent and she confirmed that is my account number. Super confusing as it never lists itself as an account number and is just sitting by itself on the page. Once I had my account number I went to the PSECU.com homepage and selected "sign up for online banking" and was able to successfully create my new online account. Logged in and saw $25 sitting in my new savings account $15 of which was from my CC. They'll be taking $20 of that soon for the membership. Once in my account it was obvious how to select the CD you want and start that process which I'll do tomorrow after I wire the funds into my newly created account. Almost there!
  |     |   Comment #72
Blade - good info, thank you for sharing.
  |     |   Comment #84
Thanks again, Blade, for all the helpful details. My app was approved today, two days after submission. I will do wire transfer later today.
  |     |   Comment #13
ken you should be the next chairman of the fed ,YOU ARE THE BEST
  |     |   Comment #17
IMPORTANT Please make sure that you to fill out a trust membership application if you want to add beneficiaries on your account. The regular accounts will only allow joint membership. This can be done easily even after you become a member. I opened several CDs with them yesterday and yes, customer service rates an "A" in my book!
  |     |   Comment #18
I hope to move some Vanguard IRA money to one of these. I had to lift Experian freeze while on the phone and then they wanted Chexsystem unfroze. Unfortunately, I never got a pin from them so had to email them and request said pin which they supposedly will send via USPS. I'm thinking that the time remaining may very well be too little to accomplish what I planned.
  |     |   Comment #28
With the falling rates, figured I better jump on this one while there is still an option above 3% out there. Filled out the application on-line. Took less than 30 minutes. Seamless, including joining the Pennsylvania Recreation and Parks Society - the website functions well. Only hassle is making it a joint account. In this day and time, have no idea why they do not allow adding beneficiaries. Without the beneficiary option - joint account is the only feasible option for us. We'll see has long the account application remains under "review", before we can get it funded. So far - so good.
  |     |   Comment #36
No beneficiary allowed? That makes it a no-go for a single person like me.
  |     |   Comment #38
You can always add specific instructions in a simple will to whom that Acct is to be passed on to. Of course, then it becomes part of your estate and the executor is allowed by law to take a specified percentage of the entire estate. Complications, complications, but it is workable.
Predatory Depositor
  |     |   Comment #41
Including it in you will also subject it to probate.

Funds allocated to POD beneficiaries are not subject to probate.
  |     |   Comment #42
If naming POD beneficiaries are not allowed, other than establishing a trust account, a will which requires an executor and is subject to probate is the only option. And more than likely, lawyers like to get involved with their hand out, of course.
  |     |   Comment #50
I completed the paperwork for PSECU to open a separate account for a "Tentative Trust," which seems to be what they call an account with beneficiaries. It is my understanding that at the account owner's death these funds would pass "non-probate" and not by will, so make sure you understand and verify with PSECU as I'm not an attorney.  At other institutions I've been able to hold a CD in sole name, another in joint name, and another with beneficiaries ALL within/under the same main account. At PSECU, it was explained to me that all products within an account must have the same ownership/benes. So, as I understand, different ownership/setup means you must open a totally separate account for each. It adds complexity and if anyone knows why they do this I'd be interested in knowing. I hope that my comments help.
Predatory Depositor
  |     |   Comment #51
A Tentative Trust is similar to having an account with POD beneficiaries. It does not require probate to transfer title to the beneficiaries upon the owners death.
Predatory Depositor
  |     |   Comment #55
The difference between whether or not you need separate accounts or one "master" account with subaccounts is an internal accounting and systems convention. FIs have differences in how they need to register various kinds of accounts. As long as you make it clear what your intentions are, they should be able to figure out if they can accommodate you and how to do it. But ultimately, it's up to you to make sure they are complying with your requirements. If you have doubts, you should keep talking to them until you are convinced they have your accounts set up correctly.
  |     |   Comment #57
The trust membership is an umbrella for all PSECU accounts only. It does not need an executor etc. Why they do this, I do not know but it was a simple process.
  |     |   Comment #62
The Tentative Trust account will act as an umbrella only for PSECU CDs/products purchased in exactly the same ownership/bene names. As clarification, I had to open it separately from another account on which I added a joint owner but zero beneficiaries. Two totally separate umbrellas, account numbers, passwords... Representatives in their CD department have been very patient, knowledgeable, and professional.
  |     |   Comment #65
Actually the tentative trust form has an option at the top "change existing account to tentative share account". This way your original share account is changed to tentative trust account and beneficiaries named in the trust doc applies to all certificates previously opened. This is obviously for the person who simply wants to name beneficiaries for existing certificates rather than open new accounts/certificates.
Predatory Depositor
  |     |   Comment #43
Did they tell you you cannot add beneficiaries or are you assuming that because there was no place for beneficiaries on the application. It's common for FIs to let you add beneficiaries after the account is set up separate from the account application.
  |     |   Comment #48
When it comes to personal financial matters, I never ASSUME anything. You know how the old saying goes.....
PSECU newbe
  |     |   Comment #60
I opened a “regular” account, then went to open cd with beneficiaries and was told my regular account would need to be changed to Tentative Trust account and that any savings, checking or cds under the tentative trust would go to all the beneficiaries stated on the trust.
  |     |   Comment #61
Yep, exactly how a Tentative Trust works. By-passing any Probate Court. Thank you for passing that Info.
  |     |   Comment #63
The addition of beneficiaries to trust helps for insurance, but is it easy to get out of? Not including closing CD.
Predatory Depositor
  |     |   Comment #67

I'm not sure I know what you mean by "easy to get out of."

If you mean can you get your money out of an account with beneficiaries just as easily as you can get it out of an account without beneficiaries the answer is yes.

The beneficiaries have no ownership or control of the account while the account owner is still living. The owner(s) have complete control of the account and it works the same as any other individual or jointly owned account.

It's important to distinguish between two different things here. An account with beneficiaries is sometimes called a "Poor Man's Trust." It isn't the same as a formal trust that is prepared by an attorney that some of the conversation here is about.

One option is to have an account titled in your name with beneficiaries. Another option is to have an account titled in the name of a formal trust for which there is a trust document usually prepared by an attorney. Two different things, but some of the benefits are similar. They each have their pros and cons.
  |     |   Comment #69
PDepo #67
Thank You for that.
Same personal info required for both the *beneficiaries and *joint owner accounts?
SS# ect.
Predatory Depositor
  |     |   Comment #70
The information you are required to provide for each beneficiary varies by FI. Typically they want name and address and date of birth. most asked for their social security numbers, but some require it and some don't.

You do not have to provide them with things like copies of the beneficiaries driver's license or other such documentation. Just basic identifying information.
  |     |   Comment #79
I Appreciate your taking time to reply so well on our comments.
  |     |   Comment #82
Got off the phone with the CD department as I needed more clarity on the "Auto Transfer" to add money into the CD. After you open the CD you have 30 days to set up the Auto Transfer, you set the amount and it has to go in Weekly, Bi-weekly or Monthly. It's suppose to be set up for the entire term of your CD, but if there are no funds in the Share Savings (it goes in there to then be transfered into the CD) to transfer into the CD, then it will skip and then go for the next time set to be pulled out. So if you have it set for monthly, and lets say you don't have the full amount in the savings (remember your getting the money in the savings from Wire, check, etc) then the money won't go in until next month or whenever you have the set amount in your savings. I asked, oh, so this way if you skipped a month, nothing will happen, like a nasty letter, account closed, etc. The CSR seemed annoyed, she kept saying, no nothing will happen, BUT THE CD AUTO TRANSFER IS SUPPOSE TO BE DONE EVERY WEEK, BI-WEEKLY OR MONTHLY, HOW EVER OFTEN YOU SET IT UP TO TRANSFER. I asked if I only did one or two transfers and then decided to stop, was that a problem? The CSR seemed annoyed again, by saying, IT'S SUPPOSE TO BE FOR THE ENTIRE TERM OF THE CD! So if you want to you could do deposits whenever you want, but for the set amount which you could always re-set to a lower amount, but never higher then what you set up. But the CSR seemed upset by skipping transfers by not putting the money in the savings to then be transferred into the CD on your set time or stopping the transfers before the end of the CD. Decisions, Decisions.....????
  |     |   Comment #83
Trying to bend-over this CU by Gaming the original intent of the offer is going to Kill any future offers
or slam the door shut to only "preferred" membership ie. State employees
  |     |   Comment #85
With the amount of calls PSECU has been receiving at this point, I could see the CSR getting annoyed and upset answering hypothetical questions. It also appears she was schooled on one particular reply and wasn't trained or knowledgeable enough to give you any other answer.

I would imagine PSECU will be coming out with much clearer directives pertaining their Add-on CDs. It would be nice if it were soon and in print.
  |     |   Comment #86
Right...you posted this comment #76 and I quote you here "I do not believe the management at PSECU bases their decisions on some website with a bunch of unknown, unrecognized, people with keyboards." And now you hint at the fact that since CS is getting annoyed and upset answering hypothetical questions that as a result " PSECU will be coming out with much clearer directives pertaining their Add-on CDs. " So Right what is it  ?, does PSECU base their decisions on this website of unknown, unrecognized people with keyboards or not?
  |     |   Comment #89
Shelby, I would say NOT.

Any other questions?
  |     |   Comment #90
I manly wanted to know how often the auto transfer could be set up. Example once a month, once every 2 months, as I could not find it anywhere. So they were not hypothetical questions. As I have 2 other CD's maturing after this one would be set up and needed to know if I had the time between them maturing and if I could get them deposited. I could and probably will just say, **** it, i'll just put it in Navy FCU for 5 years 3.00/2.96%
Laura Lez
  |     |   Comment #92
2.5%, $100,000 minimum.
  |     |   Comment #88
DMP / and what did you accomplish by poking the hornets nest? absolutely 0 ...thats what
  |     |   Comment #91
I didn't poke the hornet's nest, I was asking for details. How often do these transfers have to be. They have it posted, you can stop anytime, but CSR says they want you to keep it going for the entire time, so then why say you can stop anytime? Then no were does it say how often a transfer has to happen, written no where. So just because I see that there is no penalty if you miss a transfer or decide to Stop them, I can't help it if CSR gets annoyed. They either get my money or not. Give me details, if that upsets you or CSR, oh well, At least now you all know you have to set it up to do transfers weekly, bi weekly or monthly and no penalty if you miss a transfer or decide to stop. So stop clutching your pearls. Ladies!
  |     |   Comment #94
DMP start here to catch up. Older thread but will get you in the ballpark
You will have to follow-up on your own. If you can't get it all set up by Nov.30 it is too late.


(copy and paste)
Laura Lez
  |     |   Comment #93
I hope PSECU is smart enough to not allow people to vary additional deposits.

There is a reason most banks and credit unions do not guarantee additional deposits at old interest rates.
  |     |   Comment #96
Was on phone this afternoon with CSR to set up account on 3 year add on. Was advised that current rate is to be honored through 11/9. Could not advise what new rate would be.
  |     |   Comment #102
RATE CHANGE....on Promo 2 and 3 yr. CD's. The current PSECU rates on the 2 and 3 year Promo CD's will continue thru 11/9 ONLY. Confirmed by service advisor and customer service manager on 11/8, 2:32 Pacific time. Reason for rate change based on Board of Directors decision this week, no specific reason given to customer service. New rates are not available at this time. My earlier comment here #32 where I stated "sometimes you can overdo a good thing," was referring to Ken's need to repost the PSECU offer, and now we see the promo offer has been pulled way short of the previous announced 11/30 end date. A coincidence? Maybe. However, sometimes you can overstate a good thing.
  |     |   Comment #103
Thank you, Shelby, for posting. That is huge news! And coming as it does on a Friday, opportunity to ACH funds in, in time, is foreclosed. Kick in the head for those waiting, and taking for granted the promise they had until just after Thanksgiving to get their account open.

I hope this change to previously promised essentials does not presage other changes to account specifics and terms.
  |     |   Comment #104
I wired my $500 to savings this AM and then opened the 3 yr CD this AM. Now, I can only hope that they will honor the 30 day add-on option for funds added in December. For anyone still interested, maybe they can do the wire method tomorrow?
  |     |   Comment #105
Amos no worries...just be happy you got in under the wire.
  |     |   Comment #106
Lets wait to blow off this CD Acct. Remember it is an addon.
Rate change may lower but a .25 lower on a 3yr is still ok.
It is an addon, not to be ignored in this climate
George G
  |     |   Comment #110
Thank you peps at PSECU for helping me along with the transfers and opening up my new CD … The hold times on the phone were lengthy but worth the wait .. I understand ya have tons of calls coming in with the CD specials going on ..
  |     |   Comment #111
anyone know if you have an IRA CD here, do they charge a penalty for yearly RMD?
  |     |   Comment #119
Since you're required by law to take an RMD, legally they can't charge an EWP on an RMD.
However, this is normally restricted to the amount of the RMD for that specific IRA account.
I'm in the process of opening an IRA with them now.
If you try to do more than that, you might get dinged.
But, you'd have to contact them to find-out for sure.
Because of the recent rate change, it may end-up in an IRA savings account.
And, the money will go right back-out to an add-on I have somewhere else with a better rate.
  |     |   Comment #120
IRA CD...interesting concept you “suggest”...What is the legal authority on penalties don’t apply to RMD withdrawals?
While most waive (by contract, not by law), it I submit they are not legally compelled to do so.
  |     |   Comment #124
You may well be right.
I've sent an email to the NCUA about if there's any regulations for credit unions regarding RMD's and IRA CD's.
  |     |   Comment #114
RATE CHANGE... new PSECU CD rates effective 5pm Eastern Time 11/9/19. 2yr @ 2.00% APY,  3yr @2.25% APY,  4yr @ 2.40% APY,  5yr @ 2.55% APY 
  |     |   Comment #115
Yeah, I wondered a few days ago if this would happen "early" - meaning, before the previously-announced 11/30/19 end date. Looks like it has. Not surprising since they were literally the only game left in town, so everyone was focusing on them.

I didn't make a big effort to start yet another account with a new FI, because I have several add-on CDs already established with other FIs. Surely they won't ALL try to renege on the add-on commitments they've made to us - hopefully? Right? (Yikes!)
  |     |   Comment #118
Navy and Mountain America haven't reneged on their add-on CDs.
GTE Financial may flip-flop again on their "now you see it, now you don't" add-on CDs.
All of the other add-on CDs that I know of have rates too low to be worthwhile.
Unless, the FED keep cutting rates - or, goes negative on us.
  |     |   Comment #116
They just changed the rates and now there is virtually no reason to deal with the hassle of joining this CU
Beat The Clock
  |     |   Comment #117
Well, it will be interesting to see if they honor transfers that were in-process before the rate change.
The official policy is that they will open the CD with the rate that's valid when the cash is received.
I was able to open a couple of CD's with taxable money and "beat the clock" on those.
However, I've got an IRA CD in process (literally, the check is in the mail).
The online IRA application said that if the rate was no longer available you would be contacted.
However, when I printed-it out, that statement wasn't included.
So, I gave the specific instructions to dump the thing in an IRA savings account if the rate changed.
We'll see what happens this week when they finally receive the funds.
Out Of Time
  |     |   Comment #125
I'm in the same situation as Beat The Clock with IRA in process where transfer of assets have taken place at my other institution (funds have left the account) but imagine that the actual check has not arrived at PSECU yet. What is the recourse to cancel the CD requested and have PSECU send the funds back to the original institution? Wonder how to reverse the transfer of assets.
  |     |   Comment #126
I would ask about them honoring the previous rate for you. When I called Sat afternoon, the CSR volunteered info that they might be willing.
Out Of Time
  |     |   Comment #127
Thank you for the insight, I'll call tomorrow, however I'm not sure if PSECU is open on Veterans Day.
  |     |   Comment #128
I had provided everything need to open an account on Thu Oct 31 and they delayed opening my account until Thu night Nov 7. I immediately wired money from Vanguard Fri Nov 8 to open a CD (funds were removed from Vanguard on Fri Nov 8). Since they were unable to open my account in a week (it took 8 days) I've missed out on this. I'll try calling tomorrow when they open about honoring the CD rate I tried to get last month and will post what they say here after talking to them.
  |     |   Comment #129
zz-I don’t think PSECU delayed the opening of your account. My time frame was exactly the same, applied Nov 1 and approved exactly one week later. I was not able to wire funds on Saturday. So I mobile deposited $1k that day and did the minimum on 2 CDs, hoping that the add on feature really works. Each time Ken posted about this, more and more people applied and I was (and you likely will be) lucky to get in under the wire by the skin of our teeth, such as it were. Be positive!
Out of Luck?
  |     |   Comment #130
Failing getting the old rate, the online application did say that they would call you if the promo rate was no longer available for instructions on how you want to proceed.

If they don't honor the old rate, you've got the option of just putting it in a savings account and then move it out to somewhere with a better rate.
Beat The Clock
  |     |   Comment #162
Well, both my IRA account and funding that were in-process before November 9th finally exist.
And, I didn't even have to nag them about it.
  |     |   Comment #131
Rates dropped today! Veterans Day! Did not hold until end of month as they promised.
  |     |   Comment #136
No integrity in saying rates are good "until the end of the month" when they aren't.

Why say what you don't mean?
  |     |   Comment #137
They are for all who submitted membership applications before November 9 at 5 p.m. EST.
Beat The Clock
  |     |   Comment #163
Well, if you actually reviewed the fine print on the CD page, it states the following:
"Rates and information are subject to change at any time."
Everybody knows that once a CU meets it's funding goals they shut the thing down.
Heck, this thing has been around since August.
I've seen other CU's kill the deals in less than a week.
At least they had the integrity to honor anything in-process.
They didn't have to do that.
If you bothered to ask, their normal policy is for the rate to be set on the day of funding.
So, you should have known there was the risk of that no happening.
That's why I give places clear instructions to dump the funds received in a savings account if the rate deal is no longer in effect.
  |     |   Comment #132
The deal was great, The CU was great customer service, and all was smooth process
  |     |   Comment #133
If you guys wouldn't BLAB it all over the internet, they would't close the deal so early!
Well anyway, you can finally stop talking about it.
  |     |   Comment #134
You sound like you missed out on the deal? Shouldn't have waited so long. This website isn't the only website that had an unusual amount of chatter going on about the great rates at PSECU.

The talk will most likely still go on with issues like "my money was in transit", what now.
  |     |   Comment #135
Maybe his dog ate/buried his money and he couldn't get it there on time.
  |     |   Comment #138
I just received the following email:

Our certificate rates were decreased on Saturday, November 9 at 5 p.m. EST.

We will honor current rates for 24-month certificate and 36-month certificate requests for new membership applications submitted before November 9 at 5 p.m. We will also honor prior rates for 24-month certificates and 36-month certificates if you call us before November 30 to open a certificate.

Rates are subject to change at any time. We strive to help all members reach their financial goals through every stage of life.

If you have any questions, please call us at 800.237.7328, extension 3036.

Thank you for your membership.

Your Team at PSECU
  |     |   Comment #139
Not only are they honoring people who had money in flight, but they are also honoring the end of the month. They are going out of their way to be more than fair with this.
I agree with zz
  |     |   Comment #140
zz (comment #139) I agree with your comment. PSECU is a class act, that's for sure.
  |     |   Comment #149
zz (#139), I was already a member as of November 9 and did not receive the email. When I called for clarification, the CSR told me special dispensation applied only to those "in process" of getting membership approved or with funds in transit. Email is not to convey blanket extension of old CD rates to end of November for all established members. For anyone not receiving email, probably best to assume old rates are now gone.
  |     |   Comment #152
I've received no notice to date, and so just called to verify that my application, from Nov 7th, was still in process. A PSECU CSR told me to expect an email in the next day or two giving me the go-ahead once they had reviewed my DL . . . after which I might simply mail them a check along with a letter of instruction directing them to open a new CD at the (former) promo rate -- for which I still qualify. Yay!
  |     |   Comment #155
Follow up to my comment #149: I called again today. This time, rep said she could open a CD with old rates for me since I was already a member when change occurred. Only conditions are that I have funds in place and call by month end.
  |     |   Comment #156
Appears to be a common problem among CSRs. Had you not followed up and made another call today, you would have lost out.
  |     |   Comment #157
You're right, R... Although in fairness to PSECU, I can see them going either way. Showing their class, they chose the more generous path, honoring rates for established members who inquire while proactively communicating option for those "in process." There are many CUs that don't honor rates at all after a change, even for those in process of becoming members or with funds in transit, not to mention CUs that change terms midcourse.
  |     |   Comment #141
This email means that anyone who submitted a new application the past 7/14/30 days? will still be allowed to grab the 24 and 36 month promo rate thru 11/30 if they call customer service. However, any new account opened after 5 pm, Nov 9 will not be eligible for the promo rate going forward. Considering they pulled the offer before Nov. 30th they are trying to do the right thing here, and for those that sat on the fence and didn't open the new account at PSECU earlier...well a good lesson is learned.
  |     |   Comment #142
zz...great post !! I was aware they were extending from what the CSR told me on 11/8,  however I didn't have email confirmation like you presented here..this is  good news for many that you posted this email.
  |     |   Comment #150
I called today and they did open the 36 month CD for me at the 3.25% APY rate. I also will be contributing money monthly. They did note that I had opened the account last week.
  |     |   Comment #201
This is confusing to me, because when I called today, the CSR said I can become a member AND be eligible for the rates before Nov. 30. However, the posts here suggest I had to have been a member prior to Nov 10. So, which is it? The CSR was in the loan department; the CD department had closed for the day. Can anyone clarify? The first clause is for existing members with CD applications in process on Nov. 9. Does the second clause pertain to existing members only, then? Thank you.
  |     |   Comment #143
.....not that terrible that PSECU read about how much we liked this deal now, is it? No, didn't think so.

'Ending' of this deal was intended to get people to either sh*t or get off the pot. Apart from the obvious premise that these deals don't last forever, anyone thinking otherwise is delusional.
  |     |   Comment #144
I didn't pick the add-on option when I opened my cd, but I'm still within the 30 days, so does anyone know, did the monthly add-on options include, for example doing the auto trans on the 3rd Thursday of the month? or was the only option to pick a number date, e.g. 25th of the month? Thanks.
  |     |   Comment #145
My best recollection is that you must choose a numbered day of the month.  Not really certain how the bi-weekly works.  I will be doing the monthly so I was focused on that aspect.
  |     |   Comment #148
As I understand it, your choices are weekly, biweekly or monthly off a set date, with the first to occur within 30 days of when you select add-on. To illustrate, I called to select monthly recurring transfers one day short of my one month anniversary of opening CD. My transfers could start no later than 30 days from that call. Future transfers are now set for the same day every month.
  |     |   Comment #153
Be extremeley careful of the term Bi-Weekly.
Could mean Twice a week
Could be Bi-weekly twice each month. But what happens with a Five (5) week month. ?
Gather a stern definition.
  |     |   Comment #154
When I set-up the recurring transfers online, it only gave me a bi-weekly and monthly option.
So, I created two CD's with overlapping bi-weekly transfers to get the equivalent of weekly.
In this case, bi-weekly means every other week (probably to fit in with bi-weekly payrolls).
This could get annoying because it won't necessarily be the same two days each month.
I'll just have to wait and see how it works.
  |     |   Comment #158
bi-weekly is every 14 days. if you picked it to start on 11/7, the next pull will be 11/21.
  |     |   Comment #159
I also did not see the weekly option -- only bi-weekly and monthly. I don't know where people are getting this weekly option
  |     |   Comment #160
I heard of weekly option through CSR.
  |     |   Comment #212
In recent csr contact it was explained to me that bi-weekly would mean that if your ATS was selected for 40k, that 20k would be withdrawn and 2nd bi-weekly w/d would be 20k.
It could become interesting if funds are not made available for week 2
Would like knowledgeable others to contemplate scenarios.
Can anyone confirm CSR info correct
PM appreciated or general discussion accepted.
  |     |   Comment #146
It appears that PSECU has dropped their CD rates, including the CD specials for 24 and 36 months, on 11/9/19 at 5 pm.

However, PSECU sent the following email on 11/11/19, to those who had became members before the rate cuts on 11/9/19:

"Our certificate rates were decreased on Saturday, November 9 at 5 p.m. EST.

We will honor current rates for 24-month certificate and 36-month certificate requests for new membership applications submitted before November 9 at 5 p.m. We will also honor prior rates for 24-month certificates and 36-month certificates if you call us before November 30 to open a certificate.

Rates are subject to change at any time. We strive to help all members reach their financial goals through every stage of life.

If you have any questions, please call us at 800.237.7328, extension 3036.

Thank you for your membership.

Your Team at PSECU

You are receiving this message because you are a PSECU member. We occasionally send messages to our members containing information on PSECU products, services, promotions and enhancements that may be of interest."
  |     |   Comment #161
So I need guidance from you guys. I reclassified my regular share as tentative trust as that was the only way I could state beneficiaries for the CDs which are very important to me to extend NCUA insurance coverage. The account was reclassified and you can only see it being a tentative trust only on e-statements. HOWEVER beneficiaries are not published or can be viewed anywhere. Looks like you can get oral confirmation by somebody in APPLICATIONS department but for your comfort and peace of mind there is no written visual anywhere like I have with ALL my other banks and CUs. Can somebody confirm if I have been misinformed here? How do you guys get comfort in this situation? Thanks for your help.
  |     |   Comment #165
That makes two of us. You're smart to want a hard copy of account ownership/setup for your files in case it is ever needed for CU insurance verification. I do the same. I have both a Joint account and a separate Tentative Trust with beneficiaries with PSECU and this is what I gather from 43 minutes on the phone and speaking with 4 different people. For my Joint account, the name should be reflected on the statement or online e-statement. I added my joint owner about 10 days ago and so I will have to await my next online statement which I intend to print for my file. For mt Tentative Trust (your situation), I was told by two PSECU representatives that a letter is generated for Tentative Trust accounts that includes the beneficiary names. The names were not included for some reason in their initial opening letter and packet to me on the Tentative Trust (not sure why because that was confusing), so they are resending mine next Monday. It must be a separate letter. I may receive it twice (better than not at all). My suggestion is that if you do not receive written verification of beneficiaries within several weeks of opening/changing your Tentative Trust account, give them a call and ask that they resend your letter listing your beneficiaries. I hope this helps....
  |     |   Comment #166
Comment #161 - I have not set up my tentative trust yet but hope someone has and will comment. I just want to echo others who gave ‘A’ to the PSECU CSRs.

Called today to have ATS added to my CDs and the nice CSR treated me like her only customer, even after what must have been a long day for her. After the call, I could see the ATS accurately reflected in my account online. This is the best experience when I had to call a FI.
  |     |   Comment #167
In the case of FI Failure the NCUA will not need the FI to have the list of beneficiaries on file at the FI in order to cover the account with insurance. NCUA just needs to know from the FI that indeed the account is a trust account and the name on file at the FI of the Actual Trust. NCUA will then reach out to the customer with contact info if available from the FI and ask for a copy of the trust or a copy of the trust beneficiaries.Of course, in case of a bank failure a proactive customer would reach out to NCUA and find out what the course of action on their part will be.
PSECU should have all trust accounts registered as a trust account and be documented and available to see online whenever a member logs in. If they don't they need to change this policy. PSECU needs to show its a trust account as thats the proof in their records the account has been registered as a trust..and most importantly proof to the customer the account has Trust Registration for NCUA.
  |     |   Comment #168
Yes, my experience with the CSRs has also been fantastic. They are professional, patient, and if they don't have an answer will find it. Long wait time on hold by phone, but they've had a huge response so that's understandable. ***If you don't want to wait on the phone, they respond within a day or two to "secured e-mails" which can be sent online through your account by clicking "contact" on the lower left side of the screen when you're logged into your account. Also some might be interested in knowing that on November 15th I added two ATS to start on December 23. While I understand that the ATS setup must be within 30 days of opening the account, the first ATS transfer/s apparently does not have to begin within 30 days of the initiation of the ATS as some have mentioned in this blog....(but mine was close). Another example of CSRs going out of their way to get things set up correctly and make this a good experience.
  |     |   Comment #169
Want to echo comment #168 - when I set up the two ATS on November 15, I asked the nice CSR when’s the latest my add on needs to begin. She said, somewhat casually, it can be as late as end of December. I set up one to begin early December and one on December 24.
  |     |   Comment #170
How do you figure out the dollar amount of each ATS? For the life of the CD or other? With a couple of CDs in another FI maturing in December and in January, I would like to add the proceeds to my PSECU 2 and 3 year CDs sooner than later. Rather than string the ATS deposits out over 2-3 years if at all possible.
  |     |   Comment #171
I have some large CDs maturing early next year so I time my ATS around those, not over 2-3 years.
  |     |   Comment #172
dollarsncents (#170), if you can transfer all of the maturing proceeds in one shot, then make that the value of your ATS and cancel after transfer occurs. Frequency you pick would be irrelevant. It gets trickier when your first transfer must occur before CD at other FI has matured. Try to make amount as high as you can handle because you'll only be able to reduce, not increase, amount later.
  |     |   Comment #173
murr9506 (#168) and Hooked (#169), good to know we can push on date of first transfer. I asked for disclosures but they have none. I also asked about possibility of starting 3 months out which was dismissed outright. Lesson for those yet to make call is to push on that date if one month doesn't work for them as CSRs seem to have more discretion than I was led to believe.
  |     |   Comment #178
Sylvia -- re #172, 173 (and other comments) -- thank you so much for posting about your experiences (whether or not the info provided by credit union representatives was accurate) and for your suggestions as to how to best utilize the add-on transfer procedures. So, many thanks for what one person characterizes as your "big mouth" and the way you "blab". Keep on blabbin'!
  |     |   Comment #188
alan1 (#178), thanks for your encouragement. That's very kind of you. Close to 190 comments on an update to a longstanding deal. Rate chasers are due for fresh meat.
  |     |   Comment #174
Just received letter confirmation from PSECU of my two certificates and on the add-ons, it says, “If you selected ATS to your Certificate and the transfer amount is not available in your ATS Share Account on the transfer date, only the available funds will be transferred.” Since the letter does not say this also means PSECU would consider the lower amount as your ATS going forward, presume it won’t constitute an ‘increase’ if you revert to the higher specified amount later.
  |     |   Comment #175
It may be better to not interpret accommodation to a change in the intent of ATS deposits.
I'd suggest more on "Only the available funds will be drawn" but each of us has to play the odds
on what is seen in the ongoing posts. Those who got in last will have the advantage of hindsight.

"won’t constitute an ‘increase’ if you revert to the higher specified amount later."

I agree if done complete by next ATS
  |     |   Comment #182
Can anyone shed light. I do not understand:

Ken, in his update earlier today, wrote:

"This may not apply to all members."

My own contact with the PSECU Certificate Administrative Department last week confirmed all members, who were members on November ninth and even people in process on that date, will be eligible to apply for the higher rate CDs right up until November 30. The operative word there is "all".

Did I receive bad information? Are there exceptions even if you were already a member on the ninth or had your membership in process on that date?


To clarify, I do understand that there could exist persons who had no contact whatsoever with PSECU on or prior to the ninth, but whose first contact subsequent to the ninth could by now have resulted in them having become members.  I realize that rather small number of members would not be eligible at all for the higher rate certificates.  But the overwhelming majority of us are not in that situation.
Lizzie Borden
  |     |   Comment #183
Why would you ask Ken when the facts were already given to you directly by the company?

Ken is the Eye and the Omega but not the Everything.
Lizzie Borden
  |     |   Comment #185
The email sent by the company is short and direct.

"The rep of any financial institution" certainly may be wrong, but if you pay attention, on average it is more accurate than comments here.
  |     |   Comment #195
Hello, Ken...you there?
  |     |   Comment #202
Well, leading up to the wknd there were posted some comments that some members were able to monkey (fudge) around with CDs. I see that all those were probably deleted for comment violations.
Though were pretty informative. I don't recall all them but were they factual? If "generally doable"
a private mail about them would be welcomed if poster doesn't want to rock the boat again.
Help appreciated.
Not including Nov. 9th discussion
  |     |   Comment #210
you ever get a pm response? if so, please share via pm. thanks in advance
  |     |   Comment #207
Little Bit Busy at PSECU this morning.
Competent and Quick otherwise
  |     |   Comment #208
Do you think they will be open on Black Friday November 29 to open the promo CDs? Black friday seems to be a federal holiday in Pennsylvania.
  |     |   Comment #209
Opened and funded the account and CDs with no problem. Trying to add a POD (tentative trust) is a nightmare. 45 minutes on the phone the first time, then they rejected my paperwork because they treat a change like a new customer - I have to fill out the form and the w-9 and provide my DL. This is crazy, never had this run around for a POD or tenative trust. And their phone service needs updating. If they are understaffed, they should offer the ability to request a call back. Not kept on hold forever.
  |     |   Comment #213
Not sure if you guys realized this before the deadline -- if you were able to fund an account (no matter when opened in Nov) before Nov 30 you could call and get the promo rate for 2 and 3 year deals.
  |     |   Comment #214
Can anyone who had actually missed consecutive ATS transfers (i.e. insufficient funds in share account to transfer to CD) kindly confirm that their ATS is not discontinued (i.e. the ATS did not go under review by CD department) and transfer still took place later when sufficient funds are available in the share account?
  |     |   Comment #215
If I may, without retribution from monitors use a quote, from Laugh - In Show by Rowan and Martin

" Very Interesting"
to hear any responses from any scenarios.
  |     |   Comment #216
Mel, I am doing my first ATS in the next few days and have not done my next transfer, however I will share some information. In November I was told this as part of a secured e-mail sent trough my account: "We do review these on a regular basis and if the transfer has not occurred for a while, we will cancel the transfer." I don't know the definition of "a while" but it tells me not to push the envelope. Because my next ATS will not be until February, I'm going to switch from a weekly pull to monthly so that I'm not missing so many consecutive transfers.
  |     |   Comment #217
I was told previously over the phone if missing transfer two times in a row, ATS will be under review.
  |     |   Comment #218
They told me the same thing over the phone this morning. Two missed transfers then it will be reviewed and they will contact the customer. I have now switched my ATS from weekly to monthly to avoid this scenerio. The reps in the PSECU CD department are FANTASTIC. And this site is very helpful. My thanks go out again to contributors and to Ken.
  |     |   Comment #219
There are no disclosures for the ATS, which, to me, says it's somewhat subject to the discretion and whim of individual CSRs. The two weeks could be changed to one or three. Lack of documentation can work for or against us; I would not want to chance the latter unless it's an absolute emergency.
  |     |   Comment #220
I need to fill in the “Authorization To Add A Join Owner” and “Tentative Trust Membership Application” forms in order to add joint owner and beneficiaries to my main account, is there a secured way of sending the filled-in forms back to PSECU? I don’t feel that comfortable sending them via hard copy mail as the forms contain SSN, date of birth, driver license info etc.. But I also don’t see a way to attach documents via secured email on their website.

For those who have gone through this before,
(1) how did you send the forms back to them?
(2) did they ask you to send a photocopy of all owners’ driver licenses?

Thanks in advance for your answers.
  |     |   Comment #221
When I applied for my member account last year, PSECU did a hard pull at Experian for my application. If I add a joint owner to my main account now, will PSECU do a hard pull on the new joint owner?
  |     |   Comment #222
Mel - I was also uncomfortable in mailing the signed ‘Tentative Trust Membership Application’ to them for the same reason. They gave me an email address to send the completed form. Not ideal but I end up doing it and received confirmation letter.

I did not add a joint owner but imagine they will also do the hard pull. May be give them a call to find out and also on how best to send.
  |     |   Comment #226
I too would like to add a Joint owner and am not comfortable not being able to do this online. Mailing and faxing so much infor on the form makes me very uncomfortable with regards to security of my information. Not sure what to do.
PSECU (PA) 36-Month CD Still Earns 3.25% APY
Deal Summary: 24-month CD (3.00%) and 36-month CD (3.25% APY), $500 minimum deposit.

Availability: Easy membership requirement.

In August, I wrote about the limited-time special rates PSECU was offering on its 24-month CD (3.00% APY) and 36-month CD (3.25% APY). This offer was supposed to expire on October 31, 2019, but has been extended through November 30, 2019. Either CD can be opened with a minimum $500 deposit, with no stated balance cap.

PSECU CDs are available as IRAs (Traditional, Roth, CESA), earning the same...

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PSECU (PA) Offers Competitive 36-Month CD (3.25% APY)
Deal Summary: CDs – 24-month (3.00%) and 36-month (3.25% APY), $500 minimum deposit.

Availability: Easy membership requirement for Pennsylvania residents.

For a limited time, PSECU is offering special rates on its 24-month CD (3.00% APY) and 36-month CD (3.25% APY). The minimum opening deposit is $500, with no stated balance cap.

PSECU CDs are available as IRAs (Traditional, Roth, CESA), earning the same APYs with the same funding requirements and options.

48- and 60-month CDs

Two weeks ago, I wrote about PSECU’s competitive long-term CDs, which offered an...

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PSECU Has Nationally Available 60-Month Add-On CD (3.00% APY)
Deal Summary: Add-On CDs – 48-month (2.75%) and 60-month (3.00% APY), $500 minimum deposit, regularly scheduled additional deposits allowed.

Availability: Easy membership requirement

Many thanks to DA reader, Percussed, for his timely Forum post concerning PSECU’s competitive long-term CDs, which have an add-on component. The 48-month CD (2.75%) and 60-month CD (3.00% APY) can be opened with a minimum $500 deposit.

PSECU CDs are available as IRAs (Traditional, Roth, CESA), earning the same APYs with the same funding requirements and options.

As Percussed stated,

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4.50% 60-Month CD & 3.75% 24-Month CD at PSECU in Pennsylvania
PSECU is offering several competitive certificate rates. These include a 4.50% APY 60-month CD, a 3.75% APY 24-month CD and a 3.50% APY 12-month CD. Minimum deposit is $500. These rates also apply to IRA certificates. These rates are listed in the credit union's rate table as of 1/15/09. The table has a date range of 1/12/09 to 1/19/09.

One nice feature of these certificates is a low early withdrawal penalty. According to this Ask PSECU page, the penalty is 90 days of dividends on the principal amount withdrawn. This appears...

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$100 Checking Account Bonus at a Pennsylvania CU (PSECU)
PSECU is offering a $100 checking account bonus for having or signing up for its checking, checking card and online account access. An active payroll direct deposit must also be established. This must be done by 11/30/07. The direct deposit must be at least $100 per month and must remain active as of 6/30/08. The $100 will be deposited into the regular savings account by the 20th of the month following the first direct deposit.

PSECU's checking account does have some nice features including no monthly service fees, free checks, and...

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