People Driven Credit Union Has 28-Month CD Special, 2.80% APY


Deal Summary: 28-month CD Special, 2.80% APY, $500 minimum deposit.

Availability: Residents of eight Southeast Michigan counties.

In June, People Driven Credit Union (PDCU) added a 28-month CD Special, earning 2.80% APY; that rate is still in effect today. The minimum opening deposit is $500, with no stated balance cap.

I don’t know what the Early Withdrawal Penalty (EWP) is. PDCU’s website doesn’t have a Truth-in-Savings or Account Disclosure. CSR said he couldn’t explain it, because “the computer tells what the EWP is when the account is opened.”

There is a 7-day grace period before the 28-month CD Special renews as a 2-year regular CD. If you choose not to renew, maturing funds can be distributed by cashier’s check, or transferred into a PDCU checking or savings account.


Headquartered in Southfield, Michigan, People Driven Credit Union’s field of membership (FOM) is primarily residency-based, with individuals who live, work, worship, or attend school in the Southeast Michigan counties of Genesee, Lapeer, Livingston, Macomb, Oakland, St. Clair, Washtenaw, or Wayne, eligible to join.

Employees/retirees of Ford Motor Company, many of its subsidiaries, and several automotive-related industries also qualify for membership.

Federal government employees/retirees who live or work anywhere in the State of Michigan are eligible for membership, as are employees/retirees of state/county/local government agencies in Macomb, Oakland, or Wayne Counties.

Individuals related (blood or marriage) to a current PDCU member are eligible to join, no matter where they live or work in the U.S. “The signature of the PDCU member is required to establish the validity of the relationship.”

Joining PDCU can be done online or at any of five Michigan branches located in Detroit, Romeo, Southfield, Warren, and Ypsilanti.

A Share Savings account is the foundation of membership with People Driven
Credit Union. An initial deposit of just $5, will maintain your membership.

There is a $3 Monthly Share Savings Account Maintenance Fee that can be avoided several different ways, including:

Maintain a Share Savings account balance of at least $100.

Maintain a $1,000 balance in any savings account except Checking (includes IRAs and certificates).

A CD Special cannot be opened online, but can be opened at any of the above mentioned branch locations, or by calling 844.700.7328. CSR suggested that the easiest way to fund a CD Special over the phone is to have the money already in a PDCU savings account, ready to be transferred into a new CD Special.

In addition to participating in the CO-OP Shared Branch and ATM networks, PDCU also offers its members access to more than 5,000 Alliance One ATMs.

With thousands of ATMs now available in 7-Eleven stores, PDCU members
have access to more than 25,000 surcharge-free ATMs nationwide.

Credit Union Overview

People Driven Credit Union has an overall health grade of "B+" at, with a Texas Ratio of 5.01% (excellent) based on June 30, 2019 data. PDCU has an above average capitalization level (10.01%), the result of holding $270.33 million in assets with $27.06 million in equity. Please refer to our financial overview of People Driven Credit Union (NCUA Charter # 61068) for more details.

People Driven Credit Union was founded in 1928 as the Detroit Federal Employees Credit Union. While the original FOM was exclusive to federal government employees, organic growth and several mergers in the past 90 years resulted in an FOM that included automotive workers, health care workers, and local government employees. The “People Driven” rebrand occurred in 2014 following the merger of Peoples Trust Credit Union and Community Driven Credit Union.

As many PDCU members are affected by the UAW-GM strike, PDCU is offering a package of benefits to help members in need, including a no-penalty cash-out of any CD during the strike.

If you have a loan with People Driven Credit Union and need some budget breathing room we have a plan. Just provide documentation that you are included in the GM - UAW strike and we will be happy to provide up to a two-payment extension on your PDCU loan. If you have loans elsewhere let us save you money by refinancing at our low loan rates.

How the CD Special Compares

When compared to 265 similar length-of-term CDs tracked by that require a similar minimum deposit and are available within the FOM, People Driven Credit Union’s 28-month CD Special APY currently ranks first.

The above rates are accurate as of 10/3/2019.

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

Related Pages: Detroit CD rates, 5-year CD rates

  |     |   Comment #1
Ken, thank you for sharing this information. However, I would (personally) not invest at an institution which will not or cannot tell you their EWP. If the former, it shows forth a lack of transparency. If the latter, it shows forth poor customer service: If the CSR was sincere in simply not knowing the EWP, the proper response was "let me find out for you." Also, the B+ rating that you note, does not match up with the mediocre "C+" rating from Weiss, which indicates that the institutional rating was recently downgraded. Also, it would be helpful to know if institutions do hard or soft credit pulls on savings products--many are doing hard pulls.
  |     |   Comment #2
People Driven Credit Union's Truth in Savings Disclosure (including early withdrawal provisions), dated October 23, 2015, is available online. I do not know if the provisions of this Disclosure are still in effect. The early withdrawal provisions, including penalties, can be found at pp. 7-8 of the document.
  |     |   Comment #3
The link I provided in Comment #2 doesn't work. Here's the text of the 2015 disclosure:

Early withdrawal provisions You may withdraw up to 25% of the principal portion of your certificate account, but not less than $250 and not more than once per year, prior to maturity. We will impose a penalty on any principal amount withdrawn prior to maturity. The penalty will equal all interest earned since the date your account was initially opened or renewed, or all interest earned in the 180 days preceding withdrawal, whichever is less. If the penalty is greater than the amount of earned but unpaid interest at the time of an early withdrawal, your principal will be reduced accordingly.
Otherwise, you may withdraw principal from your account, prior to maturity, only if you make a complete withdrawal and close the account. We will impose a penalty if you close your account before the maturity date. For Certificates with an initial term in excess of one year, the penalty will equal one hundred eighty (180) days interest on your account. For certificates with an initial term of one year of less, the penalty will equal ninety (90) days interest on your account. If the penalty is greater than the amount of earned but unpaid interest at the time of an early withdrawal, your principal will be reduced accordingly. Notwithstanding the above provisions, however, automatic transfers of interest from a Certificate account to another savings account at the credit union may be arranged at the time of issuance or anytime thereafter during the term of the certificate. Such transfers would occur each quarter as interest payments are made. The Annual Percentage Yield (APY) is based on the assumption that interest will remain in the account until maturity. Transfers of interest to another savings account will affect, and possibly reduce, earnings. Interest on the certificate may be withdrawn without penalty at any time after it is paid. The early withdrawal penalties do not apply to withdrawals after the death of the primary owner of a Certificate account.
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