Have to agree with reviews both good & bad. When I first applied for a new joint cd the process went smoothly, although it was cumbersome having to establish a membership in the American Consumer Council, as well as open a savings acct with a $5 minimum.
Problems arose when I next applied for an individual cd/savings acct. Since I had already listed myself as the primary on the joint application, I could not have another account with me as the primary. I had to switch the primary to my spouse, so I could open the individual cd & savings acct. All the online documents & follow up phone calls took many weeks to approve and make the necessary changes. Most of the folks I spoke with were very pleasant and apologized for the delay stating they had received an overwhelming response and were working weekends to resolve.
After about a month my second cd & savings acct were finally established. Even though the rates had dropped, I was assured I would receive the APY advertised at the time of my application, and I did! Just need persistance & patience. Don't think I would jump through all these hoops again.
Started on May 5 with application for a CD, was not accepted until May 19. Was funded on same day, and deposited to Savings account. Still no CD. Hard pull on Credit, my score went down. CS people said they would correct it and call me back. No calls, emails etc. Meanwhile, the rates dropped 2 times while I was waiting. I gave up today 6/1/22 and closed account, told to submit form for closing with photo ID? Sounds like their phone system is low rent.
Opened a CD with another provider just now, completed and accepted in 20 minutes.
Had to concur with other reviewers. Nothing happened after putting in the online member application on 5/15. At the time I was told the timeframe is to receive email in 24-72 hours. I made a follow-up call 2 days later and verified that nothing more is needed from me.
At the same time, the rate dropped a bit. Obviously they don't really want my money. I have not canceled my application just to see how long it will take...
After 9 days of applying on line my account was finally approved. Of course now the rates have dropped. After so many calls to them to get it open they never once called back. I called today hoping they would honor the previous rate but NO, they wouldn’t do that. I told them to close my account and send the $5 back. Oh, of course the day I applied for membership they did a Chex System pull. I’ve never dealt with such a poorly run financial institution before. Avoid Department of Commerce FCU. I would give it negative stars if I could.
I applied on-line on 5/5 and was given an application number. It is now 5/17 and no further response from the new accounts folks. The CSRs told me they cannot talk to the new accounts folks and neither can I. You cannot even get a ballpark estimate as to when your application might be processed. I was actually told today that the wait would be indefinite. Since my money cannot sit around indefinitely, I cancelled my application. They seem to be a small credit union with a small credit union mentality and not ready for the attention brought to them by their high CD rates. Hello, Penfed.
Applied for an account on Monday. I talked to a CR and was told someone would call the next day. No call on Tuesday. I called on Wednesday and was giving the number for Sienna Lee who handles new accounts. I left a message for her to call me. She never called. Called on Friday and was given the run around as before. They want to know my monthly income, how long I lived in my house, if it was paid for and other personal information. I’m thinking they do this just to sell my information. I guess the don’t want my $100,000+ in their bank. Suggest everyone stay away from this place like the plague. Horrible, horrible, horrible. Zero stars if I could.
I filled out an application on line Saturday and funded it today. How easy is that! The CSR was helpful and attentive to setting up a ACH for the CD.
Wouldn't want others to be put up by any misunderstanding of the process and ease to do business with Department of Commerce Federal Credit Union.