I made three separate phone calls to their call center, speaking with three different employees.
I had what I thought was a simple question, unfortunately the staff is not familiar enough with CD basics to tell me what the early withdrawal penalty is, ie. how many days or months interest. They couldn't give me answer. All three responded with a version of the same theme. "That depends on the term, the amount, and the interest rate." They apparently don't understand the concept of early withdrawal penalties and could only answer my question if I already had a CD in effect and then they could enter the info in some online program. The first one asked me if I was a member and I said not yet, I am considering it, and then proceeded to ask me for my social! Then when she finally allowed me to ask about the penalty, no matter how many ways I worded it, she said she couldn't tell me the penalty. By the time I got to the third rep, after she told me 'it depends on many factors', I told her very directly that early withdrawal penalties are a critical factor in evaluating the terms of a CD and I need to know that before I opened the CD. She said that she needed more information about the CD. I even tried giving her a hypothetical CD: $10,000 for 17 months @1.50% (they're running a promo on 17 months). She still told me she couldn't tell me.
All three could not wrap their minds around expressing a penalty in terms of days or months of interest...only a specific dollar amount.
Looks like more than just one weak employee here.
I gave them another chance per their post on this blog, but to save you grief, you're better off elsewhere (I went with NASA, but there's others in the 15 month range)
I wanted to join this credit union because I have a IRA CD maturing in three weeks, and their CD rates are attractive. To be eligible for membership, you must live in one of their specified areas or be a member of an affiliated association. The least expensive option is to join the Webster Public Library which costs $20 for people living outside of NY State. The library website states that since the Friends of the Library is a volunteer organization, it could take 6 - 8 weeks to become a member. I called Xceed to see if I could join immediately by promising that I would also join Webster. The Xceed representative said that I would have to have proof of membership first, but she thought that the library could confirm my membership by email. I then called the library and was told that it would be impossible to do this for out-of-state residents. I told the librarian that the Friends of the Library association was cutting off a great source of funding because there were probably many people outside NY State who would be willing to contribute to their association but could not wait 6 - 8 weeks before joining Xceed. Apparently, Webster and Xceed are stuck in the days of the Pony Dispatch. In that spirit, I am surrendering with my hands up, and I am going to find another financial institution which makes it easier for me to become a member.
XFCU announced that they were changing their 'bill pay' ... what they didn't say was they were going to change the check register and categorizion, etc. Now all the info I input for the last 8.5 months is altered. Payee info is gone, memos are gone and my categories are either blank or inappropriate...
This was my first experience with a credit union. Right off the bat they were better than most banks I have dealt with. While they don't have a branch that is local to me, the application process was easy peasy. Print the application from the website and send them a $5 deposit. The website stays updated to the best security features and has been consistently intuitive. The website helps you to see where your money is being spent so you can budget better. This feature helped me to get my credit back on track. They have the absolute best customer services reps that I have ever experienced. Everyone is very pleasant and will to help. If the rep doesn't have an answer to your question, they will call you back with an answer within 48 hours, but my experience has been same day. You can open additional savings account to save for Christmas, vacations, etc. They have bill payment services, however I don't use this feature. You can also transfer fund to an external banking account free of charge. So much better than driving around to atms or waiting in line to make withdrawals and then deposits. I have been banking with them since 1999.