Top Long-Term CD Rates at US Senate Federal Credit Union - Easy Membership

POSTED ON MONDAY, SEPTEMBER 26, 2011 BY Ken Tumin

APY	MIN	MAX	INSTITUTION	PRODUCT
1.66%	$100k	-	United States Senate Federal Credit Union	60 Month Jumbo CD
1.66%	$100k	-	United States Senate Federal Credit Union	60 Month Jumbo IRA (Traditional, Roth, SEP)
1.33%	$100k	-	United States Senate Federal Credit Union	48-60 Month Jumbo CD
1.33%	$100k	-	United States Senate Federal Credit Union	48-60 Month Jumbo IRA (Traditional, Roth, SEP)
0.99%	$100k	-	United States Senate Federal Credit Union	36-48 Month Jumbo CD
0.99%	$100k	-	United States Senate Federal Credit Union	36-48 Month Jumbo IRA (Traditional, Roth, SEP)

Accounts mentioned in this post. Rates as of September 25, 2016.

Update 6:00PM ET 9/30/2011: I'm afraid the CD rates have gone down effective October 1, 2011.

We had started listing United States Senate Federal Credit Union CD rates in our rate tables a few weeks ago. From the credit union's website, it appeared that membership was limited to select employee groups in Washington DC. However, a reader noted in the comments last week of an easy way anyone can qualify to join. That is good news for those looking for CDs since US Senate FCU is currently offering some very competitive CD rates. The highest rate is 3.33% APY for a 5-year CD with a minimum $60K deposit. It's 3.23% APY for a $20K minimum and 3.13% APY for a $1K minimum. Also competitive are the 4-year and 3-year CDs which have top yields of 2.79% APY and 2.24% APY. Rates apply to both regular CDs and IRA CDs. These rates are listed in the credit union's rates page as of 9/26/2011.

I haven't been able to find an account disclosure online. Readers have reported some discrepancies in what the CSRs have reported on the early withdrawal penalties. I just called this morning, and the CSR seemed to be pretty certain on the penalties. She said it's 360 days of interest for terms over 3 years. It's 180 days of interest for terms of 2 to 3 years. Another thing I was told is that interest rates are typically updated at the start of each month. So the rates may go down on October 1st.

As I mentioned above, there's an easy way in which everyone can qualify to join. One of the organizations listed in the credit union's Select Employee Groups is the United States Capitol Historical Society. In parenthesis, it states "Employees and Members of the Society". So by becoming a member of this society, you can qualify for credit union membership. According to the society's membership page, you can become a charter membership for $35. A reader described his experience with this society and credit union:

All I did is go to the US Historical Society's homepage and I paid the $35 via their website. I did not have to go anywhere! Once you pay, you are a member. And then all you do, is print the email receipt that they send you thanking them for the donation and include it with the paperwork the credit union wants. I first called and spoke with the credit union rep to ensure that they would accept this since I was about to join the same day and they said they would.

The credit union doesn't appear to make it easy if you don't live near their branch. The reader also described what the credit union requires if you want to join without a branch visit:

I had to fax them a copy of my ID but they also wanted me to be personally identified by another financial institution. So I had to go to my bank which is only a block away present my ID and call them to tell them I am there. They got the bank's information and 5 minutes later they called and confirmed my identity. They said that they do this if you don't go to a branch.

Please refer to the credit union's how-to-join page for details about the membership process. The CSR didn't mention the requirement of being personally identified by another financial institution, but she did say they would require you to mail or fax a copy of your ID. A minimum $6 is required to become a member ($5 for the primary savings account and a $1 fee). She did confirm that membership in the US Capitol Historical Society would qualify a person to join. She said to include the society's membership receipt with the application.

In addition to mailing a check, I was told that you can fund the CD from the primary savings account. Once the money is in the savings account, you can call to have them fund the CD. They are part of the shared branch network so you can make a deposit into your US Senate FCU primary savings account from a local credit union that's a member of the shared branch network.

They also accept wire transfers, but there's a $10 incoming fee.

When the CD matures, you can receive the funds via a wire transfer ($25 outging fee) or you can have them mail you a check for free. Another free way to receive the funds is have them transfer the money into your US Senate FCU primary savings account. Once it's in the savings account, you should be able to use Ally Bank (or another internet bank) to withdraw the money via an ACH transfer. Just make sure they allow ACH debits from the savings account. Some credit unions (like Navy Federal) don't allow this.

US Senate FCU Overview

US Senate Federal Credit Union branches are located in Washington DC and Alexandria, Virginia. The credit union is part of the shared branch network.

The credit union is a moderate sized credit union with $455 million in deposits and 91 employees. That should hopefully be large enough that it won't be immediately overwhelmed by dozens of new membership applications and CD deposits.

The credit union does appear to be financially solid. It has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 3.48% (excellent) based on June 2011 data. Bankrate only gives it 3 stars, but Bankrate's ratings are still based on March 2011 data. Please refer to our financial overview of United States Senate Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 624).

Thanks to the reader who reported on the society membership eligibility and shared his experience in joining the credit union.

How These CD Rates Compare

US Senate FCU's CD rates are currently far above the best rates at other all-access credit unions. The highest 5-year CD rate is 2.85% APY at Firstmark Credit Union, the highest 4-year CD rate is 2.45% APY at Alliant Credit Union and the highest 3-year CD rate is 1.91% APY at Velocity Credit Union. The best bank rates available nationwide are even lower. These rates are accurate as of 9/26/2011.

Searching for the Best CD Rates

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

mvbosch | Sep 28, 2011 | Comment #23

Yesterday, I asked to see a copy of the CD disclosure before opening an account at the credit union, and Debra Lynch told me "that I cannot provide you with anything ahead of time. Once you open your account and or CD, I will provide you with a disclosure." I replied that I was "disappointed to hear that I must enter an agreement (ie, the disclosure) without knowing the terms and provisions of that agreement beforehand." I have not heard anything since then from Debra.

Anonymous | Sep 28, 2011 | Comment #24

#23: I emailed them and asked them what their EWP's were so I could get it in writing. I did not like what I read in their email so I decided to do business with another institution. I think all CUs and banks should put their disclosures where we can access and read them on the internet. Otherwise we are doing business with them blind. We all have to decide how we want to handle such things but nowadays is no time to put money in any institution unless we know what the "fine" print is in their disclosures. I am in the process now of having my disclosure rewritten because of a certain "clause" in it. If they cooperate, I hope to continue to do business with them. If they don't........we'll take other measures.

Anonymous | Sep 28, 2011 | Comment #26

#24 - Could you please elaborate on the "clause" that you did not like?

Anonymous | Sep 28, 2011 | Comment #27

#26 That's a fair question so I will elaborate. At the very bottom of their "Truth in Savings Disclosure under "Maturity Date" the first line is X giving the date of my CD maturity which was correct. Then the third line had a box X also which read "We may accelerate the maturity or call this account, at our option, with or without cause, after sending you a notice as" and nothing after that. "Call this account" means a "Callable CD" to me and I was not in any way informed that this CD had such restictions. Well after calling them I was told "no one reads the Disclosures and no one else had caught this in it". I told them that "I" DO read my Disclosures and I wanted that "X" deleted and a new copy sent to me. They said they were not aware it had been automatically checked in their new program. Well today they kept their word and I got a new corrected form in the mail. I have attached this to my CD. So if they have good rates in future, I may continue to do business with them even if it is a 58 mile drive for us. I like to go to my banks in person. Just a quirk with me.

Anon #26 (anonymous) | Sep 28, 2011 | Comment #31

#27 - Thank you for your very informative answer to my question....much appreciated.

Comments

Sort by Date | Sort by Votes

82 Comments.

Anonymous | Sep 26, 2011 | Comment #1

Don't you think a one year early withdrawal penalty is steep for a four year cd?

Anonymous | Sep 26, 2011 | Comment #2

Yes, way, way to steep for the four AND five year CD's.

Anonymous | Sep 26, 2011 | Comment #3

CSR says that they will not automatically issue monthly or quarterly interest checks, but will periodically transfer interest into savings account. Does anyone have information which contradicts this?

Anonymous | Sep 26, 2011 | Comment #4

Just wanted to say that I opened an account by fax and funded at a shared branch. The only part that was somewhat difficult was having to go to the shared branch and have the ussfcu call that branch to positively id you, but if the cu branch does not have its specific branch phone number on its website that makes it more involved. However, the phone calls we made were answered promptly and the staff was very friendly and very helpful.

ChrisCD | Sep 26, 2011 | Comment #5

Although a 1-year penalty is steep, closing after two or three years is competitve on those terms. 2y works out to be 1.66% and 3-year 2.22%. Since they have a 3-year at 2.23%, it would probably make more sense to go with that term. Of course, if you need the income I doubt the 5-year rate will look bad anytime soon.

I do find it somewhat "amusing" that a credit unit designed to servie the US Senate would have rates much higher than other institutions. It would be interesting to see who the board of directors are. :O)

Anonymous | Sep 27, 2011 | Comment #6

Unless you are making a substantial deposit it seems like a lot of hoops to jump through for the increased return. Good information though and I kept a link to the C.U. for future reference. I wonder why this is so much more difficult than Pentagon.

Anonymous | Sep 27, 2011 | Comment #7

I just phoned & was told that they *can* change their rate at any time although normally its done at the beginning of the month. I was also told that the historical society will send you an email confirmation after you join (which who knows how long that will take). You must include this "receipt" with your membership paperwork when you fax it to them. Here's the kicker: you can't fund/open your account until USSFCU verifies by telephone with the historical society --- and they are only allowed to do this once a week so for anyone trying to open before the start of October you may lose the current interest rate. Kind of disappointing...

Anonymous | Sep 27, 2011 | Comment #8

Sounds like they were being swamped with deposits and having to take steps to mitigate this.

Who knew this blog had so much influence?

Anonymous | Sep 27, 2011 | Comment #9

Just called USSFCU about joining the US Historical Society and opening a CD.

The problem is that the credit union needs to confirm your membership with the historical society and that can take a week or more. The CD rate is only guaranteed until 9/30/11, so even if you act quickly, you may not get the current CD promo rate. Safer to wait until October.

Scottj (anonymous) | Sep 27, 2011 | Comment #10

I just joined and found it simple and quick. First thing I did was call to get CSR to work with and she gave me her direct line and fax. Then in less than 2 minutes I joined the Historical Capitol thing and they sent me an email back right away welcoming me. Then I faxed over to CSR, member app along with copy of driving license and The welcoming letter. Within 10 minutes she called me back and gave my member and instructions how to make deposit at shared branch thats only about 10 minutes from. Went there and made the deposit and no phone calls or any other verification. Then per CSR I emailed her instructions to open the 60 month 3.33% CD. Did this from my phone in parking lot. 20 minutes later I got home and was able to log in and see the CD was opened correctly. Whole process from first call took less than 2 hours

Anonymous | Sep 27, 2011 | Comment #12

#10 that's odd as I was told twice that it could easily take over a week to get the verification from the Historical Society. Hmm wondering if they are just trying to dissuade folks from joining...

Anonymous | Sep 27, 2011 | Comment #11

EUREKA - I got my IRA certificates set up today also....a relative simple process and very friendly and helpful CSR's to work with.

And BTW, I think we all owe the poster in a previous thread, who originally called attention to this opportunity in several posts and in emails to Ken, a debt of gratitude for the find. He is also the poster that Ken has quoted in this thread. So, anon #5 from the previous thread, a great find and thanks for sharing.

Scottj (anonymous) | Sep 27, 2011 | Comment #13

Everyone who joined the Historical Society instantly got a confirmation email, by the way make sure you save it since it's tax deductible. Another thing that just realized is unlike many CU's no hard pull. I have a credit freeze on all 3 but was not an issue. About interest, when you open you choose whether to keep it in or transfer to a savings/checking there. You can at a later date change how you do it by mailing in new instructions.

Anonymous | Sep 27, 2011 | Comment #14

ScottJ I am anon#12. Thanks for the extra info but what I actually meant was that the CSR I spoke to said that after you send in all the paperwork by fax including the Historical Society receipt THEN they have to phone them to verify -- and that is what holds up the works as they "can only phone them once a week". I probably should have been more clear on that, sorry. Its great that there's no hard pull - thanks again for the info.

Scottj (anonymous) | Sep 27, 2011 | Comment #15

To Anon#14, call the main number and go to extension #2404, She was great and had no problem opening with the confirmation letter

Anonymous | Sep 27, 2011 | Comment #16

I sent my money and application to join Historical Society at 7:30 am. No emai. Just called and was told they usually send by mail, not email. And they best they might do is an email on Friday. I was also told my CU that my receipt from them is not good enough and they must verify on Wednesdays, so if it isn't on the books by tomorrow-I'm out of luck. So I'd save your money on the Historical Society if they can't cooperate with an immediate or daily email. They must not want the donations that much.

Anonymous | Sep 27, 2011 | Comment #17

My account was opened in 2 hours also. Fax and phone

Anonymous | Sep 27, 2011 | Comment #18

This is 17 again. Folks there is no stampede to open cds, probabaly a sign of the times. I opened to account in 2 hours. Filled out the account online, joined the historical society for 35 bucks, and used a debit card for 6 bucks to finish the application. I spoke with a kelsey at the credit union very nice.

I thnk this credit union is rying to raise capital, seemed to mention the cds that is ok.

I started on this great web site 5 years ago. My first cd with Ken was at Telcom credit union in Novi, Michigan.

This wonderful 5.6% cd matures in Novemeber and I am sure alot people on this website got the cd so long ago.

Thanks Ken, I joined USSFCU just to make sure they do not shut down there process for people outside to join.

I am in Northern CA, the Bay Area and the local credit unions pay nothing. Pateclo used to be the cd leader wth good rated but they are not interested in the comsmer, they seem to want thet business customer.

Thanks again Ken

M. White (anonymous) | Sep 27, 2011 | Comment #19

anothr great tip from this site. i have been accessing it for six yrs. without ken id be lost he informed me of penfed. without those penfed cd's I would be eating mac and cheese every nt instead of 4x a week and no lights at night or heat in winter. I am 92 yrs young and struggling due to low cd rates. ken has helped me immensely. Margaret White.

Anonymous | Sep 27, 2011 | Comment #20

I also had a wonderful experience opening an account ... printed and scanned my application and driver's license and sent it all in as email attachments. I got an instant email confirmation from the Historical Society which I forwarded to my CU rep. Although I was also advised that they only confirm membership with the Historical Society once a week, somehow the got the account open the same day I sent in the application. Excellent service.

emory | Sep 27, 2011 | Comment #21

We had a great experience, too. Faxed copies of the application, electronic disclosure, driver's licences, and the email copy of the Capitol Historical Society to my representative's fax number. Received a phone call confirming the account number, and instructions to deposit the opening funds ($6 for each member) to the Shared Branch near us.

FYI, we were told that in order to open an IRA (Rollover) CD, the funds need to be sent overnight or in person, along with the IRA forms. To fund a personal CD, the funds can be deposited to the primary savings account's Shared Branch.

Scottj (anonymous) | Sep 28, 2011 | Comment #25

it's no different than you have to pass the bill to see what's in it :)

lof (anonymous) | Sep 28, 2011 | Comment #28

Thanks for the posting. The CU Rep was very helpfull, everything was completed ( funding ), within 24 hours. I'm on the west coast. Regarding the 360 day EWP, I'm on a ladder system, I can live with this one.

mvbosch | Sep 28, 2011 | Comment #29

Can any recent CD purchasers share the credit union's disclosure on this board, please?

scottj | Sep 28, 2011 | Comment #30

Now i'm intereted in seeing if that box is checked when I get mine. Good to know they made it right since there was no mention this was a callable CD when opened. For now i'm believing this was just a glitch

Anonymous | Sep 28, 2011 | Comment #32

#30 This is #27. Please understand that I was not referring to the US Senate FCU CDs. If you reread my posts, I was trying to make it clear that I did not use them but went to one of the banks which is also listed on Ken's rate sheet. I opted for less interest so that I could get a lesser EWP (6 months) and also did not have to pay to join the Historical Society etc. If I had larger funds to invest at this date, I think I might have risked the 365 day penalty to get the better interest rate but it wasn't worth it for me to do that at this particular time. Even when we ladder CDs, we don't want them all coming due in same month so I make decision as to what funds I have available at the time.

Just wanted to straighten this out if you or any one else was thinking the Disclosure was the credit union's. However, I would love it if someone who does buy a CD from US Senate, if they would or could share at least some of the more important parts of the Disclosure with us. I got the CU to email me their EWPs but I would love the chance to see how their Disclosure is written. Just a word or sentence can be very important as to what can happen in the future.

scottj | Sep 28, 2011 | Comment #33

Would make things so much less confusing here if people used a name or something other than "Anonymous" I should have my paperwork tomorrow and will post dissclosure

Paoli (anonymous) | Sep 28, 2011 | Comment #34

I agree Scottj. I just realized that Anonymous is set automatically and we have to delete it and type in our user name we sign on with. So when I post from now on instead of a number I will use "Paoli" my user name, and hope many of the others try to do the same thing. It is confusing trying to reply to numbers. I will be looking forward to your sharing your disclosure with us. Thanks!

Anonymous | Sep 28, 2011 | Comment #35

I called the credit union today. They told me about the historical society. I joined and got the email letter in 10 minutes. I faxed the letter, a copy of my DL and the application form for the credit union. I was called back in 20 minutes, then I set up my CD, went to the credit union branch at the corner and sent the money. When I got home all was set up. Very easy. And the $35 to join the historical society is tax deductable. This all seems too good to be true. I'm still uneasy as if to trust all this. Any comments to make me feel more secure?

Paoli (anonymous) | Sep 29, 2011 | Comment #36

#35 So glad everything went so smoothly for you. However, I don't have a credit union branch on my corner. What I don't understand is why everything just can't be done at the branch like "one stop shopping". My "shared" branch for them is about 5 miles away which would be fine if I could do everything there. It's this back and forth and the emails and phone calls which make it a hassle, imo. Since you managed to get it all done so smoothly, I think you should be fine as long as you are ok with the money being tied up for the unusual, imo, EWP. One thing you can be more confident about with this CU is that people buying those nice 5 year CDs with the good rate will probably not be drawing their money out in big rushes for all those better rates soon. That's probably what the high EWP is aimed at stopping anyway. Enjoy your nice interest!

OMG (anonymous) | Sep 29, 2011 | Comment #38

I sent application today but they need to verify my birthday. I already sent copy of my DL but they still need to have another ID. Hofully I could open up account tomorrow and get the high interest rate.

Anonymous | Sep 29, 2011 | Comment #39

Well, I just got mine done. I made the initial mistake of trying to join the historical society via faxed application from the web site. I had missed the IMMEDIATE funding option on their web page. That delayed things by two days.

But BOTH the Historical Society, and USSFCU, were very good to work with and very responsive.

For me, the 5 year time period and EWP is not that much of a risk. Even if you took it out after 3 years, the rate would come out to be 2.22%, but given what is going on with rates in general, I'm betting it will be 4-5 years before we see rates that much higher.

Thanks KEN, for all the work done with this site, and from others who help make this THE best site for current banking issues.

Romulus | Sep 29, 2011 | Comment #41

Thanks to your post & comments I was able to open an account even though there were no branches or shared networks within hundreds of miles. It required a visit to a local bank to verify ID even after faxed info & hard hit (I believe) on credit report. CSR worked steadily with me & was very personable & helpful...Depositaccounts is a wonderful site & has proved very helpful to me this past year.

lou | Sep 29, 2011 | Comment #42

It will be interesting to see what the rate will be after Oct 1. Will see if the coverage here has an impact.

Bob (anonymous) | Sep 29, 2011 | Comment #43

I would like to point out that USSFCU probably wants you to visit a shared branch credit union because of the Patriot Act. Many banks and credit unions will do business with you only if you come into one of their branches. Driving to the local credit union is much easier, faster, and cheaper than flying/driving to Virginia.

jacob (anonymous) | Sep 29, 2011 | Comment #44

It was an amazing find although the rate seems to have been the same for months for whatever that is worth. My question is how can this rate be so high relative to the rest of the credit unions, are there any others even near it with similar EWP and terms?

Willie (anonymous) | Sep 29, 2011 | Comment #45

Jacob - According to the CSR that I talked to, the rate has been unchanged since this past January 1....meanwhile, almost everyone else has reduced their rates since then? Interesting.

jacob (anonymous) | Sep 29, 2011 | Comment #46

amazing that it remained a relative mystery all this while based on the comments on this board about how excited everyone was and even some that jumped thru some hopes to grab it. I look forward to finding something similar.

Anonymous | Sep 29, 2011 | Comment #47

lou - Good point, and if the rates remain unchanged on Oct 1, I also wonder how many will cash out with Ally and make the move to USSFCU. The recent Ally 5 yr. CD's at around 2.2 or so may not look so good now when compared to the 3.3? Just something else to ponder and maybe an omen of things to come when rates begin to make a serious rise?

Willie (anonymous) | Sep 29, 2011 | Comment #48

jacob

Were it not for a poster on this site, this situation would still not have been discovered or brought to our attention at all. Thank goodness for the helpful poster.

jacob (anonymous) | Sep 29, 2011 | Comment #49

I agree, I was just saying for everyone to keep fighting the good fight and keep an eye out for more surprises, this find proves that they must be out there....

lou | Sep 29, 2011 | Comment #50

Hey guys,

Until a few weeks ago, membership for this credit union was restricted. Only employees of the historical society and other employee groups were eligible for membership. This is probably why their rates have held since Jan 1. We will know soon if this change of membership eligibility affects their certificate rates.

Sibyl (anonymous) | Sep 29, 2011 | Comment #51

Thanks for the newsflash on what we already knew, lou....but anything informative, or at least new, that you would care to share, feel free.

lou | Sep 30, 2011 | Comment #52

Sibyl, I was just responding to Willie in post #45 and Jacob in post #46. They seem to be wondering why the rate has been unchanged since Jan 1 and why it remained such a mystery. Not sure all the posters were aware of this fact even though you apparently knew.

jacob (anonymous) | Sep 30, 2011 | Comment #53

lou, thank you for that, I didnt know that tidbit, it is very helpful to know.I see from the website it says members of the employee groups in good standing are eligable, was this actually reworded a few months ago, did someone verify and say that curiously. In any event it is going to be interesting to see if it changes, from the numbers it doesnt seem like a large entity as its listed 500MM in deposits.

Anonymous | Sep 30, 2011 | Comment #54

I was able to open an account by just FAX'ing in the needed documents. The account representative said I could make the required $6.00 deposit at a shared branch CU if I wanted, but she said they could just take it out of the funds I transferred in via wire or ACH. My account showed a negative $5.00 balance until the initial deposit was made. She said they've been swamped with membership applications, which is why it took a bit over 24 hours for my application to be processed. I never expected to be so happy to lock in 3.33% for 5 years, but I am.

Here's a copy of the CD Disclosure, which is provided as part of the process of opening a CD online:

United States Senate Federal Credit Union - Certificate Account Disclosure and Agreement

It doesn't specifically address the question of whether partial withdrawals are permitted, but I asked the account rep and she said they are.

lou | Sep 30, 2011 | Comment #55

Well, the rate dropped dramatically to 2.43% for the 5 year certificate. It was great while it lasted.

Newbie1 (anonymous) | Sep 30, 2011 | Comment #56

I have just opened an account and can report the process was extremely smooth and all done from home.

It took under 2 hours and the CSR I worked with was fantastic. I scanned and emailed the completed application, two forms of ID, and the receipt from the US Capitol Historical Society. Someone at the bank did have to call the Historical Society to verify my membership, but this did not delay opening the account. I was not required to visit a bank to verify my identity -- maybe the second ID helped here? I was able to use a Visa Card to pay the $6 opening deposit.

Hope this helps anyone who doesn't have a shared branch nearby. Thanks to the poster who initally mentioned this and of course thanks to Ken and all the other contributers to this site. Fingers crossed for the rates holding.

Newbie1 (anonymous) | Sep 30, 2011 | Comment #57

Yikes, just saw lous comment. The rates have just been updated. Oh well. Too slow!!!

Anonymous | Sep 30, 2011 | Comment #58

WOW, thats quite a drop in one swoop, particularly when the rate had not changed since January 1. They must have had quite a rush this week reflecting the stark realization that rates are so crummy everywhere else. I consider myself very fortunate to have been able to open an account at the higher rate this week, however, my plan to invest some more in October has just been shot down. lol

jacob (anonymous) | Sep 30, 2011 | Comment #59

That is a shocking drop in rates, very very strange, I guess the bank is closed so no one could be contacted to find out what prompted the large drop, but I am sure there must be some story about it.

Paoli (anonymous) | Sep 30, 2011 | Comment #60

When I spoke to one of the reps at the CU last week and asked about when they expected the rates to change, I was told that "if" they would change it would be usually about the 1st of the month meaning Oct. 1st. That is why I knew I had to make up my mine soon. I think the inrush of new accounts helped them to decide to lower the rates. Sad for me because I was hoping to do business with them in a few months. Maybe their rates will still be higher than others even then so if they are, I hope to join them if it is possible.

I would like to thank #54 for sharing the CU's Disclosure with us. I have bookmarked it for future reference. It certainly does seem like they are not up to "skunking" anyone by what is written.

lou | Sep 30, 2011 | Comment #61

Obviously, the exposure from this site forced them to lower the rates significantly. Out of curiosity, it would be interesting to know how many people opened an account and purchased a certifiicate because of this site. If you want to, let us know by posting here if you purchased the 5 year certificate and how much you bought. It would be interesting to see how much money they took in the last week because of this thread.

Yahoo (anonymous) | Sep 30, 2011 | Comment #62

Lou, don't mind saying, I gave them 420k today. Thanks to this site.

Anonymous | Sep 30, 2011 | Comment #63

Let's just say I have a million reasons to appreciate this blog post.

lou | Sep 30, 2011 | Comment #64

#63 You obviously have many reasons to like this post. Let's just say that I am about as half as appreciative as you are. Yahoo, glad you were able to beat the deadline. Looks like they were taking in considerable money this week. Anyone else care to comment.

Anonymous | Oct 1, 2011 | Comment #65

If lou and the big bucks folks were able to invest that much, then they must have had it stashed in the mattress just waiting to pounce on this opportunity? Hardly....smart folks don't normally use mattresses, or do they? C'mon guys, gals, lets get real, OK? Just fess up to your $5,000 investments and move on.

lou | Oct 1, 2011 | Comment #66

#65 you don't need money under the mattress, if let's say you had other CDs maturing in the last few weeks or other investments you were able to liquidate. My only motive in suggesting we have this discussion is to see how much money USFSCU took in this week. Just wanted to see why they lowered their rate so much. Obviously, you don't have to participate, but since we are all anonymous i figured some people may not have a problem sharing this information. If you invested $5,000 by all means let us know, if you feel comfortable doing so.

Anonymous | Oct 1, 2011 | Comment #67

lou - lets just own up to it man, YOU are the $5,000 garden variety investor trying to act like the half-million plus man? lol Folks with your claimed amount of spare cash from recently maturing investments, or other spare cash, don't usually hang out on blog postings boasting of their half a million or so weekly investments. Go peddle your ego and self-absorbing dreams elsewhere, or at least get a financial advisor to help you with your enormus stash.. Nuff said!

lou | Oct 1, 2011 | Comment #68

#67 I am not sure why you seem so angry; no one is bragging or showing off. All i want to do is see how much money this credit union received this week from posters who are following this thread. You seem to have some issues which I am not about to try to understand. It's Friday evening, so maybe you should have a drink or two and try to relax.

Yahoo (anonymous) | Oct 1, 2011 | Comment #69

No, I am not lying. Had three CDs coming due . The bank broke them for me, no penalty. Was getting almost six percent, but all would have matured by end of year anyway. They were happy to get rid of them. Yes those of us who have made and saved money, and are conservative do hang out on these blogs. I am not into following sports, but do watch my money. Call me boring, but the bills are paid. You may not catch me on the NFL blog.

Anonymous | Oct 1, 2011 | Comment #70

Also a poster from this site also posted this deal on fatwallet, accelerating the demise of this fragile deal.

jacob (anonymous) | Oct 1, 2011 | Comment #71

Can I suggest that a thread be started for everyone who follows this bog on what banks they hold cd's including duration, when purchased and terms, no need to for anyone to post amounts, I think this scorecard would be awfully interesting to read and very helpful for those seeking to invest more in cd's to find some new sources.

Paoli (anonymous) | Oct 1, 2011 | Comment #72

So what does this USSFCU teach us? That we can't discuss places with great rates? Maybe we can have a PM club and Ken can just PM his favorite posters when he hears about an especially good rate. Just kidding!!

The ones who were in a place to take advantage of the USSFCU rate did and are the better for it and the rest of us who just didn't have the funds available at this time will have to wait for another opportunity. Frankly, in order to get a million bucks insured at one CU, that had to take some smart dancing with the paperwork and names. Maybe the CU people were not up to doing all that unexpected paperwork and decided to lower rates to drive others away. Well, I am happy cause the bank I drove to, gave me a higher rate than what the CU now has. We all do what we have to do to survive financially.

Paoli (anonymous) | Oct 1, 2011 | Comment #73

Folks: Something just dawned on me and I wondered if anyone here knows the answer. Do credit unions have to pay for the insurance to insure deposits the way banks have to? If so, what if these guys or gals on here are not blowhards and with lots of others flooded the USSFCU with millions of new dollars which they had to insure? Maybe the CU heads felt it was going to be too costly to pay for all that extra insurance, plus the 3.33% rate and really come out ahead unless they knew they had enough loans ready to go that would pay them high enough rates to make it worthwhile. It's all about THEM making more money than US whether it is CUs or banks. Did they already have enough insurance to cover all the new unexpected deposits??

scottj | Oct 1, 2011 | Comment #74

Can find the NCUA answer here, http://en.wikipedia.org/wiki/National_Credit_Union_Share_Insurance_Fund

Since they are pretty small at only around $500 million it would not take to much for this to have a good size effect on them. Since I did get in on time I'm happy to see they are on the ball and reacted quickly. While it is a big drop the new 2.43% rate is still competative for a 60 month CD

Anonymous | Oct 1, 2011 | Comment #75

I had 140K IRA, and a 50K ROTH that matured at NAVYFCU. I had them hold the funds inside the IRA and ROTH in savings, getting almost no interest. Was hoping to catch somone with a "special".

I did get those funds moved (have to do a distribution/rollover), along with my spouse doing a 9K SEP for 2010, and 6K ROTH for 2011. Just got that completed on Friday afternoon.

NOW that CU and banks can do 250K on insurance, I have tried to avoid doing extra accounts with POD. I have always worried that the institutions "may" have ****ed up the POD posting and the insurance not honored if something drastic happened.

Anonymous | Oct 3, 2011 | Comment #76

Just to add to the list of deposits, I opened 240K of CD's on Friday. I had a 3% CD mature last month and was looking to place the funds. The CSR that I delt with was exceptional. Everything was handled via phone, computer & scanner. i went to a shared branch nearby to make the deposit. Since the EWP is steep and remembering Ken's advice of past posts, I did 4 CD's @ 60K each. This got the best rate for me.

Anonymous | Dec 3, 2011 | Comment #77

Can someone explain how it works with these "Shared Branches" and the CU one selects? Can we give the money needed for the particular CD to someone at a "Shared Branch" and they see to it that the CU we are dealing with gets the funds? Or do we have to still wire the funds to the CU we are using? Just curious as how those of you who used the US Senate CU got your money to them. Thanks!

Anonymous | Dec 3, 2011 | Comment #78

No need for wires provided $$ deposit/withdrawal transaction size limits, if any, are observed. (Check with your Shared CU Branch to verify limits if you're in doubt!) Once you have a USSFCU primary share account # set up, you can deposit cash, checks, or otherwise transfer funds to it by making a personal appearance at any Shared CU Branch. There you'll be asked to exhibit some valid form of ID to confirm your identity, of course. Typically deposits exceeding $5k are subject to hold just as at a local bank/CU but in spite of this USSFCU CSR can usually see the deposit on their systems instantly and can lock a CD immediately from those funds. Exceptional service as others have noted!

Anonymous | Jan 25, 2012 | Comment #79

I received a new schedule of fees that are effective 3/1/12. A lot of service fees were increased. The most alarming of the fees was the $35 IRA Annual Maintenance Fee. Based on this fee, I rather doubt that I will ever do IRA business with United States Federal Credit Union.

Anonymous | Oct 1, 2012 | Comment #80

Just a little heads up on dormant fee on share account, no activity for one year will get you hit with a $5 fee. Since most of us opened up just over a year ago for this CD and probably don't use the savings account you will have been hit with the fee, but one quick call got me the fee reversed. This 3.33% for another 4 years sure is looking good

scottj | Sep 21, 2016 | Comment #81

This great deal is now maturing but looks like they don't mail out maturity notices? I got a call a few weeks ago asking what I planned to do with money. Told them I planned to take out, she did ask if there was anything they could do to keep it. Said I would take 2% for 36 months and was told she would get back to me if they could do anything, never heard back and no maturity notice either. So just a heads up for all. I noticed on original CD it says to close at maturity you need to mail in instructions in writing that you want to close and have 10 days after maturity to do so. I'm going to have them close and move to share account so I can then pull right out

Anonymous | Sep 21, 2016 | Comment #82

They do everything by email, even 1099s. They emailed me a maturity notice a few days ago. Terrible rates now, goodbye US Senate FCU.

Anonymous | Sep 23, 2016 | Comment #83

Just a follow up. They called with a pitiful renewal rate bonus offer which I declined. They aren't even competitive anymore.

scottj | Sep 23, 2016 | Comment #84

I had a message from them today asking me to call back, guess I wont bother. At least I found out the other day that I didnt have to mail in request to close, they took info right over the phone and said funds will be moved into share account at maturity

Anonymous | Sep 24, 2016 | Comment #85

Yeah, $25 wire out fee and they take wire instructions right over the phone, no form to fill out.