USALLIANCE Adds Cooperative Rewards CD Specials - 24-month, 2.02% APY
Now through August 31, 2017, USALLIANCE Financial (USALLIANCE) is offering three Cooperative Rewards CD Specials: 15-month, 1.51% APY; 24-month, 2.02% APY; 36-month, 2.28% APY. The minimum deposit is $500, with no stated balance cap. In the past, USALLIANCE has required new money for their CD Specials, there’s no mention of that restriction for the Cooperative Rewards CD Specials. There is, however, this fairly benign requirement:
Member must be enrolled or enroll for eStatements at the time of account opening.
Also, promo code, COOPCD, must be used when applying.
Although the promotional email sent to current members states,
This offer will not be advertised to the public- you won't even see it on our website!
I received written confirmation from USALLIANCE that, “Any of our members (new and existing) can participate.”
As stated in USALLIANCE’s Truth In Savings document, the Early Withdrawal Penalty reads as follows:
If your Certificate Account has an original maturity date of less than 18 months,
the early withdrawal penalty will equal 180 days dividends on the amount withdrawn.If your Certificate Account has an original maturity date of 18 months or longer,
the penalty amount will equal 360 days of dividends on the amount withdrawn.
Update 8/11/17: Another important thing to note about the CDs is that USALLIANCE reserves the right to call a CD early. However, in the past USALLIANCE has assured anyone who asked that it had never used this right. Nevertheless, this right to call a CD early is in the Truth in Savings document, and it reads as follows:
The Credit Union has the right to call or redeem Certificate Accounts early. To call or redeem your Certificate Account early, the Credit Union will provide 60 days written notice to you. Should the Credit Union exercise this option, your Certificate Account will be redeemed without penalty on the day specified in the notice, and the entire balance, including earned dividends, will be automatically transferred to your transactional deposit accounts or STAR Retirement Account for easy access.
Thanks to DA readers, Sylvia, ChasR, and cumulus, for their Forum posts and emails about USALLIANCE’s latest CD Specials.
Availability
Headquartered in Rye (Westchester County), New York, USALLIANCE Financial's field of membership (FOM) is wide and varied, with residency, employment, and charitable organization membership serving as qualifying criteria.
USALLIANCE's online application Disclosure page for membership and new accounts details the various ways to join.
Easy Membership Requirement:The eighth option (associations or charitable organizations) listed under "How Do You Qualify For Membership," lists eleven organizations and associations that can be joined by anyone:
- American Consumer Council (ACC)
- AOPA
- Arc of Westchester
- Council of Community Service
- New York Historical Society Museum and Library
- The Rye Arts Center
- St. Thomas Orchestra of Mamaroneck
- Sullivan ARC (Sullivan County residents only)
- The Bill Fish Foundation
- Tread Lightly!
- Unite Here
The ninth option allows you to join USALLIANCE and any of five associations, including ACC, simultaneously.
By selecting one of the associational membership options below, which entitles me to membership with USAlliance Financial, I authorize USAlliance to submit my membership request to my chosen association.
Residency: Individuals who live, work, or worship in the Massachusetts counties of Barnstable, Essex, Middlesex, Norfolk, Plymouth, Suffolk, or Worcester are eligible for membership. In addition, individuals who live, work, or worship in the city of West Haven, Connecticut, and qualifying districts in Manhattan, Mount Vernon, and The Bronx, also qualify.
Employment: Employees of over 175 companies are eligible to join, including employees or retirees of the state or local government in the New York counties of Columbia, Dutchess, Orange, Putnam, Rockland, Sullivan, Ulster, or Westchester.
Bethex Charter: USALLIANCE acquired Bethex Federal Credit Union in 2015 and former Bethex members have been grandfathered into USALLIANCE’s membership.
Joining USALLIANCE can be done online, or at any of the following 21 branch locations:
- Connecticut – West Haven (2)
- Massachusetts – Cambridge, Danvers, Malden, and Medford
- New York – Bronx, Ferndale, Napanoch (2), New York City (3), Otisville, Port Chester, Purchase, Rye, Somers, Wallkill, White Plains, and Woodbourne
At the moment, opening a Cooperative Rewards CD Special must be done in person at any of USALLIANCE’s branch locations, or by contacting the Member Services Department at 800.431.2754. CSR stated that the CD Specials are in the process of being added to the online application. No matter the method of opening, promo code, COOPCD, must be used when applying.
Credit Union Overview
USALLIANCE Financial has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 8.44% (excellent) based on March 31, 2017 data. In the past year, USALLIANCE increased its total deposits by $36.74 million, an excellent annual growth rate of 4.02%. Please refer to our financial overview of USALLIANCE Financial (NCUA Charter # 17587) for more details.
USALLIANCE Financial was chartered in 1966 as a credit union for IBM employees. Formerly known as USAlliance Federal Credit Union, the Credit Union did a rebrand in September 2015 to "help drive home all that we have to offer to potential members." From humble beginnings in the company's basement cafeteria, USALLIANCE is currently the 18th largest credit union headquartered in New York State, with more than 167,600 world-wide members and assets in excess of $1.2 billion.
How the Cooperative Rewards CD Specials Compare
When compared to the 194 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available nationally, USALLIANCE Financial’s 24-month Cooperative Rewards CD Special APY currently ranks first.
| Interest Rate | CD Length of Term | Credit Union/Bank |
|---|---|---|
| 2.02% APY | 24-Month Cooperative Rewards CD Special | USALLIANCE Financial |
| 1.83% APY | 2-Year CD | KS StateBank |
| 1.81% APY | 24-Months CD | First Internet Bank |
When compared to the 196 CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available nationally, USALLIANCE Financial’s 36-month Cooperative Rewards CD Special APY currently ranks first.
| Interest Rate | CD Length of Term | Credit Union/Bank |
|---|---|---|
| 2.28% APY | 36-Month Cooperative Rewards CD Special | USALLIANCE Financial |
| 2.00% APY | 36-Months CD | TIAA Direct |
| 1.98% APY | 3-Year CD | KS StateBank |
The above rates are accurate as of 8/10/2017.
To look for the best CD rates, both nationwide in state specific, please refer to our CD rates table or our Rates Map page.
"If the Credit Union calls or redeems your account early, we will provide 60 days written notice. Should the Credit Union exercise this option, your Certificate Account will be redeemed without penalty on the day specified in the notice, and the entire balance, including earned dividends, will be automatically transferred to your transactional deposit accounts or STAR Retirement Account for easy access."
p. 6 of PDF, p. 4 of brochure https://cdn2.hubspot.net/hubfs/616968/documents/disclosures/TIS-brochure.pdf?t=1502391225400
https://www.usalliance.org/about-us/rates/savings-rates
I'm actually starting to keep a little text file of the banks and credit unions that I want to avoid.
Though, I've got to admit, the CU's are becoming a huge PITA.
I just had one deposit and IRA transfer into my base savings account.
Luckily, I caught it before the end of the day before any interest was posted.
If THAT had happened, I'd have a lot of explaining to do with the IRS.
Another CU coded an IRA transfer as a rollover (despite the fact that the paperwork clearly indicated otherwise).
They were able to fix that error on their back-end system that sends out the annual IRA forms to the IRS.
However, for some reason they couldn't fix it in the online system that the customer uses via the web.
Every time I review my account, seeing that glaring error makes me wish I'd never opened an account with them.
I had them send me a screen print from the back-end system that shows it's coded correctly (just in case).
And finally, yet another credit union balled-up my original application and didn't make my wife a joint account holder.
I didn't find this out until I opened a money market account with them and told them to duplicate the ownership.
Then, they told me that my wife wasn't on any of my accounts with them!
When I pointed-out that joint ownership was clearly on the original application, they said. "Gee, that's weird."
Turns-out, their "Security Department" didn't like the quality of my wife's driver's license.
I call BS on that one because I sent them both of our driver's licenses in the same PDF file.
So, did they admit their mistake and fix the accounts?
No, the "Security Department" said that it was too long since I opened the account to put her on it now.
Hows that for customer service?
In order to get my wife on the accounts I had to submit one a change in ownership forms.
Plus, her photo ID. Again.
Plus, remove the security freeze. Again.
The whole credit check thing is bull anyway.
I pointed-out to them that I've had other places open accounts just by using Check Systems.
That gives them enough information to match-up with the photo ID and meet the "Patriot Act" requirements.
All of these financial institutions are just doing credit checks to see what other garbage they can peddle to you.
Needless to say, I'm losing interest in these clowns.
I never had these kind of problems with banks.
But then, banks interest rates are pathetic.
"Luckily, I caught it before the end of the day before any interest was posted.
If THAT had happened, I'd have a lot of explaining to do with the IRS."
Lucky for you is right. The IRS is no fun deal with either. Even when they have the facts right in front of them. A couple of decades ago the IRS informed me that we had not paid our Federal Income Tax for the year three years back and we owed them the amount that was due plus a huge penalty+interest. We knew we had sent them a check for that year and after two months of battling back and forth, the IRS found our original check filed with our tax return somewhere in THEIR system. Case closed. A couple of weeks later we received a letter from the IRS asking if they could be of any further assistance to us. Like we were the ones at fault?