Veridian CU (Easy Membership) Has Competitive Long-Term CDs

POSTED ON BY

UPDATE 5/12/16: While the rates on both 39-month CDs were lowered today, the rates on the 15-month CD (1.40% APY) and 15-month Jumbo CD (1.55% APY) were raised. Funding details and EWP are the same as on the 39-month CDs.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.60%$100k-Veridian Credit Union15 Month Jumbo CD
1.50%$1k-Veridian Credit Union15 Month Special CD
Accounts mentioned in this post. Rates as of August 31, 2016.
Availability: Easy membership

Veridian Credit Union (Veridian CU) has had several competitive CDs in the past, but now that the Credit Union’s field of membership is no longer confined to 40 Iowa counties and five Nebraska counties, the intrinsic value of its CDs has increased.

The most attractive of the current offerings are the 39-month CD Special (2.25% APY, $1k minimum) and 39-month Jumbo CD (2.40% APY, $100k minimum).

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.70%$100k-Veridian Credit Union39 Month Jumbo CD
1.60%$1k-Veridian Credit Union39 Month Special CD
Accounts mentioned in this post. Rates as of August 31, 2016.

According to CSR, the Early Withdrawal Penalty is based on the CD term length, with "the penalty for a CD greater than 12 months in length being 180 days interest."

Thanks to DA reader, thowelllll, for his Forum post about Veridian CU.

Availability

Headquartered in Waterloo, Veridian Credit Union is the 2nd largest credit union in Iowa’s largest credit union and the 54th largest credit union in the nation, with more than 194,000 members and assets in excess of $2.9 billion.

Easy Membership - Veridian CU now offers membership to registered users of Dwolla, a digital payment network that connects with U.S. banks and credit unions to enable account-to-account transfers.

According to Dwolla’s website, "setting up an account is free, and there are no per transaction fees." Veridian CU’s Looking for Answers? page provides details about Dwolla, which is an agent of Veridian Credit Union and Compass Bank.

Residency - Individuals who live or work in 40 of Iowa’s 99 counties, and five Nebraska counties (Cass, Douglas, Sarpy, Saunders, and Washington) that lie on the Iowa southwest border are eligible for membership.

Other - Any residents of Iowa with disabilities (as defined by the "Americans with Disabilities Act of 1990") are also eligible for membership, regardless of the Iowa county in which they reside. For more details, please refer to Veridian Credit Union’s Membership page.

Joining Veridian Credit Union and opening a CD can be accomplished online, or in-person at any of 27 Iowa branches located in Ankeny (3), Cedar Falls (4), Cedar Rapids (3) Coralville, Des Moines (2), Independence, Iowa City, Johnston, Marion, Oelwein, Waterloo (6), Waverly, and West Des Moines (2).

Note: In the spirit of full disclosure, I am including a link to a recent Credit Union Times article concerning Dwolla’s "poor security practices." DA readers should decide for themselves if they are comfortable with, and confident in, Dwolla’s practices and capabilities.

Essentially, the Consumers Financial Protection Bureau (CFPB) asserted that Dwolla falsely claimed "its data security practices ‘exceed’ or ‘surpass’ industry security standards," and "its ‘information is securely encrypted and stored’."

A statement from Jordan Lampe, director of communications and policy affairs for Dwolla, reads in part, "The CFPB has not found that Dwolla caused any consumer harm or created the likelihood of any consumer harm through its data security practices."

Dwolla was ordered to pay a $100,000 fine and fix its security practices.

Credit Union Overview

Veridian Credit Union (NCUA Charter # 64418) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 5.84% (excellent) based on December 31, 2015 data. In the past year, Veridian Credit Union has increased its total deposits by $210.52 Million, and excellent annual growth rate of 9%. Please refer to our financial overview of Veridian Credit Union for more details.

Headquartered in Waterloo, Veridian Credit Union was originally chartered in 1934 as the John Deere Employees Credit Union. As the name would suggest, original membership was exclusively John Deere employees, and it remained that way until 1986, when membership was extended to those living or working in nearby Cedar Falls. This prompted a small name change: John Deere Community Credit Union.

John Deere Community Credit Union always operated independently of Deere & Company, and in 2004, Deere requested that the use of "John Deere" be discontinued to avoid trademark confusion. As a result, the name was changed in 2006, with the name "Veridian" coming from the Latin words for truth (veritas) and growing (verdant).

How the CDs Compare

When compared to the 133 similar length of term CDs tracked by DepositAccounts.com that available nationwide, Veridian Credit Union's 39-month Jumbo CD and 39-month Special CD currently rank first and second, regardless of minimum deposit.

The above rates are accurate as of 5/5/2016.

To look for the best CD rates, both nationwide and in your state, please refer to our CD rates table, or our new Rates Map page.

Comments
Anonymous
Anonymous   |     |   Comment #1
From Wikipedia, regarding Dwolla:  Inadequate Security Practices[edit]On February 27, 2016, The Consumer Financial Protection Bureau (CFPB) released its first data security-related enforcement action against Dwolla, Inc., a company that operates an online payment that uses consumers’ information to complete financial transactions. Relaying on its UDAAP-related authority, the CFPB alleged that Dwolla failed to maintain adequate data security practices despite representations made on the company website and in communications with consumers that the company has implemented practices that exceed industry standards. Dwolla has agreed to settle and must cease making any misrepresentations about its data security practices, among other requirements.http://files.consumerfinance.gov/f/201603_cfpb_consent-order-dwolla-inc.pdf
Anonymous
Anonymous   |     |   Comment #2
TAKE NOTICE OF THIS......
Financial institutions play an important role in the Dwolla network. Dwolla, Inc. is an agent of Veridian Credit Union and Compass Bank and all funds associated with your account in the Dwolla network are held in pooled accounts at Veridian Credit Union and Compass Bank. These funds are not eligible for individual insurance, including FDIC insurance and may not be eligible for share insurance by the National Credit Union Share Insurance Fund. Dwolla, Inc. is the operator of a software platform that communicates user instructions for funds transfers to Veridian Credit Union and Compass Bank.
Anonymous8
Anonymous8 (anonymous)   |     |   Comment #3
Given the apprehension about Dwolla, perhaps its possible to register as a user, and then never use it.  Does anyone know if Veridian requires that account funding be done through Dwolla?
Anonymous
Anonymous   |     |   Comment #4
I opened an account online today, and waiting for the verification process to complete. According to CSR you don't have to use Dwolla open a new CD after the fact, you just need to have it for opening an account.
Anonymous
Anonymous   |     |   Comment #5
Forgot to mention I created a dwolla account. When opening the CU account, you have to mention that you have a dwolla account. 
Anonymous
Anonymous   |     |   Comment #6
To create the Dwolla account do you have to give them any bank account information?  If you do I can see being concerned about security.  But if you don't and just need to have an account but never use it to join the CU then it might be worth it.
Anonymous
Anonymous   |     |   Comment #8
Nope I did not give any bank info.
bob
bob (anonymous)   |     |   Comment #9
What info do they ask for about dwolla when you sign up do you have to give them some kind of dwolla account number?
Anonymous
Anonymous   |     |   Comment #10
on the app, you have to select a checkbox saying you have a dwolla account for eligibility. they do not ask for any account number. As someone pointed out it is not easy, my verification failed because I did not answer one identity question correctly. I am reapplying now.
Anonymous
Anonymous   |     |   Comment #7
First and foremost:  Ken sincere thanks.  Nothing I write here should be construed as criticism.  Instead, I am grateful.

That said, I would categorize obtaining Veridian membership as doable . . not easy.  It's doable and it is well worth doing, but it is not all that easy.  These people dot their i's and cross their t's.  But they are not unreasonable, and they are nice people.  Just don't go in expecting a cakewalk, that's all.  Of course I'm writing here about joining for folks who, like myself, cannot readily walk into a Veridian branch.  If you are nearby to Veridian and can go in in person, I expect joining is quite easy.  For the rest of us, I'm sticking with "doable".
Anonymous
Anonymous   |     |   Comment #11
yes, you are correct, especially the identity questions on the app. It has multiple correct answers and you need to make sure you get them all right. 
Anonymous
Anonymous   |     |   Comment #12
So true.  Some of the information they request is really obscure, long ago forgotten stuff . . . if you ever knew in the first place.  I had to guess at several of the answers to questions regarding information which supposedly was about me personally.  To be fair, not all the questions were puzzlers.  But several were.  
Anonymous
Anonymous   |     |   Comment #13
finally i got my account with $5 in the share. will work on CD today
Anonymous
Anonymous   |     |   Comment #14
where would they get information to ask about you?  Is this questions from a credit agency?
Anonymous
Anonymous   |     |   Comment #15
yes, the standard ones like where you lived, county you lived, person who knows you, etc...
Anonymous
Anonymous   |     |   Comment #16
thank you to all the others on this site
me1004
me1004   |     |   Comment #17
Would I presume correctly that you can register for Dwola, join the credit union and open the share account, and then close your Dwola account? That would seriously reduce any security or other concerns about the Dwola account. You don't have to maintain the Dwola account, once a member always a member. In theory, you could have the Dwola account for simply one day. And it appears you don't even have to link Dwola to a bank account, that is optional, although I think you would have to do so in order to complete any transaction using Dwola.
Anonymous8
Anonymous8 (anonymous)   |     |   Comment #18
I thought I sailed through the process, and now it feels like they've become unreasonable, or at least very annoying. I successfully completed the application, answer the security questions without problem, opened and funded the required savings account.  Fine.  Then they contacted me for a utility bill showing address, still fine.  THEN, they require a drivers license to be notarized and sent to them.  This is where I lost interest.
Caleb
Caleb (anonymous)   |     |   Comment #19
Did you have to use Dwola to fund the account?
Anonymous
Anonymous   |     |   Comment #20
NO, you never have to use Dwolla at all.
Anonymous
Anonymous   |     |   Comment #21
A more concerning Veridian experience for me this morning.  I am on eastern time, so they are an hour behind my time zone.  Tried to log into my account a bit after 7:00 AM ET and received message my sign on had been invalidated and to call the credit union.  Called and tried to access my account information using their TellerPhone service.  Received message that my member number and access code were wrong (I was using good data).

I had no trouble logging into my account yesterday.  It is possible their system, both via net and telephone, is simply off line or doing maintenance or whatever because of the early hour in Waterloo.  I dunno.  If so, the messages should simply say the system is temporarily unavailable.  This would be understandable and acceptable due to the earliness of the hour in Iowa.  But when they tell you instead that your data has been invalidated . . . well . . . don't quite know what to make of that.  Fortunately they have reps taking calls on weekends, both today and tomorrow (Sunday).  Hope to get this resolved quickly when they open.
Anonymous
Anonymous   |     |   Comment #22
Did you ever want very badly to be wrong about something?  That is how I sincerely feel about this.  I hope I'm full of prunes.  But reading all the posts here:

I find comment #17 to be most worrying in light of comment #21.  I hope #17 did not squirrel this deal.  Look, I want to be wrong and I most likely am wrong.  But in my view some things are better left unsaid and unwritten, at least this early in the deal.
Anonymous
Anonymous   |     |   Comment #23
I posted earlier as #21.  I see where you're coming from and I agree with you.  But can tell you that things for me are now OK once again, so you were wrong, even though your last sentence is right IMO.
Anonymous
Anonymous   |     |   Comment #27
So did you find out the reason your data was invalidated? Is it something
we should worry about? :)
Anonymous
Anonymous   |     |   Comment #28
Not really certain.  My best counsel:  If this happens to you, telephone them.  There is a good chance they will fix it for you.
Anonymous
Anonymous   |     |   Comment #24
Based on the above commentary, I'm guessing that Veridian does a "hard" credit pull for new accounts. For those of us that have "credit freezes" with the reporting agencies that creates a host of additional hassles.
paoli2
paoli2   |     |   Comment #25
I think Veridian CU should come up with another institution for new members to join since  Dwolla may not be the most secure way to transact money from what I read.  I wanted to join Veridian but not if Dwolla is our only way in.  I would rather take a lesser rate and feel fore secure on the money transfer issue.  Too bad.
Anonymous
Anonymous   |     |   Comment #26
Hard to turn down this rate though
Anonymous
Anonymous   |     |   Comment #29
This is for whatever help it might be to others.  On background:  When I opened at Veridian I funded my savings account via ACH.

Does anyone remember Cash Edge?  I used that ACH provider years ago, before I realized what I was doing.  With Cash Edge and other such services, you initiate the ACH transfer and then you wait, wait, wait until your transfer request finally is fulfilled.  Meanwhile the service is collecting interest on your dough.  It's a huge scam IMO and today of course, older and wiser, I do my ACH transfers at Alliant where service fulfillment happens overnight.

Well, I'm guessing now that Veridian is using an ACH service provider akin to Cash Edge.  I say this because my opening deposit is still "floating" out there somewhere.  It disappeared literally within hours from my funding account.  But it still has not showed up at Veridian . . . and I'm waiting.  I have disliked Cash Edge, and services like Cash Edge, since I ceased using such services years ago.  You never know for how long they are going to sit on your money.
   
Anonymous
Anonymous   |     |   Comment #31
Best thing to do is call the CSR and get your savings account Number, and try to do an ACH push from your external account. I was able to set up Veridian as a source to my ally account already, but my initial $5 is not yet funded yet (even though it was deducted already from ally). Will transfer from my ally today. Dwolla was not used in anyway....
Anonymous
Anonymous   |     |   Comment #33
I was in that situation when opening at Veridian.  I already had my savings account number (member number), received when my application was approved on line.  Nevertheless, Veridian would not release to me the form of that account number (I called and attempted to obtain it) needed to do an ACH push until the account was funded.  So it was a chicken and egg situation.  Also:

I do not know the requirements at Ally, and I acknowledge Ally might be different.  At Alliant (my ACH provider) you must go through the trial deposit/withdrawal procedure before linking accounts for ACH purposes.  Doing trial deposit/withdrawal activity with an account having zero balance is dangerous because an overdraft can ensue depending on ordering.  Doing trial deposit/withdrawal activity with an account having a negative available balance, as at Veridian, is perilous because the withdrawal part of the activity is being done against an already negative balance.

In my view, the safest and best way to do the initial ACH funding is via a Veridian PULL, not with a push.  Thereafter, of course, once there is sufficient funding already in the Veridian account safely to establish a link, pushing is the only way to go.
Anonymous
Anonymous   |     |   Comment #34
yes, i have to verify the trial deposits to get the ally account going. Currently my veridian account has a negative $4.xx balance, but the available balance is positive $0.xx. So this should not be a problem. BTW they released the 13 digit account number over phone without any problems.
Anonymous
Anonymous   |     |   Comment #35
Trial deposits, and trial deposits/withdrawals, are not the same thing.  It's the withdrawals, if they exist and if they should come first as can happen, that can overdraw a zero balance account.  It's the withdrawals which can really be problematic if an account has a negative balance to begin with.

Deposits, trial or otherwise, are not a problem.  
Anonymous
Anonymous   |     |   Comment #36
Just spoke with the CSR. As long as the trial withdrawl is the same amount as the trial deposit, it should not be a problem. They also said they can reverse any overdraft fee if it happens. They were really nice.
smitty
smitty (anonymous)   |     |   Comment #30
I did the online application on Friday.  When I finished it said something like my application will be reviewed and we will contact you.  Is this usual that they don't approve the account right away.  I have an extended fraud alert with the credit agencies but I called my credit monitoring company and they said it should not affect opening a deposit account
Anonymous
Anonymous   |     |   Comment #32
The outcome you encountered is unsurprising.  You do have the option of contacting Veridian first of course, by telephone, if you feel your situation is urgent or if you are especially worried.  Otherwise, sit tight and they will get to you.

Regarding your extended fraud alert and the information you received from your credit monitoring company:  I agree with your credit monitoring company.  However, some financial institutions when opening new accounts will do a hard pull even though it is only a deposit account.  This is annoying, but it has happened to me.  I believe up thread another poster mentioned that Veridian might be doing this (hard pulls).  Best bet is to telephone them and ask if access to your credit file has become an issue for them.  That way you will know for certain where you stand.  I have had need to telephone Veridian several times.  I received, in each instance, good customer service,
John Sears
John Sears   |     |   Comment #37
The $100K fine to Dwolla was February of this year.  For a small CU (vs. the size of B of A, Chase, etc.) this is a huge penalty.  If I gave them $240K on a 2.4%, that's $480 difference per year vs. a 2.0% on Excel.  Do you really think that kind of worry is worth it?  I don't.
Anonymous
Anonymous   |     |   Comment #38
I don't understand why you are concerned about dwolla, when you don't even need it to create an account or operating the account.
Anonymous
Anonymous   |     |   Comment #39
Hi John
Did you mean to write $100M (one hundred million dollars)?  Heck, a fine of only $100,000 is peanuts.  A great many participants here, just as individuals, could cover that without strain.  Let's remember you wrote "this year".  This means we are speaking in terms of 2016 dollars.  A 2016 dollar is not worth very much at all.

On a more positive note, though, a 2016 dollar is worth MUCH, MUCH more than a 2026 dollar will be worth.
Anonymous
Anonymous   |     |   Comment #40
Could this Dwolla connection to join the credit union end of being similar to the Tobyhanna debacle?
John Sears
John Sears   |     |   Comment #41
I think a $100K fine only a few months ago at a small institution vs. Barclays or Chase is very disturbing.  I had to open the Dwalla account and then started reading comments on here and decided they were scary.
Anonymous
Anonymous   |     |   Comment #42
I just finished opening the account.   I had one hiccup, which was my mistake and they were able to fix it for me right away.  I have to say the service is very good so far. 
John Sears
John Sears   |     |   Comment #44
Has this been verified, or is it speculation?  Is there any chance whatsoever of losing your money if it's under $250K?

Anonymous   |   May 5, 2016   |   Comment #2TAKE NOTICE OF THIS......
Financial institutions play an important role in the Dwolla network. Dwolla, Inc. is an agent of Veridian Credit Union and Compass Bank and all funds associated with your account in the Dwolla network are held in pooled accounts at Veridian Credit Union and Compass Bank. These funds are not eligible for individual insurance, including FDIC insurance and may not be eligible for share insurance by the National Credit Union Share Insurance Fund. Dwolla, Inc. is the operator of a software platform that communicates user instructions for funds transfers to Veridian Credit Union and Compass Bank.
Anonymous
Anonymous   |     |   Comment #45
If you are not going to be using Dwolla, then there is no concern. I will be using my Ally to move funds in and out. If your money is with the CU , then it is insured up to $250K
Anonymous
Anonymous   |     |   Comment #46
This is the email I received from CSR:

I just spoke with my Member Services dept and was told that if the funds are in the Veridian account, it is covered by the NCUA. If it is in the Dwolla account, then it is not covered.

Hope this clears everyone's doubts...
Anonymous
Anonymous   |     |   Comment #47
Thanks to Ken for this deal.  I began last Thursday when Ken posted the deal.  As of today I am up and running with a funded savings account and a funded CD.  It did not come together for me until today, which is a day later than I anticipated.

 As others have correctly posted, both of my accounts are with Veridian Credit Union and both are fully insured.  I'm frankly surprised with all the angst over the Dwolla thing.  I thought participants here were more sophisticated and perceptive than that, and I acknowledge most are.  I have, in the past, actually signed up for college courses at distant institutions just to be able to join this or that credit union.  I've jumped all sorts of other hurdles, too, for the same purpose.  Joining Dwolla was a piece of cake compared with that stuff.  It only took a few minutes and, best of all, joining was FREE!!

So will I ever actually USE Dwolla?  I dunno.  I might try it.  Never for big money though, I don't think.  But it is an interesting service and it is something new to consider.  And of course it is completely separate from my Veridian accounts.   
Anonymous
Anonymous   |     |   Comment #51
Agreed, Dwolla is an interesting new (at least to me) service.  Even if I ever actually use Dwolla, I would never link Dwolla to Veridian.  I would link instead to an account, and to a financial institution, where I have relatively little money on deposit.  OTOH, Dwolla is apparently moving millions of dollars safely each day, has been doing this for at least six years, and the service has never been compromised.  Still, better to be safe and prudent, than sorry. 
Anonymous8
Anonymous8 (anonymous)   |     |   Comment #48
Am I the only applicant that was asked by Veridian to provide a notarized identification card, or am I the only one that thinks it's irritating?
Anonymous
Anonymous   |     |   Comment #49
nope, i was asked as well. including utility bill
Anonymous
Anonymous   |     |   Comment #50
How do you submit the notarized ID and utility bill?
Anonymous
Anonymous   |     |   Comment #55
by email to the CSR who asked for it.
Anonymous
Anonymous   |     |   Comment #52
Neither.  I was asked and it is irritating.  For sure.  But I'm not gonna hold against Veridian their efforts to comply fully with the Patriot Act.  Unlike so many American entities today, including the very top levels of our government, that proudly flaunt and disobey our laws, Veridian is trying to respect our laws.  I reserve my dislike for law breakers, not for "good guy" credit unions like Veridian.
Anonymous
Anonymous   |     |   Comment #53
No, you're the only applicant who didn't bother to read comment #18
Anonymous8
Anonymous8 (anonymous)   |     |   Comment #54
No #53, I wrote comment #18 and none of the following comments acknowledged it or referred to it, so I followed-up with a question, and I got some relevant replies.
Anonymous
Anonymous   |     |   Comment #56
I also want to post that I got dinged with $32 overdraft fee because of the trial/deposit withdrawal due to non sufficient funds. But the CSR was nice enough to reverse it. BTW the $5.00 initial funding to the savings account just made it today after 6 days . If the interest rates stays the same tomorrow, I will go ahead and move the money from Ally and open a CD.
jimbeau
jimbeau   |     |   Comment #57
It was interesting to follow this thread just because of the Dwolla thing.  Gotta love something where the law hasn't caught-up to the platform.  If I use a credit card, at least there's some protections under the law.    Debit cards, less so.  But having a Dwolla account? You've got to be kidding.  Any financial institution associated with an outfit that gets a 100K fine makes the hairs on my neck stand-up.  As far as the following comment, "I'm frankly surprised with all the angst over the Dwolla thing.  I thought participants here were more sophisticated and perceptive than that, and I acknowledge most are."  Give me a break. I actually reviewed the CFPB's findings.  It's pretty bad. Here's the link to it.  http://files.consumerfinance.gov/f/201603_cfpb_consent-order-dwolla-inc.pdf 
Anonymous
Anonymous   |     |   Comment #58
Did you look at the date on that CFPB thing?  Really doubt any of those vulnerabilities remain extant, especially after the fine and all the publicity.  Join Dwolla.  Do not link a critical bank account if you ever decide to use the service.  "Critical" means lots of money behind that account.  And you'll be just fine.  Or, for the real scardy cats out there, never link a bank account at all.  There is no requirement to do so.  And finally, even with all the CFPB hubbub that came six years into Dwolla's operations, they never had an actual security problem even while doing five million per day in transfers!!

I'm surprised, too, about all the angst.  But I really appreciate frightened people who are afraid to jump in.  It leaves more room in the pool for all the rest of us!!  So thanks!  We owe you.
  
jimbeau
jimbeau   |     |   Comment #59
You kind of missed the point.   It comes down to a matter of trust.

According to the consent order:
 
22. Respondent represented to consumers that its transactions, servers, and data centers were compliant with the standards set forth by the PCI Security Standards Council.

26. In fact, Respondent’s transactions, servers, and data centers were not PCI compliant.
38. In numerous instances, Respondent stored, transmitted, or caused to be transmitted the following consumer personal information without encrypting that data: a.first and last names;b.mailing addresses; c.Dwolla 4-digit PINS;d.Social Security numbers; e.Bank account information; and f.digital images of driver’s licenses, Social Security cards and utility bills .  If this is the sort of company that you want to do business with, fine. 

Having Veridian make establishing an account relationship with a privately-owned company such as Dwolla a requirement for membership doesn't exactly make me feel like I want to be a member of said credit union no matter what their rates are.   Also, it's a pretty big stretch of the common bond requirement for membership in the credit union. 

PS

John Sears has just posted a comment stating that the 2.25% rate disappears as of today.     
Anonymous
Anonymous   |     |   Comment #66
Order schmorder;  much ado about nothing.  But I still say we owe you, and people like you who did not do the deal, a lot.  I thank all such persons.  Heck, if everyone had jumped in they might have cancelled the deal even earlier!!  Thank heaven for the timid!
Anonymous
Anonymous   |     |   Comment #73
Glad I did not jump at this and being committed to join Dwolla. This still a big question to me on what is the real connection and what lies ahead.  But on the other hand, I am glad I did not get lured into the Toby deal either. 
eliot
eliot (anonymous)   |     |   Comment #61
the rates are not the same tomorrow. They are going down tomorrow thursday
zz
zz   |     |   Comment #60
Veridian wins the "Bait and Switch" award. As blog goers have noticed, they've dragged their feet slow enough so that no one can get the CD within a week. Here is the email I just got from them:

I am reaching to you because you have recently opened a new membership with us and we believe this may have been in order to establish a CD with us. If I understand correctly, you are interested in our Jumbo 39 month product. We want to let you know you that rate is effective through Wednesday, May 11th as our rates are updated each Thursday. The new rate will be 1.90 APY. We want to keep you informed so you can make the best financial decision for your future.   While we have lowered the rate of our 39 month CD, we are increasing the rates of our 15 and 25 month terms. These are listed below:   Jumbo 15 Month: 1.55% APY Jumbo 25 Month: 1.85% APY Premier Money Market:
  • .45% APY ($25,000-$49,000)
  • .50% APY ($50,000-$99,999)
  • .80% APY ($100,000+)
  • 1.00% APY ($250,000+)
  If the funds in transit, and you wish not to move forward with the 39 month special, please contact us today at 1-800-235-3228 Ext. 8600 so that we can update your request. We are available until 7PM central time.   We appreciate your business.
Best Regards,       xxxxx xxxxxx . Member Relations Interviewer Member Support Team . Veridian Credit Union 800-235-3228 ext xxxx . xxx-xxx-xxxx xxxxxxxxxxxxxxxx . www.veridiancu.org

So they dropped the interest rate 0.5%. I did call 35 mins before the deadline, waited on hold for 15 minutes and then got dumped into voicemail. I asked them to "update my request" by not accepting my funds that were in transit for the CD, closing my savings account, and sending me a check for $5. We'll see what happens
eliot
eliot (anonymous)   |     |   Comment #62
you might as well keep it open for the next time they have a good deal. they have had some in the past.
Anonymous
Anonymous   |     |   Comment #65
Yup.  This is one of those credit unions where, if you can find a way in, you get in.  Then you stay in.  Good things happen at Veridian for members with a little patience.
jimbeau
jimbeau   |     |   Comment #63
In all fairness to Veridian, they've had that 2.25% rate since 11/5/15 (according to Ken's rate chart, anyway).  Also credit unions are notoriously slow in opening accounts (especially out of state ones).  What I don't like is that they shot it in the head in the middle of the month.   That and the whole Dwolla thing.  I had one credit union cancel a CD special 16 days into the offering.  In that case I managed to get the funds transferred in time.   So now what I do is transfer the money to the share saving account first.   Then, if the CD deal is still available I create the CD.   It's a pain, but at least you don't have to count on someone sending you an email like you received warning you of a rate change.  Do you think a bank would have bothered?   Probably not.
Anonymous
Anonymous   |     |   Comment #64
These deals always disappear quickly.  Did not anticipate deal would evaporate this quickly, though.

Whew!  Feel very fortunate to have been able to open both accounts, to include a jumbo CD, in time.  I mailed my check by first class mail.  Realize now that was not aggressive enough;  should have used Priority Mail.  Sometimes 'tis better to be lucky than smart.
Anonymous
Anonymous   |     |   Comment #67
This leaves a bad taste.

I just got the call telling me that they weren't honor the 2.4 rates because I didn't get them the cash by today.  I explained that I had been emailing them for days to get the number for the IRA account so I could do the rollover.  They said that they had been too backlogged to get the account number to me. I asked them to honor the 2.4 because the delay was there fault not mine.  They refused.
  
Having chased many CD rates that Ken provided to us, this is the first time that I have been bait and switched - and denied the advertised rates.  I've had lots of delay and hassle but all other banks/CU have honored the rate regardless of how long it took.  
Anonymous
Anonymous   |     |   Comment #70
Nasty break.  But doing an IRA rollover in a week is a challenge any time.  And approaching urgent matters via e-mail . . well . . that would not be my approach.  I'd be on the telephone relentlessly.  The squeaky wheel gets the grease.  And e-mail is silent as a lamb.

All of that said, though, I think your real complaint is something everyone faced in ignorance.  Since I cannot speak for everyone, I'll speak only for myself:  I did not know in advance the deal would last only one week.  I did not know in advance that Thursday was Veridian's big day for the resetting of rates.  So I snail mailed them a check via first class mail . . like I had not a care in the world.  Whew!!  STU-PID!!  What was I thinking?!!  And of course the answer is I was not thinking straight.

What the smart money will do going forward is to open a Veridian membership now while it remains possible through Dwolla.  Who knows how much longer that gift will last.  Let me tell you, financial institutions are tough in the Midwest.  Years back I was doing business with a bank out there that had great CD rates.  Then out of nowhere they began to offer CD specials but limited them to just their local customers.  I was an EXISTING customer, but no dice for me.  Not long after that I received a letter from the president of the bank telling me they no longer wanted my business . . . SOLELY because I did not live in their (newly defined) service territory.  I don't think anything like that will happen with Veridian because, with credit unions, it's:  "once a member always a member".  But I would not be surprised in the least if they killed the Dwolla thing as way for anyone to join.  I am grateful to Ken, and darn lucky, to have become a Veridian member and gotten this deal.  It's literally like finding money in the street!
  
Anonymous
Anonymous   |     |   Comment #68
so by reading these posts only 1 DA reader has successfully opened and funded a CD, is that correct?
Anonymous
Anonymous   |     |   Comment #69
I'm sure lots of DA readers got in on the deal... myself included.

Thanks Ken!
Anonymous
Anonymous   |     |   Comment #71
Many, many DA readers were successful with this.  Most don't post.  Also you need to bear in mind:

This is the internet.  Spreading of FUD (fear, uncertainty, doubt) here is commonplace.  Some people who post negatively on a deal like this do so with FUD spreading in mind, because it serves their purposes to feed the concerns and worries of others and (they hope) extend the deal a bit in the process.  When money is, in essence, being given away, it's dog eat dog and survival of the fittest.  You really have to be on your toes.
jimbeau
jimbeau   |     |   Comment #75
Conspiracy theories abound.  If the following doesn't give you pause, I guess nothing will.

The Consumer Financial Protection Bureau (Bureau) has reviewed certain acts and practices of Dwolla, Inc. (Respondent, as defined below) and has identified the following law violations: deceptive acts and practices relating to false representations regarding Respondent’s data- security practices in violation of Sections 1031(a) and 1036(a)(1) of the Consumer Financial Protection Act of 2010 (CFPA), 12 U.S.C. §§5531(a), 5536(a)(1).  Under Sections 1053 and 1055 of the CFPA , 12 U.S.C. §§5563, 5565, the Bureau issues this Consent Order (Consent Order).
Anonymous
Anonymous   |     |   Comment #76
Pause?  Sure.  I looked the entire thing over carefully, researched the "infraction" using Google, and got the Veridian side as well.  Are you aware your name, address, and SS number are available via internet (for a small fee) any time anyone wants them?  Your expectation of privacy is too high for an entity, Dwolla, where it really is of no importance until you link a bank account having real money . . . which is not even required.  If bad guys want your personal information, they can obtain it easily and readily, without recourse to Dwolla.  Deal with it.

Meanwhile, many here are now new Veridian members, are collecting great interest on a special CD, and are set up to take advantage of the next super Veridian CD deal.  All this while you wallow securely in you angst and timidity.  Enjoy your life . . . if that's what you call it.   
helen
helen (anonymous)   |     |   Comment #77
they now have a 25 month for 1.85 which is not bad
Anonymous
Anonymous   |     |   Comment #78
dont be too hard on him/her.  I have been the victim of id theft. There was an article in the paper describing how some employees of financial institutions sell personal data to make extra income for themselves until they get caught.  So joining more places may increase risk
Anonymous
Anonymous   |     |   Comment #72
Comment #67 answers your question beyond any doubt.  Poster there says Veridian was very, very busy . . to the point where he could not get a response to his email.  Now, think really hard.  Why do you think they were so busy???
Anonymous
Anonymous   |     |   Comment #74
they pretend to be busy.  they are probably watching tv
Anonymous
Anonymous   |     |   Comment #79
Does anyone happen to know the answer to this:

I got the CD thanks to Ken.  My interest compounds quarterly.  Interest gets folded back into the CD which is fine no problem.  But after that has been happening for a while, does anyone know if the credited interest (only) can be withdrawn without penalty?  
Anonymous
Anonymous   |     |   Comment #80
Ken, Thanks to your site I belong to 12 credit unions LOL!  Just wanted to get any opinions about when these share certificates / CDs mature is it a good idea to keep the membership active? Have one  so far that did and like most of them require a $5.00  minimum deposit with little activity needed.
Anonymous
Anonymous   |     |   Comment #81
Yes it is useful to keep the account open. If you need to act quickly, it's much easier when you are already a member
Anonymous
Anonymous   |     |   Comment #83
It depends. Some institutions periodically offer deals to new members. So, if you mainitain a $5 account at such an institution you may not be able to take advantage of a promotional offer for new members. But for credit unions that often offer good deals, it can be worthwhile to leave the $5.00 in the share/savings account.
John Sears
John Sears   |     |   Comment #82
You're smart to do that.  I have 5 year CDs with Ally expiring end of this month.  I have to break it up with 4 institutions to get full coverage.  I had four I was hoping to use.  In one day, Sallie Mae slashed 2.05 to 1.8%, a 2.5% deal vanished.  The 2.4% I was counting on from this bank vanished overnight.  I'm debating whether to invest in the big deal of the moment or wait a few weeks to see if something better comes along.  It's becoming a Cheech and Chong movie:  Things Are Tough All Over.
Anonymous
Anonymous   |     |   Comment #84
What do you consider to be the big deal of the moment?
Anonymous
Anonymous   |     |   Comment #85
You're smart to maintain your dozen credit union memberships.  I belong to at least fifteen credit unions myself (don't have exact count).  It's not a laughing matter.  It's money in the bank, or credit union if you prefer . . . at least it has been that way for me.  Special deals too often last less time than it takes just to join (whatever) credit union.  Being already a member is a way to increase your likelihood of getting in on deals.

Maintenance?  Obviously need to maintain memberships is the down side.  If I had to snail mail checks every year not sure I would have so many memberships.  But there exist today easier, faster, and less burdensome ways to maintain your memberships.  You can use account shifting (of money) if you have more than just a savings account at the credit union.  If you have only the savings account, you can use ACH movements of money into/out of that account.  Being a member of Alliant Credit Union makes doing this really, really easy.

But giving up my credit union memberships, for me, would be like flushing money.  It's not gonna happen.  I don't have extra money lying around to flush down a drain.  And thanks to the internet, credit union membership maintenance is not all that tough.  Instead, frankly, it is pretty easy.
Anonymous
Anonymous   |     |   Comment #86
Usalliance is a good one to totally close your account. They give the best deals to new members
Veridian Credit Union (Iowa) Adds Series Of Competitive CD Specials
Availability: 40 Iowa counties and five southeast Nebraska counties

In the past nine months, Veridian Credit Union (Veridian CU) has had several competitive CD Specials, including an 80th anniversary CD Special that ended in December 2014. Yesterday, Veridian CU listed a new series of five CD Specials on its website.

All the CD Specials are available as Regular CDs ($1K minimum deposit) and as Jumbo CDs ($100K minimum deposits). Of the five different length of terms listed, the 15-month, 25-month, and 39-month CDs are the most competitive.

Continue Reading
Veridian Credit Union (IA) Celebrates 80 Years With 19-34 Month CD

In August I wrote about Veridian Credit Union's five CD Specials. Those Specials are still available. This month, in celebration of its 80th anniversary, Veridian Credit Union added another Special: a 19-34 month CD (2.25% APY) that is available through December 31, 2014.

Like the other CD Specials, the 19-34 month CD Special requires a minimum $1K deposit to open, with no maximum balance cap. Unlike the other CD Specials, the 19-34 CD Special is not offered as a higher rate Jumbo CD.

According to CSR, the Early Withdrawal Penalty...

Continue Reading
Veridian Credit Union (IA) Introduces A Series Of Attractive CD Specials

Veridian Credit Union (Iowa) has recently introduced a series of five CD Specials:

  • 7-month CD Special (0.35% APY)
  • 9-month CD Special (0.85% APY)
  • 15-month CD Special (1.11% APY)
  • 25-month CD Special (1.35% APY)
  • 39-month CD Special (1.60% APY)

Each of the CD Specials requires a minimum $1K deposit to open and there is no maximum balance cap.

All five CD Specials are also offered as Jumbo CD Specials, with interest rates 15 basis points higher than their regular CD Special counter part. These Jumbo CD Specials can be opened with a $100K minimum deposit and have...

Continue Reading
Competition Leads to Top CD Rates in Iowa

Savers in Iowa should consider themselves lucky. Several Iowa banks and credit unions offer CD rates far above the best rates that are nationally available. One example is Veridian Credit Union which is offering four very competitive CD specials. The Jumbo specials have yields of 2.20% APY for 39 months, 1.90% APY for 25 months, 1.50% APY for 15 months and 1.20% APY for 7 months. The Jumbo CDs require a $100K minimum deposit. The standard CD specials require a $1,000 minimum deposit. Those rates are 20 basis points lower...

Continue Reading
Competitive CD Rates at Veridian Credit Union in Iowa - Local Only

Veridian Credit Union is offering some competitive CD specials. The most competitive ones include a 1.50% APY 15-month CD, 2.00% APY 25-month CD and a 2.50% APY 39-month CD. There are also a 1.00% APY 7-month and 1.10% APY 9-month CD special. These are actually competitive, but it's hard for be to consider CD rates around 1.00% noteworthy. Minimum deposit is $1,000. These rates are listed in the credit union's account rates page as of 4/20/2011.

Membership is open to those who live or work in one of many counties in...

Continue Reading

More Past Offers