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Navy FCU's 6% 10-Month CD May Be Ending Early


It appears that Navy Federal Credit Union will be ending their 6% APY 10-month special certificate early. A reader mentioned being told by a Navy FCU service rep yesterday that the CD will only be available through August 14, 2007 (Tuesday). Previous reports from the Navy FCU service reps indicated that it would likely last through August. Perhaps with the rates trending down recently, more people than Navy FCU had expected jumped on this deal.

Navy FCU started this special CD in early July. Please refer to my previous post for more info on this CD special, membership into Navy FCU and other Navy FCU details.

With only two days left, this makes funding the CD more problematic. ACH may be too slow depending on your bank. I opened this CD in July by doing an ACH transfer of funds from my GMAC money market account into my Navy FCU's savings account. I initiated the transfer on Sunday, and the funds were available on Tuesday. I then purchased the CD on Tuesday online at Navy FCU's website and funded it from the savings account.

If you're worried about the speed of ACH transfers, you may want to do a wire transfer of money into your Navy FCU's savings account. Navy FCU doesn't charge a fee for an incoming wire transfer, but your bank may charge a fee for initiating the outbound transfer. More details about wire transfers into Navy FCU are available here, and more info on other ways to transfer money into Navy FCU is located here.

Thanks to the reader who emailed me the news of this early end to the special.
Related Pages: Navy Federal Credit Union, CD rates

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Anonymous   |     |   Comment #1
I just had a feeling this would happen. I started withdrawing funds from FNBO the end of July and finished up this last week. Hopefully the final distribution will arrive 8/14. I wire money to NAVY FCU early, as soon as the bank opens, and it arrives the same day, I then call and have it transferred to the Share CD. Keeping my fingers crossed for money on 8/14.
Banking Guy
Banking Guy   |     |   Comment #2
I called this morning and received confirmation that indeed Tuesday is the last day for the special CD. As I had speculated, the CD was more popular than they had expected. They met their deposit goals early.

The CSR also said that you can use their Speed Pay Service which allows you to do an ACH transfer into the CD on the phone.
Anonymous   |     |   Comment #3
I visited a branch this morning, and CSR confirmed expiration today. I opened two CDs with check from GMAC, in and out in 15 minutes. Thanks for the heads up.
jrobrtsn   |     |   Comment #4
Anybody get another crazy email from FNBO confirming a request to be unsubscribed from the service for notifications and updates? I didn't ask to be unsubscribed from anything. My mother, who has a separate account, got the same email.
Nabil   |     |   Comment #5
Am I the only one who thinks its funny that NavyFCU started offering this 6%, 10 month CD approximately 5 months after their 6%, 15 month CD offer started. Both 6% offers should be maturing and right around the same time. Perhaps the 10 month CD ended so soon because they were just trying to compensate for low deposits the first time or early withdrawals. I wonder if we will be seeing a 6%, 5 month CD from NavyFCU right around December?