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5.04% 18-Month CD at a Michigan CU and Update on a Failed CU (Detroit Edison).


Update 1/19/08: This yield has fallen from 5.19% to 5.04% APY. Please refer to the credit union's website for the latest rates.

Detroit Edison Credit Union is offering a 5.19% APY 18-month Jumbo share certificate. The minimum deposit is $50,000. It also has some competitive rates on its regular share certificates. Top yields range from 5.09% APY for a 36-month term to 5.20% on a 60 and 72-month terms. Similar rates and terms are available for IRA certificates.

Detroit Edison CU Acquires Huron River Area CU after It's Liquidated by NCUA

Last month Detroit Edison Credit Union acquired Huron River Area Credit Union (HRACU) after it was liquidated by the NCUA. In February, the NCUA had put HRACU into a conservatorship (see post). It doesn't appear anyone lost money in this liquidation since the conservatorship gave members plenty of time to reduce their deposits to be under the NCUA insurance limits. That's one benefit of NCUA insured credit unions over FDIC insured banks. I haven't seen bank customers get similar official warnings (although there were plenty of unofficial warnings in the case of Netbank).

Former members of HRACU now have access to Detroit Edison CU through Huron River Financial and can receive similar CD rates.

Membership into Detroit Edison CU and Huron River Financial is open any person who lives, works, or worships in the counties of Lenawee, Livingston, Macomb, Monroe, Oakland, St. Clair, Washtenaw or Wayne. Please refer to the credit unions Membership Eligibility page for more details. Membership requires a minimum deposit of $5 into the savings account.

Detroit Edison CU is located in Detroit. Huron River Financial has branches in Ann Arbor, Auburn Hills, Brighton, Center Line, Chelsea and Howell, Michigan. Detroit Edison CU is federally insured by the NCUA (Charter # 62047).

Thanks to the reader who sent me info on HRACU's liquidation.
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Anonymous   |     |   Comment #1
Sorry, I missed the unofficial warnings about NetBank... Would you mind reviewing them so I can be more alert? Thank you.