Has anyone had problems making a deposit to NASA through a shared branch today? Have you been able to make a transfer to any other shared branch? I'm wondering where the problem is? I haven't been able to make a deposit.
Answers
Also, related to what you are saying, the CSR tells me if you open the CD on Saturday, Sept. 29, and fund it that day, because it is a Saturday, the funding will not be credited until the following Monday, Oct. 1, and you will get the Oct.1 rate.
However, if you open the CD the day before, on Friday, Oct. 28, or an earlier weekday, then if you fund it on Saturday, Sept. 29, it will be funded on the 29th and so get this good rate. The key is what day you open the CD, not what day you fund it, so they say. I guess the CD would not be opened on a Saturday technically, even if you do it then.
I did not pursue the question further, such as can there be a one-time waiver to open this CD. I opened my membership last March, and they told me because of that, I have no delay, can use it. I should have remembered the other comment here, by Sylvia, about possibly still needing to get approval anyway, so I will ask that when I open the CD this Wednesday.
And by opening on Wednesday, Sept. 19, the CD's 15 months will start on Wednesday so it will mature on Dec. 19, 2019 -- a week before Christmas instead of in the mess of Dec. 29 right up against the weekend between Christmas and New Years. That is, that 10-days for funding provided for a flexible CD maturity date. I'm picking mind as Dec. 19 rather than Dec. 29. I will have until Sept. 29 to fund it, and will do so via shared branch on that Saturday.
I did it on the phone rather than online, and the agent confirmed my suspicions, it will be immediate if done on the phone, but can take a while for processing -- maybe days -- if done online, and so that could make a difference to your start date and maturity date. I specifically wanted today as the start date so it would mature as much in advance of Christmas 2019 as possible, 6 days before that. If I waited to open it until I fund it on the 29th, it would have matured Dec. 29, 2019 during Christmas week up against a weekend -- terrible timing!
I will be funding it on Saturday, Sept. 29, via a shared branch near me that has Saturday hours. Nasa also has Saturday hours and will fund it that day.
I have been a Nasa member since March, so I am beyond the 30-day waiting period before a new member can use a shared branch. But I asked about the other question Sylvia mentions, that sometimes you need permission to use the shared branch for a transaction anyway. I was told no need for permission.
Also, today the CSR insisted that once you open the CD, the rate is locked in as long as you fund it within the 10 days. In fact, I already see it in my online account, and it says the rate is 3.20% (that makes for 3.25% APY). I will find it 10 days from now, the 29th. The promo is currently expected to continue to be offered through the 30th, but they do have a line saying it can be changed at any time. But now that mine is opened, the CSR says even if changed, I will still get the 3.25% APY. So THAT CSR said. (I note again, online it says it must be funded no later than the 30th, so I do not expect that rate guarantee will carry past the 30th, unless they chose to continue the promo next month.)
But other than that, I don't believe shared branch deposits can have any more hold that if you walked into the branch you are depositing to and made the deposit.
But the wait to use a shared branch for Nasa is something I need to look into. I am planning to open a CD there this week and fund it Sept. 29. But I did open my Nasa account many months back, just have never used it, so maybe it won't affect me.
The shared branch system is an arrangement in which most credit unions allow you to use another credit union to make transactions directly with your account at your credit union. So, you can deposit at a shared branch immediately into your account at a different credit union somewhere else. Not all credit unions are part of the shared branch system, but most are. Other than the deposit, you can withdraw as well (anything over $500 will have to be taken by check, and there is a $5 fort he check), or do other transactions. The transaction is posted to your account immediately, faster event hat same-day Fed funds wire, and free (your credit union pay a small fee to the other for the transaction,less that $1.).
I opened that CD at Nasa yesterday -- and as such, my 15 months is now ticking, although I have not funded the CD yet. They told me once you open the CD, the rate is locked in as long as you fund it within 10 days. I will do so on the tenth day, Sept. 29. (Of course, that 10 days apparently cannot go past Sept. 30, in other words, 10 days or Sept. 30, whichever comes first -- unless they specifically assure you otherwise.) Since I have been a member since last March, I will be able to use the shared branch system to make that deposit.
I didn't ask if you could initiate an ACH with Nasa to pull the money from another bank or credit union, you will have to ask, you probably can. Or, you could mail in a check, if there is no Nasa branch near you, or maybe push from another bank or credit union.
From reports on the blog post, NASA seems not to be applying the shared-branch waiting period rule consistently. Some new members said they had no problems making deposits. Others told of waiting period were given different durations, 60 and 90 days, not 30. I suggest calling once your membership app is accepted.
Another point, some banks or credit unions will not only limit the amount that you can ACH out but also how much can be pushed in. I have had at least one bank account that limited how much could be pushed in. They would reject any push that was over that omit. So, ask about that too.