Suncoast Credit Union Cd's

  |     |   5 posts since 2014

I called Suncoast yesterday and inquired about opening a cd with them. I was told they only accept wire transfers ( no ACH) and that I needed to have an account with them first. The CS person was not clear about whether I needed an existing account with them in order to open a cd or if opening a cd qualified as an account.. I pressed her on this point but she became a bit terse. Can anyone tell me the correct procedure with Suncoast? I am in their membership area,

Ken Tumin
  |     |   6,062 posts since 2009
Thanks for posting the question and sharing your experience with Suncoast. I've copied your question and this reply and pasted this to the comments of my recent Suncoast CD blog post.

One thing to note about all credit unions is that they require you to open and maintain a savings account. For Suncoast, a Regular Savings must be opened with a $5 minimum deposit. No other product can be opened before membership is started with the Regular Savings account.

One thing nice about having a savings account at a credit union is that it can be used to fund a CD and receive funds from a maturing CD. Unfortunately, Suncoast doesn't appear to be a shared branch member, so you won't be able to deposit funds into a Suncoast savings account from a shared branch. However, you should be able to do an ACH "push" into the savings account from a bank like Ally Bank or Amex which offers a flexible bank-to-bank transfer system. A wire transfer into the savings account should also be possible, but please note that Suncoast charges $5 per incoming wire transfer.

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