Sharonview Credit Union

hanover1010 | Jun 22, 2023 | 6 posts since 2022

So mid July all the 64 month those CD's @ 4% will be maturing. Any speculation on how the credit union will handle this? Put in a great promotional rate & keep all the money or let it go? Their current rates are not really completive.

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Answers

Kaight | Jun 22, 2023 | 1,192 posts since 2011

I'm just off the telephone with Sharonview. It's been a really long time since I spoke with them. Sho' nuff, as I alluded to in my earlier post, they for certain have something in the works. This was confirmed by the rep with whom I spoke. The problem?:

He would not provide any details at this time. Too early, he said. Keep watching the Sharonview website, he said. And from what I was able to glean, like pulling teeth by the way, nothing will be revealed until July. But as I wrote prior, the beginning of July is a mess; starts on a weekend and then quickly comes the holiday. And the Sharonview call center does not take calls on Saturdays, or on Sundays either, of course. I asked. So for the first four days of July, the call center will be closed for three of 'em!

If anyone else happens to be speaking with Sharonview going forward, please try to pry out some detail regarding whatever upcoming special deal they contemplate. I hope you have better luck than I did. It would be most helpful to know now what they have in mind, thereby allowing some time for a bit of pre-maturity investment planning.

denki | Jun 28, 2023 | 158 posts since 2019

Shavonview Specials for those who have this CD maturing:
10 months @ 5%
18 months @ 5.2%
30 months @ 4.5%

Also, I don't know what limits might apply, but Sharonview is also Shared Branch.

Does anyone know what limits would apply for Shared Branch? I don't really have any experience using it.

111 | Jun 22, 2023 | 672 posts since 2019

Good reminder for me to check on their wire-out procedures, fees, etc. for early July. They've treated me fairly (I stripped off all accrued-and-paid interest last November via phone; relatively painless procedure). However, I don't think they intend to compete as strongly on rates as they did 63 months ago. I'll ask them for a "matching" rate, but in my experience that has rarely worked.

ColetteD | Jun 22, 2023 | 9 posts since 2023

I too have a CD with them maturing in July, and have already inquired with them about getting my funds out. The options are pretty limited. They have incredibly low ACH limits, so sending money out isn't an option. The kicker is, they will only wire the money when initiated IN BRANCH. So, that's not an option for me, since I'm out of state.
They told me I could either pull the funds from another bank or they would overnight me a check.
It's certainly not ideal, but I'm glad I got the info in advance, so I can prepare.

Kaight | Jun 22, 2023 | 1,192 posts since 2011

Thank you, ColetteD, for posting. That is useful information you shared, a good heads up.

I am fortunate still to be with Alliant. This will enable me to pull $100,000/day out of Sharonview via an ACH initiated at Alliant. And who knows, perhaps Sharonview will come through in the interim with a wonderful new CD offering, making withdrawal unnecessary. We should know by early July, though the weekend and the holiday do muddy the waters a bit as July gets underway.

At present Weiss Ratings has Sharonview at a D+; and that's not so good. Their profitability and liquidity are pathetic; capitalization is not great, either. Oftentimes weak credit unions like Sharonview offer the best CD deals. We shall see. Course first I suppose focus has to be on just getting our existing investments back! Seems to me when all those 4% CDs mature it's very soon gonna be a sort of "run on the bank".

asi | Jun 28, 2023 | 6 posts since 2012

I spoke with a rep and they told me I would have the following options: 10 month at 5%, 18 month at 5.2%, 30 month at 4.5% and money market at 4%. However, I cannot give them my answer until the certificate matures and there is only a 5 day grace period.

111 | Jun 22, 2023 | 672 posts since 2019

Another option for those wanting to remove funds from Sharonview might be Ally Bank. Ally's ACH limits are plenty high enough for most Sharonview CD holders. The problem is that Ally has a two-tier system regarding ACH transfers in, 1 business day and 3 business days. If I recall, it takes either 30 or 60 days after linking another account to "graduate" from 1 day- to 3 days-level, so there's not enough time for many of us to do that before the CDs mature. Still, this may be the best option for some.

111 | Jun 28, 2023 | 672 posts since 2019

FYI, received Sharonview's "Notice of Certificate Maturity" recently. Not much new info. here except that the renewal CD term will be 5 years (not 64 months), and therefore will have an Early Withdrawal Penalty of 180 days.

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