Along with every new CD deal, Ken often provides additional information such as "Funding and Other Details" which saves us so much time. Now I am looking for such information on Senate FCU, including their max ACH amount, but cannot under the CU name. Is there a best way to get to this valuable information (on any Bank/CU)? Thanks!
Answers
Since Ken often does all those homework for us - I wonder whether these CU/Bank-specific "homework" is stored somewhere on DA easily searchable for future reference.
The inactivity fee is very common all over, I have never found a bank or credit union that does not have that. In the case of USSFCU, it is only if you have not had any transcation in each of your liquid accounts in the past 12 months. Some places do it in six months, not 12. I have one that does in three months (I automate an ACH $1 deposit and then take back to handle that one.)
But from what I got explained in writing, USSFCU does not charge the fee if you have no more than the required $5 in your savings account, and no money in any other liquid account. If you do, and you are doing nothing with them but parking a CD there, then put on your calendar at an appropriate date to make a transaction there, just transfer $1 from one account to the other and then back again. Or ACH $1 in and out.
Most other places I have been in don't do it like that, they will take the fee from your $5 mandatory minimum in the savings account, and you won't be able to use your account until you bring that back up to the minimum required. Since the fee is per month after it starts, that can go deep into negative territory.
Because of that fee, I took out the little money I left in my savings and checking, so I will have no more than $5 in the savings, I won't get the fee. I can put money in if I want to at any time -- but the interest on their savings is just about 0 APY, as if the Fed rate were still 0-0.25%. I'm not going to leave money in that at that interest rate. But it was suggested they will freeze your online account at the 12-month mark even if they don't impose the fee, and you will have to call in to get it active again.
Yes, the Senate Checking has no fees and no minimum requried in it. And you can get a free order of checks once a year.
Really appreciate the "CD-opener's Checklist" such as how to become a member with the least cost as well as "funding and other details" by Ken including Funding,
Ownership,
CO-OP Shared Branch Participant,
Dividends,
Maturing Funds,
Grace Period,
Beneficiaries,
Credit Check" plus some wish list items such as
ACH max,
inactivity fee and
account closing fee once CD matures.
I'm very glad to see the credit union's presence on this site to address customers' concerns.
Thanks again my2cents :-)!!!
Would be great if the CD-opener's Checklist becomes a permanent link to the financial institution's page on DA site (with as-of date 'cause it can change without notice)
hello. how do I open, fund and manage a share certificate online. Thnx
senate fcu
Good morning! We do not have an option at this time through our online portal for you to open a certificate yourself. We can open one by request through a conversation message or you can call our contact center (202.224.2967 or 800.374.2758) and a member service representative can open one for you as well. The funds do need to be in the account at the time of opening the certificate. Thank you for contacting us. It was a pleasure assisting you! Please open a new conversation for any new requests or concerns.