FYI, I just sent in feedback to Wings CU about their new account restrictions:
I see you are limiting growth by barring any new 2 year or less CDs and barring new money market accounts.
I understand that too fast growth is not good, can even be dangerous. Still, you are hurting we the existing members in doing this! Perhaps a better approach would have been to bar any new members.
You also are forcing us to go into poorer investments. Pretty much everyone understands that longer term CDs are a bad investment at this time as it is obvious that within a year or so interest rates will be higher and certainly before two years are out, rates can be expected to be significantly higher. But you are offering only the option to lock in the current relatively low rates for the very long term and be stuck with those low rate for years after rates significantly increase. This is not in the interest of we the members!
Same for the Money Market accounts. I can get crummy, low savings rates at the bank.
We existing member savers kind of expect our credit union to act in our best interests. And there is more than this way to restrict growth. You could just stop taking new members -- and their new money -- until conditions allow for more growth, rather than give us all a bad deal.