Documentation From XCEL FCU

ChasR | Dec 29, 2016 | 287 posts since 2013

I encourage everyone opening a CD at XCEL to carefully read the "Terms and Conditions of Your Share Certificate Account" which the credit union mails to you after you open a CD. In my case, contrary to the online Truth in Savings Act disclosure and my conversations over the phone with XCEL reps, my document said "You cannot withdraw dividends from your account prior to maturity." Again, I spoke with the Call Center manager, who opened one of my CDs himself. He confirmed that the language in the mailed document was incorrect and that dividends are withdrawable once posted per the TISA disclosure. He really couldn't explain how the restrictive language got in my document, except that maybe someone marked-up a very old precedent.

Frankly, my suggestion of reading documents applies to all small credit unions and banks that offer accounts nationwide.

Post a comment

alan1 | Dec 29, 2016 | 880 posts since 2015

I opened a CD at an XCEL branch the other day; it did not have the incorrect language ChasR received, but it had an outdated clause stating that the EWP is 90 days interest. A week earlier, I received an agreement with the 180 day EWP. In both cases, the bank employee printed out the Terms and Conditions - it's not as if someone picked up an old agreement from a pile.

And I have no idea what they would do if I wanted to close an older CD where the penalty actually is 90 days -- I have the agreements, but I don't know what the computer and the employees would do.

ChasR | Dec 29, 2016 | 287 posts since 2013

Alan 1, believe it or not I ran into the 90-day EWP issue with CD maturing at XCEL in August. I had three 2-year CDs issued in 2014 that provided for a 90-day EWP. I believe that it what the TISA disclosures provided in 2014. The disclosures were subsequently amended to provide 180 days. XCEL told me it would honor the 90-day provision if I did an early closure.

Bozo | Dec 31, 2016 | 1,375 posts since 2011

I read these posts with the holiday spirit in my glass of egg nog. Surely one financial institution could not be so totally screwed up; it appears it was and is. Thanks for the heads up. I shall avoid said institution for future transactions.

ChasR | Dec 31, 2016 | 287 posts since 2013

Bozo: I hate to spoil your holiday, but I'm beginning to think XCEL is just the tip of the iceberg--i.e., that there are many more institutions, of which we are all yet unaware, whose account records as screwed up, or perhaps more screwed up, than XCEL's (and Andrews FCU's). It gets harder to join in the Holiday spirit every December, as I think back on all the paperwork errors I (and other readers of this site) have had to deal with during the year. Oh, well, I'll do my best to just suck it up and move forward.

Bozo | Dec 31, 2016 | 1,375 posts since 2011

Charles, you are not inhibiting my Holiday spirit. As we (or I) type, I must admit I am a bit buzzed. After all, Stanford won the Sun Bowl. I suspect the trick these days is always to get it in writing, then click "print". If you do not have a printer, Best Buy has a "handy-dandy" black-and-white printer for roughly $100 from Brother. I highly recommend it.

Brother's support is actually worth a "two thumbs up". Despite the rather modest amount I paid for the printer, its support staff is excellent.

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.