Department Of Commerce Federal Credit Union Can Add Basis Points To Simple Or Apy

Ltssharon | Jan 3, 2024 | 472 posts since 2020

Hi,

Department of commerce 84 month cd is now 4.34. However, not advertized as far as I can tell, they have different "levels" depending upon , I believe,howmuch you have invested with them. If you are "bronze" level, they add 5 basis points to your interest, and right now anyway, if you deposit and buy a cd with at least 25, 000 dollars, they add another 10 basis points.

Plus their early withdrawal penalty is 180 days, even on the 84 month cd. But, I think you cannot make a partial withdrawal.

They have an email where you can ask them questions and verify information.

I think this is a decent deal.

Post a comment

Kaight | Jan 3, 2024 | 1,192 posts since 2011

Thumbs up for Ltssharon!!

I admire the optimism, hopefulness, and perkiness of anyone who entertains a CD paying in the 4's that matures in 2031.

And just so nobody misunderstands:

I'm not making fun here. Am feeling only genuine, unvarnished, admiration. This world needs more people like Ltssharon, and fewer people like me.

Ltssharon | Jan 5, 2024 | 472 posts since 2020

Happily, I can say that I ended up, with my level or points, getting at docfcu, getting 4.950 apy for 84 months. Also, for those who care, it is in the name of my trust, and not all places let you buy cds in the name of your trust. Now, it did take hours. I wired the money on Monday, and made many rabbit hole phone calls, and just got the confirmed cd on Friday. Also, they are east coast time.

racecar | Jan 5, 2024 | 628 posts since 2014

I got a 7yr CD myself back 7 years ago when Andrews was paying 3% for 7 years. Was worth it for most of the term, not all, but on the whole was glad I did. Would I ever do 7 years again? If I was 25 maybe, but probably not anymore.

Jacques321 | Jan 3, 2024 | 32 posts since 2018

I've had good luck with DOC FCU. At current rates you can effectively choose your maturity from 24 to 59 months at 4.5% APY and a max 180 day early withdrawal penalty. The mild early withdrawal penalty is worth a mild rate reduction for me.

While I haven't taken the time to properly decipher their rate bump "levels", I do know duration of membership and amount on deposit are factors, and I've been receiving a rate bump of some sort on my CDs with them for years.

Also, I've found emailing them via their website with specific requests tends to be the most efficient communication option. Calling can be a bit of a rabbit hole.

EdwardD | Jan 3, 2024 | 77 posts since 2023

In 2022, I had called them trying find out how we can earn points to get to their higher level. But no one seems to know. I then emailed them around Nov 2022 (not a typo, it was in 2022) and I still have not received any reply from them.

If anyone here know how their points and levels system work, please share it here.

Ltssharon | Jan 4, 2024 | 472 posts since 2020

Edward, this is the best I could do with regard to the levels and rewards. Read all the way to the bottom. It is not really what you want.

https://www.docfcu.org/relationship-rewards/

racecar | Jan 5, 2024 | 628 posts since 2014

I'm not a member of DOCFCU but was contemplating if I should join them. I do like their flexible CD maturity date options and... someone in another post mentioned that they allow penalty-free breaking of IRA CDs if over 59.5, if that's still the case. The one negative is I don't like the "tier" system (I understand why it's there, but that's just the kind of person I am). I tried doing a search on their website a few months ago to see what would constitute a bump up in one's level but couldn't find that anywhere. All they'd have to do is say "You get X services from us, you get X in return" but it seems as if it's random, or can change at any time, since there's nothing I can find on their website that mentions the criteria they use.

Also, if you have a long 7yr CD like Ltssharon had... what happens if you sign up for a few of their services in, say, year 2 of that 7yr-CD? Will they up the rate in the middle? What happens if you discontinue those other services in year 4 of the CD and you're back to just a savings account besides the CD? Will the APY lower in the middle of the term?

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.