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FYI - HUGHES FCU

bobert456
  |     |   187 posts since 2022

-Just a heads up. GREAT RATES at HUGHES CD special, but a couple of things to watch out for ...

1) NCUA appears to be at the MEMBERSHIP level, not the sub-account level. So if you need extra coverage, do the styling (Joint, POD ...etc.) when you open a membership - does not allow for POD uniquely at the CD level

2) May take a while to get the membership open ... may have to wait a day or two for call backs

3) CD's are a little tricky. You need the cash in your share, then call to have the CD set up ... cannot do it yourself online - - and will require a call back from another group (eservices) which may take another day or so

4) Shared Branch deposits can get rejected on new accounts. REASON UNKNOWN, but they eventually get it cleared after you call back in .. ..... until the next time. So just be prepared for a 50/50 chance of SB issues.

I give them high marks in general, but CS can be spotty and prone to needing call backs.

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7


Rickny
  |     |   1,296 posts since 2017
I opened 2 CD's 17 month with Hughes. I joined 1st using the easy membership and I believe it was a $10 donation (I forget the group).
You have to have $50 in your savings account and requested CD term and ACH info for the funding bank.. I received a note that they were reviewing. They called and asked me to take the freeze off my ChexSystems. I received a call and my wife and I were asked 3 security questions. After that the account was opened. They verified that I had the funds in the bank and the CD was opened. The amount was 6 figures for the Jumbo at 5.65%. The funds came directly from Primis.

A couple weeks later opened another 17 month CD. They called to verify that I had the funds in the bank for a mini Jumbo (over 50k) @ 5.60% from Chase bank (ACH info provided in CD opening).

Both times they said to wait 2 days before the funds were pulled. That was my case with both CDs
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Dingdong
  |     |   22 posts since 2021
@bobert456
Can you please clarify
1)"NCUA appears to be at the MEMBERSHIP level, not the sub-account level. So if you need extra coverage, do the styling (Joint, POD ...etc.) when you open a membership - does not allow for POD uniquely at the CD level"
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3
bobert456
  |     |   187 posts since 2022
This is my understanding, and appears correct per EDDIE, FDIC calculator. Many places, when you open a cd, you may designate a pod on that CD. Open another CD, and use another POD. Assuming each CD is in its own account number (under the owner/member). Example of Bank1 with three CDs. Same owner BOB. CD 1 is BOB no POD, second CD is BOB w POD1, third is BOB w POD2 ..... insurance says covered to 750K at Bank1. At HUGHES, you get one shot at ownership type ..... so need to use all your POD designations at the member level. Cannot add them per product.
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