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Do Not Open A CD At State Dept Fed CU Unless You Send Wire Transfer

HollyHolly
  |     |   89 posts since 2015

My husband made a $100k+ deposit by check (the check was drawn on another credit union) at SDFCU at a shared branch and tried to open a CD by calling the CU. SDFCU will not open the CD until the check clears - even if you tell them to put a HOLD on the CD (since if you are opening a CD you don't want the money immediately anyway.). It takes 5-7 days (if weekend is involved) for the check to clear, according to their policies. During the waiting period, SDFCU will not guarantee the rate of the CD. Most other credit unions will open the CD immediately and put a hold on the acct.

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8


racecar
  |     |   628 posts since 2014
That's really bad. I've never heard of a CU being like that through shared branch. My advice: since it's for that large an amount it's worth it to call back numerous times to see if another CSR might do it. If they still refuse, ask to speak to a supervisor. Since you'd probably just get a "CSR Supervisor" not someone really in charge, I'd try to get the number of an actual branch itself rather than the call center and speak to the manager at a branch. To me that's worth it to fight for, esp for that amount. It's better to try to get it done now instead of to have to be in a position to ask for them to correct a rate later on if it lowers. Every CU I've dealt with has been able to remove or transfer the hold to the CD if deposited via shared branch. I wouldn't give up until you've spoken to a manager at an actual branch, or someone really in charge, not just a supervisor at the call center who can't make that kind of decision. A quick search shows they have 6 branches. Call one of them, and on their website it looks like you can schedule a branch video appointment at any of them
https://www.sdfcu.org/locations
Good luck, and good info to know for the future.
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10
txFish1
  |     |   479 posts since 2023
HollyHolly
Thanks for that info as I was getting ready to open up their 15 month Jumbo CD at 4.89%. Like racecar said I have never heard of a CU having that policy through a shared branch. I did a large deposit to USSFCU through the shared branch network a couple of years ago and it was in my account instantly and they opened up the CD for me the same day.
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6
choice1
  |     |   371 posts since 2023
A check is never forever clear and can be reversed! What do the terms and conditions for funds coming in provide with or w/o using shared branch. ..and the latter provides? Agree a more reputable FI is out there
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2
HollyHolly
  |     |   89 posts since 2015
Thanks for the suggestions re calling a branch supervisor. We tried that route. Unfortunately, it did not work. We were still stuck with the 7 day hold - and the rate changed in the meantime, but the person at the branch who we spoke with got permission to give us the higher rate.
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