This deal is only for the most avid CD deal hunters. This deal is certainly not for everybody and, in fact, it may be a total “no-go” for everyone. Said another way, this simply might not work:
Q: OMG another one of Shin’s hare-brained CD schemes. You do realize, we hope, that nobody ever, anywhere, did what you are about to suggest. Right?
Look, I have pulled this stunt at least three separate times, over the years, at three different credit unions. I made money in the process each time.
Q: But you do acknowledge, Shin, that there were also failures, instances when you were turned away?
Acknowledged. Yes, of course. It’s like the lottery. You cannot win if you do not play. Here is the deal:
Pathways Credit Union, in Ohio, is offering a 4 for 40 CD deal. That’s 4% APY for 40 months. There is a catch and it’s a huge catch: this is a local deal only.
Q: Big whoop, Shin. Are you unaware any such deal is worthless to 99.9% of participants here? How did you ever get in on CD deals that were local deals?
Like I said, three times in the past I have squeezed into a local deal through the “school loophole”. First, let’s start with the formal membership requirements at Pathways:
Formal Pathway membership requirements
Obviously that is incredibly restricted. But note the “school loophole”.
Q: Shin, that’s not a loophole unless a person is actually, physically, attending an educational institution in one of the counties mentioned. Right?
That has not been my personal experience. Different credit unions define “attend school” differently. In certain instances you can sign up for a course over the internet and satisfy the requirement. Anyway, that is what I have done.
Q: Does that always work and how would a person find out what is allowed?
Certainly NOT always. You need to speak with the credit union’s compliance officer if at all possible. If not, be certain the representative taking your call is in direct touch with the compliance officer. The credit union’s compliance officer is the control point for any and all such judgement calls.
Q: Did you lie?
Never! It is pointless to lie to a compliance officer. It is also stupid.
Q: So will the Pathways compliance officer let us in? If we sign up for a local course here on the net?
Q: Well, can you at least provide a link to the deal itself? 4 for 40 is pretty good.
Link to Pathways 4 for 40 CD deal