Not that I sense much interest in this offering. But want anyway to mention they treated my credit card funding of the account as a cash advance and:
There was no warning or notice whatsoever the charge would be treated that way. There was also no indication at all, after I checked my CC account at Freedom CU, that the $500 charge I was seeing was, in reality, a cash advance. I only found out thanks to a telephone call to the credit union.
Obviously at only $500 this is a “no worries” situation. It was an inexpensive education. But anyone opening much larger bank or CU accounts with a credit card should be aware of what can ensue without warning.
My Player 2 opened an account with NFCU yesterday and we used a credit card to fund the $5 share account. There was a clear warning there that the credit card may treat the transaction as a cash advance. Instead of using the credit card we had intended to use, we used Chase Freedom (not Freedom CU) card as that is what I used when I opened my account in October and it was treated as a purchase.
It may have been different had it been more than the minimum $5 required for opening a share account, but it did in fact provide a warning.
Wow; Connexus CU seems to have stranded the majority of my liquid funds in Purepoint for the next 3 weeks by doing an absurd 5 withdrawals to join the CU and fund a CD (2 trial deposits they then pulled out in 2 transfers, $5 joining fee, $5 to join the association, and the CD withdrawal). Since I had a previous withdrawal from Purepoint, that’s my 6 withdrawals for the month under Regulation D (thankfully, they go by statement month instead of calendar month, so it saves me a week).
I was going to open up the 6 month NFCU and the 3 year Connexus, but I may be SOL if the rates don’t last through the 24th.
Well I’ll mention the elephant in the room…Navy Fed has released a 6 month cd paying 3%…on the surface looks somewhat appealing but how badly do you want that 1/2 a percent? Other banks may do similar offers and it will lock your money up just when you might need it available to take action with.
I believe you can actually go over the 6 transactions but there will be a fee…you might check with Purepoint regarding what the fee would be.
That’s one reason I like Ally as my banking Hub. I have a checking account opened for no better reason but to minimize the transactions that hit the savings.
I emailed Purepoint on that issue, so I’ll see what they say.
I use Alliant as my hub, where I have checking and savings, but I didn’t have the funds there to open the CD. If I had known Connexus was going to do all different transactions, I would have joined the CU with funds from Alliant and then opened up the CD later from Purepoint.
There’s also a chance you could get that fee waived (it is a bank fee, not one imposed by the law), since the withdrawals were obviously parts of a single larger transaction with that merchant. You’re not trying to use the account as a transaction (ie, checking) account, so an exception would be appropriate. Not saying their policies would even consider such a request, but if they do grant exceptions, this situation would be the exact reason why they do.
shinobi, what’s happening!! Is there a movement going on in CA? I see another offer in So CA listed on Ken’s site.
I can’t believe I just opened & sent money today for a 35M CD @3.5%. This No Bay CU has several good options. I hate to go 5 yrs, but it is 4.03%. But the 3yr 3.63% is tempting… What to do???
Apparently, North Bay has already lowered their rates. Their top rate is now 3.53%. The quick reversal is not too surprising considering how tiny of a CU they are (43 million in deposits, 13 employees).
But, they lowered the rate the first day it was offered. I e-mailed them last night to tell them if the $100K 4.03% CD was now 3.28% then cancel the whole deal. I received an answer this morning, yes I was right about the lowered rate.
They said for me to keep them in mind for future deals. You can bet, that this is one I will remember…to never bother with…
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