What was your question and what was the answer?
I inquired about the credit union’s current financial circumstances in the wake of the pandemic. They said all is fine.
The SCOTUS ruled favorably yesterday for purchasers of CDs (and other financial products as well) from credit unions.
Hope is this SCOTUS outcome might allow credit unions to expand fields of membership. In an example of American “swift justice”, this case took “only” four years to work its way through our courts. Disgusting.
I’m just off the telephone with the NCUA and wanted to provide everyone this update:
There has not, as of today, been any NCUA decision as to whether or not to grant member institutions more time to submit their Q2 2020 call reports. As you know, because of the pandemic, the NCUA did grant member institutions an extra month for the filing of their Q1 2020 call reports. Because of that leniency, we depositors continue to await ratings based on that Q1 data. Whenever we finally get those ratings, they will be based on data which is AT LEAST three months old.
We can only hope the NCUA does not do that again. We will know their decision by the end of July.
Update
Some good news for a change:
Several hours ago the NCUA, finally and at long last, released their quarterly data summary report for the first quarter of 2020. Call Report Quarterly Summary Reports provide a quarterly listing of summarized accounts collected from all federally insured credit unions.
Release of this report presages ratings updates for all of the credit unions where so many of us have our certificates of deposit. I cannot tell you when the new ratings will become available. But release of that data summary had to happen first.
Agreed. Totally. My face is happy instead today because was able earlier this morning to accomplish a substantial funds injection into my PSECU CD which is earning 3.25% APY, a rate which is locked in for more than the next two years!
It was yet another one of those PSECU ASTs (automatic share transfers). The ASTs move funds out of the liquid funds realm and into the CD zone at a FAR higher rate of interest.
Was there a limit on how much you could add into those accts (maximum on balance of acct)?
At the time PSECU CD’s were offered, I remember rounding up all my available funds & opening a few of them. But, I should have checked into opening the AST CD’s. Would you say they would be comparable to an add-on CD?
Am unaware of any such limitation. I’ve been getting away with this since January. It just goes on and on.
It is a form of add-on CD only . . . a special form with its own rules and peculiarities . . . and not entirely straightforward, especially not when you are just starting out.
Where does one find the newly released data summary?
I recently contacted the president of a credit union where I’m a member . . . which one really does not matter for purposes of this post. I asked him whether or not the CU allowed early, penalty free, withdrawals of CD funds. My question to him came about because nothing had been announced. I was just taking a shot on chance of success.
Answer came back from that president this morning. Regardless no announcement his credit union IS allowing members to break CDs without imposing an EWP. I was happy, and a mite surprised. Obviously, though, such a policy generally allows financial institutions to assist members in this pandemic while, in many instances, getting out from under high yielding certificates.
Suggestion here from me, if you need your CD funds regardless the reason, and if nothing has been announced, is to make inquiry. It can’t hurt and you just might strike pay dirt, as I did.
Note: EWP stands for Early Withdrawal Penalty
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Thanks, that’s good to know.
But I guess this is on a case-by-case basis in response to the virus situation? I think at this point, it does not hurt the CU too much because CD rates have come down a lot. So a member breaking a CD is most likely breaking a CD with a much higher yield.
His response might be different if rates have gone up.
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I definitely agree with you, scanchain. If CD rates go up all bets are off. Hence this reminder as an addition to my earlier post:
A bird in the hand is worth two in the bush. 
Just a quick reminder for you PSECU mugglers out there; you people know who you are 
The PSECU annual meeting will be held this evening, commencing at 6:00 pm CT. Access is by telephone. Good luck to all.
Still if you wanted to move funds from a CD not close to maturity to one of these addons - say within the 30 day notice of closing the addon option -, that’d be a good option to explore to avoid eating the EWP.
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PSECU meeting
I “attended” the PSECU annual meeting yesterday evening while simultaneously preparing dinner. As others have indicated might happen, the meeting was very bland and lasted only about ten minutes. The follow-on question session was largely idiotic and unhelpful.
I didn’t ask any questions because only too late did I learn questions needed to be submitted well in advance. This was my fault.
Pandemic impact at PSECU
As is customary the focus of this meeting was almost entirely on 2019 outcomes no longer germane or, frankly, of much interest at all. There was one, very brief, mention of the credit union doing OK at present. That was it.
New topic
Credit Union ratings updates
I have checked Ken and Bauer so far today. There is nothing. It is early. Perhaps we will have something later. I hope so.
I suspect we might have other Sharonview members here. Please be on notice:
The Sharonview annual meeting will take place on Thursday, July 23, 2020. Why important?
Weiss Research gives Sharonview a “C” rating based entirely on their pre-pandemic financial performance data. Today, in the wake of the pandemic, things could be much worse. It might be best to remain informed on this one.
You’re a little delusional if you think this annual meeting will be any different than the others you’ve ‘attended’. 
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Did you receive an e-mail from Sharonview? They said we could remove funds now without penalty.
Not interested… 4% CD
You’re right and I don’t think that.
But I still will make an effort to take in the Sharonview meeting. You never know.