Comments on: Patelco Credit Union 7% APY New Member CD

By: Jim

Jim — Thu, 12 Feb 2009 23:24:35 +0000

I care! Thanks for sharing your experience Eric.

By: Eric N.

Eric N. — Thu, 12 Feb 2009 23:10:30 +0000

Just an update although I doubt anyone cares.

Recently I got a small windfall unexpectedly so I decided to go ahead and open the CD. Process was super easy…opened the account online in a few minutes and chose the option to deposit the money in branch since one just opened 5 mins away from me. Got a confirmation print out at the branch and a letter in the mail the week after. Looks good (and easy) for anyone else interested.

By: Michelle

Michelle — Mon, 02 Feb 2009 17:26:09 +0000

I do bank with Patelco the NCUA signs are posted in the bank. The link you provided also shows them as FDIC insured. You may find the following links informative…

http://www.gii.in/India/patelco-credit-union/
https://www.patelco.org/presidents_letter.aspx

By: Ginger

Ginger — Sun, 01 Feb 2009 03:02:48 +0000

In the begining of 2008 Patelco was insured by NCUA.

By: thomas

thomas — Sat, 31 Jan 2009 06:20:34 +0000

10k would have been much better.

By: Benjie

Benjie — Sat, 31 Jan 2009 05:02:11 +0000

They also have a great kids saving account called gr8 rate savings it is 8% on the first $1000 for kids, age limit is 21 I think. I have not opened a 529 for my son yet cause I am getting a better return there for now.

By: Eric N.

Eric N. — Fri, 30 Jan 2009 07:25:42 +0000

Woah I actually qualify for this…thanks for the heads up. I’m not looking to open a CD right at the moment but I hope the offer sticks around.

By: Carina

Carina — Fri, 30 Jan 2009 07:02:32 +0000

Patelco habitually offers some of the highest savings account rates in the country as well. Despite that and a convenient location, I have putting any deposits with them because they are not NCUA (which is the equivalent of FDIC, for credit unions) insured.

http://www.ncua.gov/ShareInsurance/index.htm
http://www.google.com/search?q=NCUSIF%20site%3Apatelco.com

In a year when we’ve seen so many financial institutions fail, and their depositors secure only because of FDIC, it’s good to get in the habit of checking whether deposits are federally insured. If you’re not willing to risk losing principle, don’t take your money to Vegas, the stock market, or uninsured banking institutions.

By: Jim

Jim — Thu, 29 Jan 2009 22:49:42 +0000

Sorry if it was unclear, I meant that you could only deposit $1,000 into the 7% CD, which results in $70 in interest over the year. I equated the new member promotion to a $70 bonus.

By: DrPr

DrPr — Thu, 29 Jan 2009 20:41:32 +0000

I don’t understand this sentence: “…the New Member CD has a maximum balance of $1,000 and a minimum balance of $1,000 and is, effectively, a $70 bonus for new accounts.”