SECU 7.6% One Year CD- Limited Membership - MD only

I'm sure this has already been posted, but in the chance it hasn't (I couldn't find on search).

SECU Credit Union in Maryland has this CD special for a 5.0 APY CD with an initial 2.5% bonus on the funds. The membership field seems somewhat limited, but if you qualify, enjoy...

SECU Credit Union

sweet deal thanks!

amazing - thanks! I qualify as an alumni from Univ. of Maryland.

Effective APY is approx. 7.625%
(1000 + 2.5% bonus) = $1025
(1025 * 5% APY) = 1076.25

I think you need a $10 deposit into the savings account too:
Membership Requirements

supercreditman said: Anyone can qualify for this credit union because anyone can join the University of MD alumni assn. I did.

interesting ...

craig10x said: Checked the University of Maryland alumni site...easy to join...but...a 1 year membership for a single person costs $55.00

Ooo! Math! I like math.


1000 + 55 spent yeilds 1076 = $21 profit = 2.1 %

but! $200,000 + 55 spent yields 215200 = $15,145 profit = 7.5725%. So the more you invest, the closer to 7.6 you get.


edit: corrected my math.

BUYBUYBUYSELLSELLSELL,

With a big THANKS to you, I became aware of this offer on the Credit Union deals blog at http://credituniondeals.blogspot.com/ - here, where you are credited with the initial posting.

I failed to find your original FW posting and so I mentioned in the newish ( Oct 13) FW thread on Credit Union deals here.

I was able to take advantage of the 'special'.

Thanks again BBBSSS!

"Savings CD will automatically renew at maturity to a standard CD with a 12-month term"...any way out of this?

Any other ways to qualify to join this CU by joining somewhere else? I wonder if they even verify eligibility...

happybenjamin said: I'd rather go with the 7-month 7% CD from MECU...

I did the MECU deal too, quick and easy if you can get to a branch

Link to CD Promo

magicboy2 said: From the fine print: "MECU reserves the right to limit the dollar amount deposited into the 7.00%APY CD by a single member."

I got the impression that it was $200,000.00
Or at least that's the maximum amount amount anyone would want to deposit to get the bonus. Looks like accounts are insured up to $200,000.00
There is a branch near my office. This looks like a hot deal to me.

Has anybody tried this, it looks like any UMUC alumus qualifies, but do they check it and if so how? I don't think they do, but since I could bring by something if need be I figure that I should.

supercreditman said: Anyone can qualify for this credit union because anyone can join the University of MD alumni assn. I did. And I am a member of SECU although I haven't explored their CD rates. I just joined about 4 months ago and opened a $20K credit card.

SCM


But being a member of the Alumni Association doesn't necessarily make one an alumnus.

Did you join SECU as a U of MD alumnus or just as a member of the alumni association?

If the latter that would be great!

supercreditman said: joined the Alumni Association. I AM an SECU member for several months now. Credit unions say "once a member, always a member". They probably check an alumni association database to confirm that you're a member.

SCM


Sorry to be probing, but would really like to do the 200K CD.

If you don't mind my asking, did you check the box for "alumnus" of U of MD as membership eligibilty? What was so special about their credit card that made you apply for it?

If they're going to check wouldn't it make more sense to check the school's data base for names of graduates?

I notice for this CD it doesn't mention a grace period after the 12 month term in which you can terminate the CD. So this is really a 2 year CD?

What is special about their credit card is no balance transfer fees (introductary 3.99% fee) and a reward program that gives you points for balance transfers. If I remember right a few points for getting the credit card and using it.

sfchris said: CycloneFW said: RagingBull said: I notice for this CD it doesn't mention a grace period after the 12 month term in which you can terminate the CD. So this is really a 2 year CD?

Fortunately, I am UMD student (Masters) but not local in MD. I submitted an application online yesterday. Today I spoke with a rep and she told me ALL their CDs have a 7 day grace period (including the day of maturity). Now I just have to wait for my member # so I can finish the CD application. She said tomorrow it will likely be all set.

CycloneFW

You'll probably need to Fed Ex the funds like I am going to. It expires on Saturday and you need to get them a check before then.

Unfortunately, I am still waiting on getting a member number. Once I get that, I will wire the funds to the account. The CSR I spoke with said they will take the app by fax and debit the funds out of the new account. All while I am waiting for my signature card and everything to show up. I am expecting to have some problems since she said it takes like a week for all the paperwork to get in, but I am not too worried about it.

Edit: Spelling correction.

youngcoolguy said: Where does it say when this deal ends? I can't find an expiration date anywhere.

It was posted on one of the other boards.

sfchris said: And the CR I spoke to verified this. She also verified that you could fax the app, your drivers license, and fed ex a check, and make the cut off....

Do you know which address to send it too? Their apps have their PO Box address on it and their website has a physcial address at the bottom. I tried to reach one of the branches to speak to a manager there and FedEx my stuff to them overnight, but I cannot seem to locate any branch phone numbers. The two non-customer service center numbers in Yahoo Yellow Pages do not seem to go to a branch. The first would not ring and the second no one pick up (during business hours).

I CSR I spoke with did not really want to go into too much detail since I am not yet a member (just submitted membership app yesterday). I think that is going to be my main problem.

I did. Her response was to wait until I get my information next week and then send it all in at once. Seeing as the promo ends Saturday and you said you were going to FedEx it up, I thought you might know. Oh well.

This is a great deal, but the CSRs I have spoken with (to check status of my membership application) seem of very low quality. Makes me more than a little nervous about sending in a big check, esp. if this deal suddenly expires while my check is in transit.

My wife went to Towson. I'm going to check this out and sign up if everything looks good.

sfchris said: The SR I spoke with said they were honoring the postmark. We shall see...

Well, I called yesterday to check on things and they told me my membership application is complete and told me my member number. I asked the CSR and she said I have a Premier Checking and a Share Savings only. I decided to wait and see what happens. This morning I was still unable to log into the online banking system (keeps coming up "User Not Found") and I called again. This time, I asked to speak to the specific person I FedEx'd my information up to. She was unavailable but the CSR was very nice. She told me just what sfchris said above, they were honoring applications started before the promo finished but had not been processed yet. She was under the belief that all was done with these CDs though and was unsure why I did not get in. She sent an email to my contact and cc'd her supervisor on it. Well, this evening I am able to log in to online banking and voila, I have the CD listed with the sign-up bonus. Now to set up a partial DD to the checking and get the other $75. Sweet!

sfchris, Like you mentioned in a previous post, I am finding the new accounts CSRs more helpful than the regular call center CSRs (the person I spoke with above was from the New Loans Dept.).