chooi said:mh83 said:confused200 said:If a savings a/c, how would you get the money out when the CD matures?
In order to maintain membership in the credit union, every member must keep at least $10 in a share account.
You can have a check sent to you for the balance of the CD when it matures.If you can open the saving a/c to become a membership, why the people need to join alumni association or sign up an online class? I really get confuse, please have somebody help to confirm how to qualify to apply this promotion. Thanks.Some of us are not Maryland residents working for the state nor going to school there. To be a member, of the credit union, 1st step is membership/association with one of those aforementioned institutions. 2nd is membership with the credit union. 3rd is funding the CD.

Make sense?

sushiosushi said:mnsweeps said:
But if I put $200k joint with wife I will get insurance only for $200k...I will lose the interest on top if SECU goes down. My max is 200K and I will open 2 $100k CDs.

Even with 2 separate POD accounts you will lose the interest on top of the $100k in each one. If you want complete coverage including interest then you should only put roughly $94k(no time to find a calculator) into each account.

or split into 3 accounts: individual, POD with wife, POD with daughter.

Oops you are right...each pod account is insured upto $100k. It with be this way..

1) Joint account $150k with wife and POD on daughter - $200k coverage
2) Single account $50 with POD on daughter - $100 k coverage.

sammy1224 said:What does POD stand for?

payable on death. Basically you wont be there to see if it really worked.

First off, when I got my CD last October, they didn't in any way verify that I was a UMUC alumni.
From my interpretation of the 200K limit, my existing CD from last year would count against it. I plan on doing the math to figure out what I can put in to only have a max of 200K between the two (and have last years go into my checking account there then move it back to my MM accounts and wait for the next deal). Also from the letter it does look to be that the 2.5% is aq bonus added upfront before the 5% (maening 5% APY) CD rate for 7 months.

Also, in last Octobers deal they ran out of bonus money on Thursday afternon sometime. I expect them to run out earlier this year (I plan on getting my CD Saturday morning, just to be safe).

Sigh...the good stuff never lasts.
Fingers crossed that I get in under the wire.

mnsweeps said:sushiosushi said:mnsweeps said:
But if I put $200k joint with wife I will get insurance only for $200k...I will lose the interest on top if SECU goes down. My max is 200K and I will open 2 $100k CDs.

Even with 2 separate POD accounts you will lose the interest on top of the $100k in each one. If you want complete coverage including interest then you should only put roughly $94k(no time to find a calculator) into each account.

or split into 3 accounts: individual, POD with wife, POD with daughter.

Oops you are right...each pod account is insured upto $100k. It with be this way..

1) Joint account $150k with wife and POD on daughter - $200k coverage
2) Single account $50 with POD on daughter - $100 k coverage.
If you and your wife are members, why not:
Joint
insured up to 200K
You
insured up to 100K
Your wife
insured up to 100K
Total FDIC insured:
400K

Different ownership categories are totaled separately for FDIC insurance.

With 200K per member, you'd get a total of 400K total for the both of you.

Incidentally, I made a $30 contribution to the Sidran Institute (a member of SECU), submitted an on-line app, checked the employer box and said: Contributor: Sidran Inst. We shall see.

It's a worthy cause: Sidran Institute

Edited because I can't add.

sfchris said:mh83 said:jackcrawfish said:huh? didn't mh83 scan the image? did you send mh83 the offer?
He most certainly did not send me the offer. He told Scott on the FNBO thread that he knew of a good CD deal and was going to tell Bankdeals on Monday. I felt he didn't want to share with FW.

I hope you are happy. Bankdeals now has a link to this thread. There was a reason I was PMing everyone about this instead of starting a thread. You need to "think" instead of "feeling" next time. Actually, you won't be getting any more tips from me mh83. Next time that mail will remain unopened on your counter.SFCHRIS, if it turns out that you are blocked from opening the CD because too many people opened up ahead of you, please let me know. I would more then welcome you to consider joining the State Bank of Toledo, paying 6.01%. Its not quite as sweet as t his deal, but at least its liquid.

FNBO thread - David v/s Scott
SECU thread - Chris v/s MH

I called the number this morning (9/28) to see if my membership in the CU was received/approved. Nothing in their system yet. I submitted the membership application online and was told faxing would be faster to try and get in on the CD deal ("Giving Thanks").
I'm going to include my DL photocopy too for safe measure.

SFChris on 9/25 said:Scott, I just found a 7 month CD for 7.6% at a CU, max $200k. Probably you are not elgible, but you never know. I'll post it to bankdeals on Monday if someone else does not." He was talking about the SECU CD. I don't know what the problem is here, but it seems like it was his intent to put this on bankdeals himself, and is upset that it was announced by someone else a couple days earlier.... Care to elaborate, Chris, or are you so hellbent on libeling my good bank of Toledo that you've lost all sense of decency?