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u2godu2 said: Excellent Post, questions from a newbie:

What's a POD account? I have more than 100K to out into an account, how would you recommend I deposit this?

Thanks!

POD = Payable on Death. It's a type of revocable trust account. FDIC-insured and NCUA-insured accounts allow you to exceed 100K with the same financial institution by several different methods. A key concept is that different ownership categories are totalled separately for insurance purposes. Here are some examples:

1. A single-owner account is insured for 100K.
2. A joint-owned account is insured for 200K (100K per owner).

Without PODs, you and your spouse could insure up to 400K as follows:

1. Your account: 100K
2. You and your spouse's joint account: 200K
3. Your spouse's account: 100K

Let's say you wanted to have direct access to the 400K, and didn't want your spouse as a sole owner on a separate account. PODs are another category of account ownership. You could therefore set up the accounts like this instead (credit to mh83 for pointing this out in another thread) and still get 400K of insured funds:

1. Your account: 100K
2. You and your spouse's joint account: 200K
3. Your account with your spouse as POD: 100K

You can have both 1 and 3 because they're in different ownership categories, i.e. 3 is a revocable trust account.

If you can have multiple PODs, there are other combinations which can give you even more coverage, but I won't go into those. To do your own calculations of maximum NCUA insurance levels and options, please see FDIC - Electronic Deposit Insurance Estimator (EDIE). Because the insurance rules are practically the same between FDIC (banks) and NCUA (credit unions), the FDIC calculator will work fine.

For more information on FDIC insurance (again, this is practically the same as for NCUA), please see FDIC - Insuring Your Deposits.

goldsheet said: Thank to lhendricks92 for posting this deal.

Just curious -- Did lhendricks92 get this from Banking Guy, or vice versa? If the first, a HT would be appropriate. If the latter, or none of the above, never mind.

tuphat said: goldsheet said: Thank to lhendricks92 for posting this deal.

Just curious -- Did lhendricks92 get this from Banking Guy, or vice versa? If the first, a HT would be appropriate. If the latter, or none of the above, never mind.


Blind luck. I just happened to be looking for credit unions in Virginia (my home state) and ran across this deal.

@lhendricks92 -- Respect. Keep up the good work.

There are two cautionary comments in reply to Banking Guy's post on this deal. One says that they have decided to no longer accept members based on NWF membership. The second says they do not initiate ACH transfers except at the time of your initial membership application -- if you want to open an additional CD after you first apply for membership, ACH is not accepted.

There's a lot of conflicting information coming from CSRs, so verify for yourself.

There are several other institutions one could join if one was concerned about too much attention on NWF.

I found at least one organization with $60 memberships.

The Member Companies web page has been modified and it now says "National Wildlife Federation (employees who or are headquarted in Reston, VA)" [sic].

Is anyone here able to shed light on BG's 11/15 post re the Board of Directors' decision??

The key question of course, and the question I'm asking, is this:

Is their decision retroactive, or does it apply from today (Thursday) forward only??

If their decision is retroactive, Oh My God, what a mess!!!

I only just saw his post five minutes ago. It's scary, and the CU call center is now closed.

Edit:

BG himself uses the language "no longer", which would appear to rule out retroactivity.

HOWEVER

BG also posted this quote from a reader:

"Board of Directors officially clarified that you MUST be an EMPLOYEE of the National Wildlife Federation. Simply becoming a member of the National Wildlife Federation does NOT qualify a person for membership in Northwest Federal Credit Union."

This language, to me at least, leaves totally open the possibility for retroactive application of this ruling.

Just speculation and could be wrong of course, but could you imagine the negative publicity NWFCU would get if it started kicking out people that it had already accepted for membership? Wouldn't be a smart move at all.

If they'll accept you, why not join The Drainesville Elementary School PTA? I haven't double-checked to ensure this is the Drainsville Elementary School PTA mentioned in the member company list, but it seems likely. The CU could hardly require that you be an employee of the PTA. Plus, you help out their local schools!

I found another Parent Teacher organization further down the list that said "parents only." If they mean "parents of kids actually attending the school only", then they'll probably eventually plug this loophole with DESPTA. If they really want to keep non-locals out, they'll find a way, IMO.

glxpass said: Just speculation and could be wrong of course, but could you imagine the negative publicity NWFCU would get if it started kicking out people that it had already accepted for membership? Wouldn't be a smart move at all.

Clearly I agree with you it would be a PR nightmare.

But I worry this is not a PR matter. This is a regulatory matter. If they have exceeded their charter they might have NO CHOICE except to put things right. Failure to do so could land NWFCU in regulatory hot water to the MAX.

My fairly extensive experience with other CUs is that they are obsessively attentive to their operational limits re membership. They devote copious scrutiny to prospective, would-be members, to ensure remaining within their allowed operating parameters. CU failure on this, in general, invites attacks from banks; the basis being that the CU is serving the public at large and not properly limiting membership. Thus, the banks would say, the CU is competing unfairly and outside the law. Also, I am all but certain CUs are audited re membership by their federal regulator. It follows that this situation has the potential to be, or to become, a serious matter.

Interesting viewpoint, guardian44. There are lots of credit unions out there that effectively allow membership to anyone, as long as that person joins some sort of organization affiliated with the credit union. As you say, I guess it depends on the wording of their charter -- if I understand you correctly. If the charter were to say, for example, employees or members of member companies/organizations were eligible to join the credit union, then I'd think the credit union would have some latitude in this area. Again, pure speculation on my part.

This might be a case similar to MFCU, which effectively allows anyone to become a credit union member, but discontinued allowing people to open their Reward Checking account -- unless they now make a branch visit. The reason? Their account was so popular with non-locals that they didn't want the huge amounts of interest they found themselves paying to continue to grow rapidly.

glxpass said: Interesting viewpoint, guardian44. There are lots of credit unions out there that effectively allow membership to anyone, as long as that person joins some sort of organization affiliated with the credit union. As you say, I guess it depends on the wording of their charter -- if I understand you correctly. If the charter were to say, for example, employees or members of member companies/organizations were eligible to join the credit union, then I'd think the credit union would have some latitude in this area. Again, pure speculation on my part.

You are entirely correct. They must follow their charter, that's the bottom line. Different CUs have different allowed memberships. There is indeed GREAT variation. But they must adhere to whatever has been approved, and they are not permitted to deviate. It is a matter of law.

CUs can and do seek to broaden their fields of members. One near me recently did this. But there is an application process and regulatory approval is required prior to accepting members outside an existing allowed field. Again, that's the law.

glxpass said:

-big snip-

This might be a case similar to MFCU, which effectively allows anyone to become a credit union member, but discontinued allowing people to open their Reward Checking account -- unless they now make a branch visit. The reason? Their account was so popular with non-locals that they didn't want the huge amounts of interest they found themselves paying to continue to grow rapidly.


OK, this portion of your post suggests a scenario which gives us some hope:

I failed to consider the possibility that the NWFCU BoD might today have tightened membership eligibility beyond the strictures of their charter. This would, I suspect, be entirely legal. And this is something they would NOT be forced to do or to apply retroactively.

IOW, if we were within the charter at the time we became members, we were legal at that time. But now for reasons relating to good and sound operation of NWFCU, the BoD has decided to tighten restrictions on membership. If we were legal prior to today we should be fine, and it would come down to pure PR, and not law and/or regulation. I surely hope this is the case. Fingers are crossed.

I appreciate your above posts. I did some research on charters (haven't been able to find a copy of NWFCU's), and the expansion of federal credit union charters to include SEGs (select employer groups) is fascinating. Part of the reason for the expansion is to enable federal CUs to compete against banks for customers, and many FCUs have become "multiple common bond" (as opposed to "single bond") CUs just for this purpose. Thanks for bring this whole issue up, and I hope things work out for you.

I joined NWF today and applied for NWFCU membership (as Other: NWF member), with the min $5 share savings account by ACH. Got through the app and got an email afterwards:

"Thank you for your interest in joining Northwest Federal Credit Union. We are currently reviewing your application. A Member Service Representative will be in contact with you shortly to complete your request.

Questions?
If you have additional questions, please contact our Call Center at newaccounts@nwfcu.org or call 703-709-8901 or 1-866-709-8901 (toll-free), Mon.-Fri., from 7am-7pm or Sat. from 8am-1pm."

Now what's next move? Call them to confirm membership is approved? and if so open the 18mo CD on the phone? if opened on the phone can I fund it by ACH?

B0HEMIAN said: I joined NWF today and applied for NWFCU membership (as Other: NWF member), with the min $5 share savings account by ACH. Got through the app and got an email afterwards:

"Thank you for your interest in joining Northwest Federal Credit Union. We are currently reviewing your application. A Member Service Representative will be in contact with you shortly to complete your request.

Questions?
If you have additional questions, please contact our Call Center at newaccounts@nwfcu.org or call 703-709-8901 or 1-866-709-8901 (toll-free), Mon.-Fri., from 7am-7pm or Sat. from 8am-1pm."

Now what's next move? Call them to confirm membership is approved? and if so open the 18mo CD on the phone? if opened on the phone can I fund it by ACH?

Yes, that's the generic email that everyone gets.
But they don't call you, you'll have to call them if you want to check on the status of your account.

Unfortunately, you made the same mistake that I did. When I called to try to open the 18 month CD, they told me that you get only one chance to do an ACH transfer -- when you first apply for membership. Once you are a member, if you want to open a CD, you'll have to either wire transfer the money to your share account or stop by in person. Then you can call to transfer the money from your share account to a CD.

At least that's what I was told. It seems no two people get the same answer to some of the questions.

B0HEMIAN said: I joined NWF today and applied for NWFCU membership (as Other: NWF member), with the min $5 share savings account by ACH. Got through the app and got an email afterwards:

"Thank you for your interest in joining Northwest Federal Credit Union. We are currently reviewing your application. A Member Service Representative will be in contact with you shortly to complete your request.

Questions?
If you have additional questions, please contact our Call Center at newaccounts@nwfcu.org or call 703-709-8901 or 1-866-709-8901 (toll-free), Mon.-Fri., from 7am-7pm or Sat. from 8am-1pm."

Now what's next move? Call them to confirm membership is approved? and if so open the 18mo CD on the phone? if opened on the phone can I fund it by ACH?


I did the whole shebang online on Wednesday (joined NWF, opened $5 share account and $10K CD for the 540 term, using ACH). I got the same email as quoted above, and plan on calling later today to confirm the account. I just checked the account I used for the ACH and see credit memos for $10,005 appeared this morning, so apparently the process is in motion.

Opened account & CD via phone Tuesday (NWF Membership) and see both amounts have sucessfully been taken from my bank via ACH to fund the new CD, so it looks good so far here too.

guardian44, didn't you mark this thread "Not Interested" ???

lhendricks92 said: guardian44, didn't you mark this thread "Not Interested" ???

Uh, no. But at this point I surely wish I had done just that.

What a mess!!

clampuke: there is a signature card to be mailed. did you call after they received the card in the mail?

Arfanbarkler and clampuke:
I am not sure how you could do the ach request for that 18mo CD at the time you apply for membership, as this CD is not on the list of accounts you can choose.

Arfanbarkler said: I did the whole shebang online on Wednesday (joined NWF, opened $5 share account and $10K CD for the 540 term, using ACH). I got the same email as quoted above, and plan on calling later today to confirm the account. I just checked the account I used for the ACH and see credit memos for $10,005 appeared this morning, so apparently the process is in motion.

I did the same things on Wednesday (join NWF, opened $5 share and setup ACH for 540 day CD)
I called them later in that day and they said my membership had been approved.
Have not seen money pulled from my bank account, yet.

P.S. Pulled the money today (16th) - I'm happy !!! Great deal !!!

B0HEMIAN said: clampuke: there is a signature card to be mailed. did you call after they received the card in the mail?

Arfanbarkler and clampuke:
I am not sure how you could do the ach request for that 18mo CD at the time you apply for membership, as this CD is not on the list of accounts you can choose.

Don't be afraid to call, they are very nice. No, I didn't wait. I called the next day.

You can request a CD at the bottom of the second page of the application. I just went back and checked. The first page asks you to specify your eligibility (employer or whatever). The next page asks you to select your accounts. At the bottom of the page it says "Share Certificates" and asks you to fill in the number of days you want the share certificate for. In the box next to "Select a term between 366 - 1825 days" put in 540 days. Alternatively, people have reported calling up and taking care of the whole thing (joining the CU and opening the CD) over the phone.

clampuke said: Thanks mh83 for that detailed report.

If you wanted to deposit more money, couldn't you open up a second CD? Or was that not allowed?

Yes, one can open as many accounts at NWFCU as one wished.

Opening an additional CD was exactly what I wanted to do. Since I already had an individual account, my options were to open either a joint account or a POD account. I generally prefer POD accounts because there are no additional signatures required to open/close accounts, and no obstacles in moving money around.

However, the CSR I was speaking to didnít understand POD accounts. She told me that I had to open a sub-account under my share account, and then open a CD from the sub-account. She said that way; I would have a new account number, thereby giving me additional NCUA coverage. Knowing that thatís not how NCUA works, I didnít follow her advice.

I called NWFCU again yesterday and spoke with a different CSR. The CSR said that all I had to do was submit a POD form designating which accounts I wanted to add beneficiaries to. So I will do that with the new CD I opened today.

guardian44 said: lhendricks92 said: guardian44, didn't you mark this thread "Not Interested" ???

Uh, no. But at this point I surely wish I had done just that.

What a mess!!

What mess?

If NWFCU were unhappy with National Wildlife members, they didnít show it today when they allowed me to open another CD (thanks lhendricks92!) - screenshot.

B0HEMIAN said: clampuke: there is a signature card to be mailed. did you call after they received the card in the mail?

Arfanbarkler and clampuke:
I am not sure how you could do the ach request for that 18mo CD at the time you apply for membership, as this CD is not on the list of accounts you can choose.

Did you miss this part of the application?

You don't have to wait until they've received your signature card. You can call them after a day or so, and if you've been approved, they will give you your member number allowing you to log-in online. The temporary password is the last four digits of your SSN.

I signed up on Wednesday online, share and CD. Just under the gun I guess. They ACH'd the funds that night and I got all the paperwork today. All is good. Thanks guys!

called today inquiring application status. no luck. declined. rep said my app was submitted right after the turning point when they decided to reject apps bases on NWF membership. nwfcu - FCU!

don't botter to try with NWF. won't work any more.

Fatwallet effect again. They had to be amazed at all the new members for their 60th anniversary. Hope they don't kick anyone out...

B0HEMIAN said: called today inquiring application status. no luck. declined. rep said my app was submitted right after the turning point when they decided to reject apps bases on NWF membership. nwfcu - FCU!

don't botter to try with NWF. won't work any more.


C'mon people, keep trying. Become an international spy.

lhendricks92 said: B0HEMIAN said: called today inquiring application status. no luck. declined. rep said my app was submitted right after the turning point when they decided to reject apps bases on NWF membership. nwfcu - FCU!

don't botter to try with NWF. won't work any more.


C'mon people, keep trying. Become an international spy.


Updated the OP.

So what's the best way to join now? Any new ideas?

Added Friend Membership in the Wolf Trap Foundation for the Performing Arts for $50 to the Quick Summary. No guarantees, of course.

As long as their Who Can Join NWFCU Web Page continues to say: "If you are an employee or member of any of the more than 400 Member Companies or one of our Chamber of Commerce Members, you are eligible to join NWFCU.", (my emphasis on "member") I'd still continue looking for loopholes.

coolambo said: So what's the best way to join now? Any new ideas?deleted duplicate

gwu1986 said: coolambo said: So what's the best way to join now? Any new ideas?Try wolftrap foundationsorry for the dupe, glxpass beat me to it.

gwu1986 said: gwu1986 said: coolambo said: So what's the best way to join now? Any new ideas?Try wolftrap foundationsorry for the dupe, glxpass beat me to it.

thanks! do we have to fund right away if i'm applying today? my CD matures on the 23rd so thats the only time i can fund the CD. will they sort of lock it if i apply today then fund later?

it seems like you can no longer apply via web.

DEAL IS DEAD. You can no longer apply via membership route to any of the 400 companies. They killed the online member application and when you talk to the CSRs they will immediately tell you that being just a member disqualifies you for eligibility. Only other way is to marry someone you know who works for the 400 companies or better yet work for any of those 400 companies. LOL!

Looks like the online application is still up?

tcarroll99 said: Looks like the online application is still up?
Try it and tell us what happens.

When I specified other for eligibility to join the CU, the on-line application process was terminated.

My Dranesville Elementary School PTA idea didn't pan out. The president of the PTA e-mailed me, saying that you had to be the parent of a DES student in order to join the PTA. I don't care for the CU's apparent attitude anyway, and the CD term is longer than I'd like, so it's no great loss for me.



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