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The membership page now reads:

"If you are an employee of any of the more than 400 Member Companies or one of our Chamber of Commerce Members, you are eligible to join NWFCU"

the words "or member" after "employee" disappeared between yeasterday evening and this morning.

Most likley they noticed that after the NWF eligibility was changed other organizations were being used such as the "Wolftrap Foundation" etc. even though more expensive than NWF.

NWFCU is a reasonably large CU; it's not the largest, but it's not puny, either, not by any means. And with size sometimes comes sophistication.

It's noteworthy then that they appear to have been taken so by surprise in this situation. Everyone here could have predicted the outcome of offering 6% from Maine to Hawaii in this interest rate environment, with savers recently under attack from Bernanke, etc.. And the term of this CD was attractive, too; not too short, not terribly long. Maturity just a few months into the term of the next POTUS was a plus. We should have some feel for new directions by then.

When the NWFCU potentates finally figured out what had hit them, they closed up like a clamshell. Of course we live on this stuff, we take such closures in stride, and we await the next opportunity patiently and watchfully.

But this entire mechanism, which allows us to take advantage of high rates, often depends on the naivete and the "net-unawareness" of the CU higher powers. I am a bit worried how much longer it all will last. How long will it be before the average CU president or board out there learns to anticipate our onslaught; before they "cut us off at the pass", as it were.

I hope deals like this go on forever. This deal, like so many others, has been a real money maker for me.

I hope they continue. But geese die eventually; even golden geese.

that's just the problem, the "fw effect" can quickly wipe out the special deals, probably because alot of fw'ers get a bit "too greedy" about taking advantage of it...look what happened with the SECU CD deal..what was "supposed" to last a month, got wiped out in 4 days! (probably because there were many fw'ers putting in huge amounts of money...i heard some mentioning they put in $200,000 even $300,000 if they had that kind of money to put in)....

craig10x said: that's just the problem, the "fw effect" can quickly wipe out the special deals, probably because alot of fw'ers get a bit "too greedy" about taking advantage of it...look what happened with the SECU CD deal..what was "supposed" to last a month, got wiped out in 4 days! (probably because there were many fw'ers putting in huge amounts of money...i heard some mentioning they put in $200,000 even $300,000 if they had that kind of money to put in)....
Craig, first of all, “huge amounts of money” is relative. I’m sure you know that 200K-300K is not considered “huge” to every person here. By your logic, a person that invests 1K in a CD should be viewed as greedy by someone that only has $100 to invest. Is that the case? What is the amount that one can safely invest to escape being labeled as greedy by you? If NWFCU were interested in attracting smaller deposits, they wouldn't require a 10K minimum deposit in addition to not having a maximum deposit limit.

The same with SECU, they ostensibly were courting large deposits since they set the maximum at 200K per member, and the advance notice of the CD deal was sent to ‘large’ depositors. SECU is the largest credit union in MD, so it’s very presumptuous of you to assume that only FWers, and not locals, were depositing large sums. I don’t know what proportion of FWers is from MD, but reports were that SECU branches were overrun with depositors.

If FWers’ “greediness” were the only factor in wiping out special deals, how do you explain the longevity of BOA’s NEA deal, the relative longevity of PenFed’s 6% CD deal, the 6% HSBC and 6% FNBO deals that lasted to their planned end dates, or the continuation of the 6% rewards checking account deals? All of which have/had wide participation by FWers.

At this writing, the 6% CD at NWFCU is still available, albeit to a more limited audience. NWFCU simply closed an eligibility ambiguity they’d apparently overlooked. To me, their decision seems to be more about preserving the credit union’s geographic mandates than a concern over prematurely meeting their promotion's deposit goals.

craig10x said: that's just the problem, the "fw effect" can quickly wipe out the special deals, probably because alot of fw'ers get a bit "too greedy" about taking advantage of it...
How dumb, As long as the FWers get the deal who cares if we kill it for others? Found the SECU deal funny, So many here sneaked there way in and got it and killed it for regular SECU customers before it even was officially started. You snooze, you lose

SECU wasn't naive - they knew exactly what they were doing - they wanted deposits. They set a goal for how much new money they wanted to attract, and when the goal was met, they pulled the plug. (Remember, they had a similar promotion last year.) I did not see a single report of someone being denied membership. The only reason someone couldn't get in on the deal was timeliness. This was no different than any other time and resource-limited deal - like trying to buy a Nintendo Wii at Christmas last year.

The sky is not falling, and fatwallet is not killing these deals. People complaining about the "fatwallet effect" always makes me laugh. Might as well call it the "internet effect" or the "people talk effect." How would you even know about the deal if people didn't talk???

it's not the reporting it on fw or any other internet site or blog or whatever, it's just the natural "piggyness" of the "every man for himself" attitude...to grab all the food off the table before anyone else can get a crumb to eat...an unfortunate part of human nature, i'm afraid, Scott.....

Nothing dumb about it at all...you know it's true...you do it all the time in these situations....

If you (or anyone else here) wants to get an "education" in this, i would suggest you either rent or buy the classic film: "The Treasure of the Sierra Madre" with Humphrey Bogart....then you will understand what i am doing about! (Hint: it has to do with GREED).......

craig10x said: it's not the reporting it on fw or any other internet site or blog or whatever, it's just the natural "piggyness" of the "every man for himself" attitude...to grab all the food off the table before anyone else can get a crumb to eat...an unfortunate part of human nature, i'm afraid, Scott.....

Nothing dumb about it at all...you know it's true...you do it all the time in these situations....

You're still being silly, I might do more than you but it's still peanuts to most banks. Most banks like large deposits, Why do you think they offer better rates on Jumbo's? I did a $250k CD recently, Banks would prefer that over the time and paper work spent on 25 people opening $10k Cd's

i think you misunderstood what i was getting at Scott, i am referring to situations like the SECU deal....people here know CU's don't have the kind of money like the big banks do, yet some had to "pig out" and put in really huge amounts, thus wiping out the chance of others getting in at all...that's being greedy.....watch that movie...those people were acting like the Bogart character.....

I'm not prevented from getting, say a BOA NEA Account with a high rate, if you put $200,000 in with them....but if you put $200,000 or $300,000 in the SECU deal, different situation, altogether.....because you likely wiped out two other people from doing $100,000 each themselves...Which is like grabbing more food from the table then you really need, and preventing someone else from getting any food at all....That is what "greed" is all about.....

Craig greed is good, You know what they say "Nice guys finish last" If someone here put a bunch in and kept me out I would say good job to them, likewise I would hope the same if I caused it. We are here to make money, Not friends

scott1961 said: We are here to make money, Not friends

why not do both? my friends at fatwallet have made me quite a bit of money.

lhendricks92 said: scott1961 said: We are here to make money, Not friends

why not do both? my friends at fatwallet have made me quite a bit of money.

What i meant by that was I would hope we would all understand and be happy for the person who got the deal. We all know this game involves a little competition, and some win and some lose

I agree, but it's nice to hear of great DEALS.

This site is wonderful for the average investor. Luckily, I had funds to sock into SECU when it first was advertised. Now I keep my liquid funds in BEA NEA.

I'll have some large funds available in March, May and June, hopefully by then things will be looking up and GREAT money deals will bounce back.

yep scott...you would definately "identify" with the bogart character in that film, which is why you should see it...and see what it got him in the end I agree with what lhendricks92 said, why not make money and friends here!

craig10x said: i think you misunderstood what i was getting at Scott, i am referring to situations like the SECU deal....people here know CU's don't have the kind of money like the big banks do, yet some had to "pig out" and put in really huge amounts, thus wiping out the chance of others getting in at all...that's being greedy.....watch that movie...those people were acting like the Bogart character.....

I'm not prevented from getting, say a BOA NEA Account with a high rate, if you put $200,000 in with them....but if you put $200,000 or $300,000 in the SECU deal, different situation, altogether.....because you likely wiped out two other people from doing $100,000 each themselves...Which is like grabbing more food from the table then you really need, and preventing someone else from getting any food at all....That is what "greed" is all about.....

Sounds like sour grapes to me Craig.

Nobody was trying to inhibit anyone else from getting in on the SECU deal. No one knew how much was on the table because SECU’s deposit goal was unknown. Given the high maximum deposit limit and the planned two month long promotion, one can only assume that it was a high amount. SECU is not BOA, but it is the largest credit union in MD, with 1.69 billion in assets.

It is very unfair of you to blithely claim that FW large depositors wiped out other’s chances of participating in the deal. Deposits that were sent on Monday and Tuesday, which includes mine, had absolutely no bearing on SECU’s decision to end the promo early. Those deposits arrived after the decision was made. According to the CSR I spoke with, it was the overwhelming amount of deposits received on Saturday and Monday at the branches that caused SECU to end the promo on Tuesday.

Nobody is set for life because of the SECU deal, so no one “grabbed more than they really needed”. You had the same opportunity as everyone else to take advantage of the deal. There was no “every man for himself” attitude. To the contrary, there was a great collaborative effort by the posters on the SECU thread to find acceptable ways of gaining entry into the CU. I also received and replied to over 120 PMs regarding the SECU deal.

If you were following the SECU thread, you knew that any CD application with Tuesday’s postmark was being accepted. So you could have gotten in on the deal regardless of what amount others had deposited.



My apologies to OP for being OT.

Looks like the 18 month 6.00% APY CD is no longer available.

The offer no longer shows up on their website or on their CD rates page.



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