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forum threadbhavyesh posted Nov 17, 2022 06:35 PM
forum threadbhavyesh posted Nov 17, 2022 06:35 PM

Andrews Federal Credit Union 5.00 % APR CD for 7 Months

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anyone can Join free Through the American Consumer Council (ACC)
The American Consumer Council (ACC), a non-profit membership organization dedicated to consumer education, advocacy and financial literacy. Membership in ACC gives you access to membership at Andrews Federal. It' quick and easy to join Andrews Federal online through the American Consumer Council - it takes about 10 minutes to unlock a wealth of financial products and services! Get started:

Visit the American Consumer Council website to start your ACC membership. Use the code ANDREWS to receive ACC membership for free.
You'll need:
Your Social Security number
Your home address
A driver's license or government ID
A way to fund your account (banking account and routing number from another institution or a credit/debit card)
Once you receive your membership number from ACC, then you can use it at andrewsfcu.org to complete your Andrews Federal membership.
LEARN MORE ABOUT THE AMERICAN CONSUMER COUNCIL

https://www.andrewsfcu.org/Learn/...cate-Rates
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Deal Details
Community Notes
About the Poster
anyone can Join free Through the American Consumer Council (ACC)
The American Consumer Council (ACC), a non-profit membership organization dedicated to consumer education, advocacy and financial literacy. Membership in ACC gives you access to membership at Andrews Federal. It' quick and easy to join Andrews Federal online through the American Consumer Council - it takes about 10 minutes to unlock a wealth of financial products and services! Get started:

Visit the American Consumer Council website to start your ACC membership. Use the code ANDREWS to receive ACC membership for free.
You'll need:
Your Social Security number
Your home address
A driver's license or government ID
A way to fund your account (banking account and routing number from another institution or a credit/debit card)
Once you receive your membership number from ACC, then you can use it at andrewsfcu.org to complete your Andrews Federal membership.
LEARN MORE ABOUT THE AMERICAN CONSUMER COUNCIL

https://www.andrewsfcu.org/Learn/...cate-Rates

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Nov 17, 2022 06:38 PM
1,505 Posts
Joined Jul 2018
BenedictDonaldNov 17, 2022 06:38 PM
1,505 Posts

Our community has rated this post as helpful. If you agree, why not thank BenedictDonald

This was posted a few days ago at 4.85%. I tried to go through all the steps and everything worked, except for the fact the maximum you can transfer into your CD account via ACH is $10,000. If it's this difficult trying to get money into an account, I could imagine how difficult it will be to get your money out.

After checking, brokerage cd rates as well as treasuries, I decided to pursue this with Andrews after doing a chat online. They told me that if I open the base savings account first, afterwords, I will be able to do an ACH transfer of 100K into the base savings account, and then use that to open the 5% CD. They also clarified that if an ACH transfer was set up to withdraw money via ACH from another bank, then they do not have a limit of how much can go out via ACH. So I opened the base savings with five dollars, and hopefully won't have any issues.

Keep in mind that treasuries are approximately 4.6% right now for six months. If you are in a state where your income is taxable and have to file a state tax return, you should take that into account on whether to do a CD or treasury, as treasuries are only federally taxable.

Edit: Several hours later and my application for Andrews has still not been approved. Don't waste your time.
Last edited by BenedictDonald November 17, 2022 at 05:32 PM.
1
Original Poster
Nov 19, 2022 02:53 AM
7 Posts
Joined May 2010
bhavyesh
Original Poster
Nov 19, 2022 02:53 AM
7 Posts
Quote from BenedictDonald :
This was posted a few days ago at 4.85%. I tried to go through all the steps and everything worked, except for the fact the maximum you can transfer into your CD account via ACH is $10,000. If it's this difficult trying to get money into an account, I could imagine how difficult it will be to get your money out.

After checking, brokerage cd rates as well as treasuries, I decided to pursue this with Andrews after doing a chat online. They told me that if I open the base savings account first, afterwords, I will be able to do an ACH transfer of 100K into the base savings account, and then use that to open the 5% CD. They also clarified that if an ACH transfer was set up to withdraw money via ACH from another bank, then they do not have a limit of how much can go out via ACH. So I opened the base savings with five dollars, and hopefully won't have any issues.

Keep in mind that treasuries are approximately 4.6% right now for six months. If you are in a state where your income is taxable and have to file a state tax return, you should take that into account on whether to do a CD or treasury, as treasuries are only federally taxable.

Edit: Several hours later and my application for Andrews has still not been approved. Don't waste your time.
Best things to do is after you open the account. As follow
1. Cut a cashier check of amount you want and send it to them.
2. Write a check ($5k a day limit) and deposit them checks In AFCU via mobile deposit.
1
Nov 19, 2022 03:17 PM
163 Posts
Joined Jun 2017
bt8484Nov 19, 2022 03:17 PM
163 Posts
If your sitting in cash with any real amount there are a bunch of safe money market accounts paying some solid %rates ….
With that said… if I don't know them, I don't trust them … too many ways to scam us out of our $$$
I encourage you all to look into liquid money market funds in your brokerage accounts…..
Dec 09, 2022 01:39 AM
648 Posts
Joined Jun 2017
PickyCustomerDec 09, 2022 01:39 AM
648 Posts
Good one. Thank you. I just gave them my own check in the DC branch. They opened a saving account will cash it and use it for CD. I think deadline is Dec 12 or 14
Dec 09, 2022 01:42 AM
648 Posts
Joined Jun 2017
PickyCustomerDec 09, 2022 01:42 AM
648 Posts
Quote from BenedictDonald :
This was posted a few days ago at 4.85%. I tried to go through all the steps and everything worked, except for the fact the maximum you can transfer into your CD account via ACH is $10,000. If it's this difficult trying to get money into an account, I could imagine how difficult it will be to get your money out.

After checking, brokerage cd rates as well as treasuries, I decided to pursue this with Andrews after doing a chat online. They told me that if I open the base savings account first, afterwords, I will be able to do an ACH transfer of 100K into the base savings account, and then use that to open the 5% CD. They also clarified that if an ACH transfer was set up to withdraw money via ACH from another bank, then they do not have a limit of how much can go out via ACH. So I opened the base savings with five dollars, and hopefully won't have any issues.

Keep in mind that treasuries are approximately 4.6% right now for six months. If you are in a state where your income is taxable and have to file a state tax return, you should take that into account on whether to do a CD or treasury, as treasuries are only federally taxable.

Edit: Several hours later and my application for Andrews has still not been approved. Don't waste your time.
You can just give them your personal check. Also for treasury you still pay the big one which is the Fed. The tax saving in my state MD is very very small then and I think it should be the same for most states compare to 0.4% difference . You pay tax only on received interest which makes its gain small compared to 0.4% higher rate you get from this CD.
Last edited by PickyCustomer December 8, 2022 at 05:46 PM.
Dec 20, 2022 07:39 PM
708 Posts
Joined Sep 2007
SwiftToneDec 20, 2022 07:39 PM
708 Posts
Took me nearly 2.5 weeks to get my membership approved. I guess it was really 1.5 weeks but they didn't inform me that it was approved until I called in to complain. I used a local share branch to deposit a personal check into a savings account, went online to open a CD, and chatted to get the money transferred into CD.

Andrews FCU said I can go to a share branch to close out the CD when it matures.

the offer has now been extended to end of 2022.
Aug 07, 2023 02:03 PM
708 Posts
Joined Sep 2007
SwiftToneAug 07, 2023 02:03 PM
708 Posts
Quote from SwiftTone :
Took me nearly 2.5 weeks to get my membership approved. I guess it was really 1.5 weeks but they didn't inform me that it was approved until I called in to complain. I used a local share branch to deposit a personal check into a savings account, went online to open a CD, and chatted to get the money transferred into CD.

Andrews FCU said I can go to a share branch to close out the CD when it matures.

the offer has now been extended to end of 2022.
Just an update. The CD matured, I closed the CD via chat and they mailed me an Official Check which I received a few days later.

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