Northwest FCU 3-year 3.04% Add-On CD

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Bustoff
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Bustoff » Thu Oct 08, 2015 7:48 am

disregard... my mistake.
Last edited by Bustoff on Sat Oct 10, 2015 9:43 am, edited 2 times in total.

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by tfb » Thu Oct 08, 2015 8:16 am

Kevin M wrote:What is the transfer limit (per transfer or daily) if I set up the ACH from your end?
NWFCU CSR wrote:The transfer limitations are as follows:

You may not exceed $2,500 daily in incoming transfers with a maximum of $10,000.00 in incoming transfers in a thirty (30) day period.
This last answer confuses me, because tfb has told us that we can't do incoming transfers initiated from NWFCU, and these low limits seem absurd for transfers initiated from external accounts. I responded with a follow up question about this, pointing out that incoming transfers of up to $100K can be arranged by email for the initial deposit, so these can't be hard limits. I asked the CSR to research this further, and get back to me with clarification. I also asked that if these limits were indeed factual, if mailing a check was a solution, or if there was any other solution.

I also asked if there was a way to transfer from NWFCU savings to CD without making a phone call.
Maybe incoming transfers can be initiated at NWFCU only after you become a member for some time. Maybe you can't do it online but they can do it for you if you call. The above limits can't apply to transfers initiated from external accounts; otherwise paycheck direct deposits will fail if someone receives a $20k bonus. I deposited a check to savings at a shared branch and then sent a message through online banking. They moved the money for me. Most other places don't take transaction instructions over secure messages.

The pattern here is that you have to contact customer service one way or another. You just can't do everything yourself. Request a higher funding amount at opening - contact customer service. Confirm your account number for setting up incoming ACH - contact customer service. Move money from savings to certificate - contact customer service. USAlliance was way easier. I didn't have to contact anyone.
Last edited by tfb on Thu Oct 08, 2015 8:25 am, edited 2 times in total.
Harry Sit, taking a break from the forums.

Constant Chaos
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Constant Chaos » Thu Oct 08, 2015 8:22 am

Well, my CD is allegedly funded, I have an account number and it shows a balance of $10,000.... But no money has been withdrawn from the bank account I used for the funding. :confused Is anyone encountering this? CD opened Oct 5, today is the 8th....surely the money should be pulled from my bank account by now?

FlamingoTime
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by FlamingoTime » Thu Oct 08, 2015 9:04 am

i just got off the phone with them for this same reason. The account shows current balance as my initial funding and the wire transfer amount I did yesterday, but the "available" balance only shows the initial amount. In spite of this, the rep told me that it was because they haven't "received" the initial funding amount yet and it might take a few days (this was amount initiated by them as directed on my application). So, after a few days I will be able to go in and simply transfer the additional wired monies from NWFCU savings to the CD. So the additional amounts wired from a different bank by me in person yesterday to NWFCU was received (but not available), but not the initial amount that NWFCU should have wired in from my initial application instructions.... I think they are just swamped, but all should be okay in the end.

JamesSF
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by JamesSF » Thu Oct 08, 2015 9:11 am

Thank you, Kevin M and the others, I just got approved for an account and 40k CD using the instructions on this board.

A few gotchas:

1) The online application is multi-page. Don't stop after the first page or your application will be stuck in "PENDING". I missed this.
2) My credit bureaus are all frozen, so my application went into the "REFERRED" state, and stayed there for two days.
3) When I finally called in, they asked me to send in a pic of my ID, which I had already uploaded, and I pointed this out to them and they used it.
4) While on the phone with the rep, I asked her to increase the CD to $40k. She told the processor to do this, and my app moved from "REFERRED" to "APPROVED".
5) Take the rep up on their offer to help you register for later online access. It's not all that intuitive, it helps to have them guide you through it. Once registered, I was able to see the account and CD online.
6) A Docusign e-Signature is required for the account application, which is easy (use the last 4 digits of your social sec # as the password). It comes via your email after the application is approved.

Not sure if my account is actually open yet, I guess I'll know when the money comes out of my bank account, but the application says "APPROVED" and I have an account #, so I'm hopeful.

Thanks to all of you who posted hints and instructions, this is a great deal.

MariaT
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by MariaT » Thu Oct 08, 2015 9:36 am

Kevin, thanks for the update. I'm glad you got your response in writing. Getting info over the phone from various reps have been challenging enough.
Kevin M wrote:This last answer confuses me, because tfb has told us that we can't do incoming transfers initiated from NWFCU, and these low limits seem absurd for transfers initiated from external accounts.
I may not have been clear about linking external account in my last post. My apologies. The "external account" I was referring to was the external account" you setup in your NWFCU account and not from outside institution. Per what CSR told me yesterday once you have verified your external account set up in NWFCU you can initiate a request for incoming funds. The request for incoming fund transfers are only allowed if it is your first time to use the external account set up in your NWFCU account as NWFCU considers it "new" money. If you already have an established external account set up in your NWFCU account and have made transactions with this account in the past prior to opening your Dream CD then you are disallowed to request transfer of incoming funds as NWFCU considers the funds coming in as "old" or recycled money, I guess.
The "incoming funds" as mentioned in the response your received from NWFCU tie in with what the rep told me yesterday. I am waiting for verification of my external account that I established in my VWFCU account and once verified I will know if I can initiate an incoming fund transfer from my NWFCU account.

I am also interested to know NWFCU's response about "limits" (30 days) for transfers as I was hoping to make one or two transactions this month as add-ons to my Dream CD.

Thanks for all the updates, Kevin and to everyone.

Warm regards,
-Maria

P.S. I hope this post shows up as the last one just disappeared. BTW how do you recover a lost reply post?

furwut
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by furwut » Thu Oct 08, 2015 9:39 am

JamesSF wrote:Thank you, Kevin M and the others, I just got approved for an account and 40k CD using the instructions on this board.
...
Thanks to all of you who posted hints and instructions, this is a great deal.
+1
It is a great rate and I too thank Kevin M for taking point on this!

MariaT
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by MariaT » Thu Oct 08, 2015 9:49 am

tfb wrote:Maybe incoming transfers can be initiated at NWFCU only after you become a member for some time.
Per the CSR I spoke with yesterday who seemed knowledgeable about funding sources as long as your have an external account setup in your NWFCU account and have never used it for any transactions in the past, then you can initiate an incoming fund transfer from your NWFCU account. I will find out more once I get verification of my external account I set up in my VWFCU account.

Warm regards,
-Maria

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Kevin M
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Kevin M » Thu Oct 08, 2015 11:48 am

I got an answer by email to my follow up question about daily and monthly limits:
This limitation is only for our internal online banking transfers pulling funds from another institution. You can initiate a wire from the other institution or initiate a bill pay from another institution. Issuing a cashier’s check is also a viable option.
There is no limit for receiving funds from another institution when it is not initiated through our online banking.
The answer did not specifically mention ACH transfers, but maybe "wire" is shorthand for any electronic transfer, or the answer was just incomplete. I plan on setting up ACH transfer from Ally Bank.

The question about transferring from savings to CD was not answered, but tfb has told us upthread that it can be done by secure message, so that's probably what I'll try when I get to that point.

Kevin
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Kevin M » Thu Oct 08, 2015 11:53 am

MariaT wrote:P.S. I hope this post shows up as the last one just disappeared. BTW how do you recover a lost reply post?
Sometimes using the "back" functionality of your browser will work, but sometimes not. I've gotten in the habit of periodically clicking ctrl-a (select all), ctrl-c (copy), so at least the post is stored in my copy/paste buffer. For really long posts, I'll also sometimes periodically paste into a text editor (ctrl-v).

I've lost a few really long posts, and hence developed the above habit.

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Kevin M » Thu Oct 08, 2015 12:07 pm

Constant Chaos wrote:Well, my CD is allegedly funded, I have an account number and it shows a balance of $10,000.... But no money has been withdrawn from the bank account I used for the funding. :confused Is anyone encountering this? CD opened Oct 5, today is the 8th....surely the money should be pulled from my bank account by now?
Did you received and sign the DocuSign document? If so, I probably would follow up by email if you don't see the withdrawal by end of business today.

The money came out of my account the next business day after all the steps were complete, and my status moved to APPROVED. However, I think I saw the status moved to APPROVED and was able to set up online access and view the accounts before the DocuSign documents were signed, so the latter may be a key step before the do the transfer.

Kevin
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MariaT
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by MariaT » Thu Oct 08, 2015 12:09 pm

Thanks, Kevin. I will try to remember to save my posts (if long).

Warm regards,
-Maria

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by RustyShackleford » Thu Oct 08, 2015 1:02 pm

Issuing a cashier’s check is also a viable option.
I was told that a regular personal check is also fine (assuming you're moving the money from a checking account). Of course, you'd probably want to send that via certified mail.

drzzzzz
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by drzzzzz » Thu Oct 08, 2015 1:03 pm

Has anyone found an ACH transfer fund request on the northwest fcu online banking site after getting an account number and registering for online banking - if so, where is it located? While I have opened an account the process started on 10/3 and was not approved until yesterday, and is still not funded per looking at my bank account. I find this credit union has one of the most unfriendly and complicated processes for opening a CD that I have ever encountered - and like many of you I use online sites a lot and have opened up numerous CDs on-line, all in the blink of an eye without having to spend 5 days on it, sending in copies of licenses, and reading all the posts about helpful tidbits on here- so like synchrony bank which has a site that works well and people you can contact.

mur44
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by mur44 » Thu Oct 08, 2015 1:07 pm

Kevin,

I opened account last Saturday. I was told it is approved.

How do I access my account?

The only access available is from the following link:

https://secure.loanspq.com/Consumer/log ... Pc4_wDG1k*

As you can see it is not NWFCU web site.

Do I need to go through registering my account through their web site:
https://www.nwfcu.org/

Is there any documented procedure to doing the registration process?

Thanks a lot. You have been extremely helpful so far.

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by MariaT » Thu Oct 08, 2015 1:47 pm

mur44, not Kevin. The url https://secure.loanspq.com/Consumer/log is linked to NWFCU.org website. You actually go through this URL during online application processing which you already must have gone through as you just said your application was approved. I take it you submitted your DL & confirmed DocuSign from the application tool.

Once you receive your Account# you then register for Online Banking with NWFCU.org where you will create a new profile (new user name, PW) and you will be able to see your new account summary.

Hope this helps.

Warm regards,
-Maria

mur44
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by mur44 » Thu Oct 08, 2015 2:07 pm

Thanks maria (Kevin too).

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Kevin M » Thu Oct 08, 2015 3:51 pm

I answered mur44's question via PM, but since it was asked here too, might as well share the answer here as well.
mur44 wrote:I opened account last Saturday. I was told it is approved.

How do I access my account? <snip>
mur44
The first link is just to log in to the online application tool, which is different than logging onto your account.

Yes, to register for online access to your account, start at Northwest Federal Credit Union (NWFCU), then just below the Username field toward the top right, click on Not Registered?, then on the next screen click on Register. Clicking this last link I've provided will take you straight to the first registration screen.

Then scroll to the bottom, click the "I accept ..." button, the proceed through the additional registration screens. Be sure to read the tips I added to the OP.

Hope this helps.

Kevin
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z-man
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by z-man » Thu Oct 08, 2015 3:52 pm

I apologize if it's already been answered, but is this limited to one CD per account holder?

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by RustyShackleford » Thu Oct 08, 2015 3:55 pm

z-man wrote:I apologize if it's already been answered, but is this limited to one CD per account holder?
Yes, they way they put it is "one CD per SSN".

Happy2BeFree
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Happy2BeFree » Thu Oct 08, 2015 7:59 pm

Constant Chaos wrote:Well, my CD is allegedly funded, I have an account number and it shows a balance of $10,000.... But no money has been withdrawn from the bank account I used for the funding. :confused Is anyone encountering this? CD opened Oct 5, today is the 8th....surely the money should be pulled from my bank account by now?
I opened my account on Oct. 2, and the money still hasn't been transferred from my bank savings account. If nothing happens by tomorrow (Friday, Oct. 9), I'll email again.

On Oct. 7, my CSR emailed this: "It can take up to 3 business days for you to show it leaving your account. We give you provisional credit so your CD is funded."

I'm not complaining that I'm accruing double interest for a few more days, but I want to make sure the CD is actually funded at some point!

kel2corbusier
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by kel2corbusier » Thu Oct 08, 2015 10:26 pm

Chesterfield wrote: You can also try to do an "indirect RO". 1)Call up the firm you currently have r/IRA with, tell them you want to do indirect RO. They will liquidate that account, and mail you the check. Take note of the exact number. 2)Tell Northwest FCU you want to do a indirect RO and that you can do the contribution NOW from your saving/checking account. Go ahead and transfer the exact dollar amount from the check you have yet to receive. 3)A fter 7-10 days but, you will receive that check and simply deposit it into your own saving account. You're basically borrowing the $ ahead from teh indirect RO to contribute to r/IRA.

The only "inconvenient" thing is you can only do ONE indirect RO/year and make sure the $ being reinvested WITHIN 60 days. You also have to file an couple lines on the tax form, but not a big deal.

This is the simplest way I can think of to expedite/fund IRA in this CD to ensure the rate. It's essentially $ coming from your own saving/checking account borrowed ahead from an indirect RO check, which hasn't come to you yet...
Has anyone successfully opened an IRA CD? Did you use this "indirect RO" method?

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by JDDS » Fri Oct 09, 2015 12:52 am

Happy2BeFree wrote:
Constant Chaos wrote:Well, my CD is allegedly funded, I have an account number and it shows a balance of $10,000.... But no money has been withdrawn from the bank account I used for the funding. :confused Is anyone encountering this? CD opened Oct 5, today is the 8th....surely the money should be pulled from my bank account by now?
I opened my account on Oct. 2, and the money still hasn't been transferred from my bank savings account. If nothing happens by tomorrow (Friday, Oct. 9), I'll email again.

On Oct. 7, my CSR emailed this: "It can take up to 3 business days for you to show it leaving your account. We give you provisional credit so your CD is funded."

I'm not complaining that I'm accruing double interest for a few more days, but I want to make sure the CD is actually funded at some point!
No double interest for me, since my funds will be pulled from a no-interst checking account. Like you though, I got my initial application submitted on Oct 2. I'm trying to be patient, but like many on this thread, I will be glad when it is all done.

bogle2013
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by bogle2013 » Fri Oct 09, 2015 7:37 am

I've made a lot of progress this week on this odyssey - actually enjoyed the process like only a do-it-yourselfer can.

The CDs are set up, and I've finally verified the banks this morning for External Transfers. Now I don't see any place to initiate external transfers. I am going to work on this step today. Any advice would be appreciated. My plan was to transfer the money from my local checking account to my NWFCU savings account, then call to get it into the CD.

**** EDIT - I called customer service and my account needs to be 6 months old to do external transfers - I am sure I read this earlier and I am sorry for the repeat. I am just going to wire the money today to the Savings account.
Last edited by bogle2013 on Fri Oct 09, 2015 8:16 am, edited 1 time in total.

Constant Chaos
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Constant Chaos » Fri Oct 09, 2015 7:40 am

Kevin M wrote:
Constant Chaos wrote:Well, my CD is allegedly funded, I have an account number and it shows a balance of $10,000.... But no money has been withdrawn from the bank account I used for the funding. :confused Is anyone encountering this? CD opened Oct 5, today is the 8th....surely the money should be pulled from my bank account by now?
Did you received and sign the DocuSign document? If so, I probably would follow up by email if you don't see the withdrawal by end of business today.

The money came out of my account the next business day after all the steps were complete, and my status moved to APPROVED. However, I think I saw the status moved to APPROVED and was able to set up online access and view the accounts before the DocuSign documents were signed, so the latter may be a key step before the do the transfer.

Kevin
Yes, everything was signed and the CD is all properly opened, but according to the CSR I spoke to on the phone this morning, they are just so busy they haven't had time to pull the money. He claimed that since the CD was opened on the 5th, it would come out today or Tuesday. I see someone on depositaccounts.com was told it wouldn't be pulled until the 14th. And other posters here seem not to have had the money pulled yet either.

Aspen
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Aspen » Fri Oct 09, 2015 8:52 am

I, like others, have not yet had any transfer of funds out of my account to seed the CD. I have been able to set up ACH external linkages from my external account into the NWFCU savings account, as well as from NWFCU into my external account, which after reading looks like outbound only.

I originally set the ACH links up both ways as I wasn't sure how the NWFCU would allow such transfers for additional CD deposits but now after seeing NWFCU initiated transfers are outbound only, I may end up just going with the external account link which I can use to either transfer funds into my NWFCU savings account then call the CSR to transfer to the CD, as well as out of the NWFCU savings account once the CD matures after calling and telling them I want the CD proceeds deposited to my NWFCU savings account.

Question though in light of not having initial CD funding withdrawn yet from my account, would it be possible to do an ACH transfer NOW from my external account into the Savings account at this point to add additional money to the CD before initially seeded via the ACH transfer they are doing. I guess I could call them and tell them the additional source to get the additional money but was hoping to avoid another hour on the phone.

I initially was going to wait before adding so only went with $10K to start the CD but it looks like I will have additional funds available now to add to the CD but I'm not sure if I should just wait to do this until after the CD is fully opened or proceed now? I will avoid calling them once the funds are transferred and available in my NWFCU savings account by web chatting them to move the funds.

Aspen

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by tidelandp » Fri Oct 09, 2015 9:18 am

bogle2013 wrote:I've made a lot of progress this week on this odyssey - actually enjoyed the process like only a do-it-yourselfer can.

The CDs are set up, and I've finally verified the banks this morning for External Transfers. Now I don't see any place to initiate external transfers. I am going to work on this step today. Any advice would be appreciated. My plan was to transfer the money from my local checking account to my NWFCU savings account, then call to get it into the CD.

**** EDIT - I called customer service and my account needs to be 6 months old to do external transfers - I am sure I read this earlier and I am sorry for the repeat. I am just going to wire the money today to the Savings account.
If you live near an affiliate CU, you can drop off check for immediate credit to share account, and avoid wire fee. Check NWFCU’s locator wizard for “CU Service Centers,” https://www.nwfcu.org/locator/. After deposit, you can either call or use webmail w/in account to request transfer to CD.

Alternatively, if you’re not in a rush for deposit to occur today, set up NWFCU as external account with bank(s). Once NWFCU is verified, you can push in funds. Good luck.

psychoslowmatic
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by psychoslowmatic » Fri Oct 09, 2015 9:24 am

Has anyone tried adding to this CD by using the co-op shared branch network? Seems like writing yourself a check and depositing it there or if they have an app would be easy.

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by ThisTimeItsDifferent » Fri Oct 09, 2015 9:34 am

Kevin M wrote:I received a reply to my email answering the questions I asked.

For the additional deposits, I was planning on setting up ACH transfer from my external checking account. For setting up the transfer to the NWFCU savings account, do I use the short form or long form of the account number? Short form is 8 digits and long form is same 8 digits but preceded by 10000, so 13 digits.

Or, can I make the ACH deposit directly to the CD using its account number for the ACH transfer (same base account number but preceded by 90000)?
NWFCU CSR wrote: When you set up an external transfer, you must use the full 13-digit account number. You cannot make a deposit directly to the certificate from an outside institution, Once the funds are deposited into your account, the $ can be transferred to the CD.
Kevin
The csr told me by webmail that the 8 digit account number was the right one to use for an ACH transfer and they would move it into the cd manually when they received it. YMMV

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Average Investor » Fri Oct 09, 2015 9:52 am

I started the application process last Saturday evening. It was helpful to read through this thread a few times to avoid the many "gotchas" that others have experienced. Had to send in a copy of my DL and a utility bill to clarify my address. App was approved on Tuesday, I esigned the docs on Wednesday, and registered on the NWFCU site where I can now see my account showing an initial balance in savings and cd. Still no funding from my external account though. Checking back daily.

Thank you.
Tomorrow never knows.

Jodeci23
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Jodeci23 » Fri Oct 09, 2015 10:38 am

I've opened my CD and am just waiting for it to be debited from my funding account, like some others on here. Thank you to Kevin and others for all the invaluable information that has been provided.

Anyway, I'm new to investing, so please excuse me if this is a really stupid question. While looking at my account, under 'Account Details', I see that it says 3.000% interest rate instead of 3.04%. Is that right or am I missing something?

Iorek
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Iorek » Fri Oct 09, 2015 10:57 am

Jodeci23 wrote:I've opened my CD and am just waiting for it to be debited from my funding account, like some others on here. Thank you to Kevin and others for all the invaluable information that has been provided.

Anyway, I'm new to investing, so please excuse me if this is a really stupid question. While looking at my account, under 'Account Details', I see that it says 3.000% interest rate instead of 3.04%. Is that right or am I missing something?
Not a stupid question. The 3.04% is the annual percentage yield, which is slightly higher than the annual percentage rate because they are crediting you with interest during the year, and then you are earning interest on that interest (if they only credited you with interest at the end of the year, the numbers would be identical, if they credit you with interest every month then you will earn a little more, and if they credit you every day you'll earn a little bit more than that). A good explanation can be found here.

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by fsrph » Fri Oct 09, 2015 11:01 am

Jodeci23 wrote:I've opened my CD and am just waiting for it to be debited from my funding account, like some others on here. Thank you to Kevin and others for all the invaluable information that has been provided.

Anyway, I'm new to investing, so please excuse me if this is a really stupid question. While looking at my account, under 'Account Details', I see that it says 3.000% interest rate instead of 3.04%. Is that right or am I missing something?
As I understand it, if you reinvest dividends into the CD, the compound rate is 3/04%. The simple interest rate is 3%.

Just to add my experience. I applied to membership and the CD on line on 10/3. I received the instant approved status, sent them an online message, uploaded my DL but no heard nothing from them. Called them today.Only had to wait 5 minutes. First they approved an initial money transfer of the full 100K. But then they had an odd request, at least to me. They wanted a copy of my SS card. Had a hard time finding it. I think the lesson from this is if you applied online and didn't hear from them it's best to call them. I used the toll free # 844-709-8900. They acted as a go between between me and the new accounts department.

Francis
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Kevin M » Fri Oct 09, 2015 11:25 am

fsrph wrote: I received the instant approved status, sent them an online message, uploaded my DL but no heard nothing from them. <snip>I think the lesson from this is if you applied online it's best to call them.
I've completed four applications, all have been approved, and I haven't called once. I found sending an email to be an effective prod.

For one of the four applications, we only sent an online message, but I had mentioned that person's application in the email I sent about mine (but didn't have the application number), so maybe that email helped.

For two applications that were submitted on Monday, we sent an email for one, but only an online message for the other. The one for which we sent the email was approved on Tuesday, but not the other, so we sent an email for that one, and it was approved the next day.

I'm sure calling is as good or better, but I just didn't want to wait on hold.

Kevin
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Kevin M » Fri Oct 09, 2015 11:29 am

ThisTimeItsDifferent wrote:
Kevin M wrote:
NWFCU CSR wrote: When you set up an external transfer, you must use the full 13-digit account number. You cannot make a deposit directly to the certificate from an outside institution, Once the funds are deposited into your account, the $ can be transferred to the CD.
The csr told me by webmail that the 8 digit account number was the right one to use for an ACH transfer and they would move it into the cd manually when they received it. YMMV
Maybe either one will work. I usually leave off the leading zeros when using checking account numbers, and it works fine, but since the additional digits here aren't just zeros, I thought it might be different.

Can anyone who's actually completed the setup of ACH from an external account (set up from the external bank/CU, not from the NWFCU side) let us know which they used?

I'm not planning on setting it up soon anyway, since it will be awhile before I have the extra money to deposit.

Kevin
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Kevin M » Fri Oct 09, 2015 12:03 pm

Jodeci23 wrote:While looking at my account, under 'Account Details', I see that it says 3.000% interest rate instead of 3.04%. Is that right or am I missing something?
Interest is compounded daily, so here's the equation to get to the 3.04% (actually rounds to 3.05%):

(1 + 0.03/365)^365 -1

The result is 0.030453 = 3.0453% = 3.05%.

Not sure why they round down to 3.04%, unless the actual rate is something like 2.995%, which would round to 3.00% (what they show as rate), and result in a rounded 3.04% APY, but it's no big deal.

Kevin
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by tidelandp » Fri Oct 09, 2015 12:12 pm

Kevin M wrote:
ThisTimeItsDifferent wrote:
Kevin M wrote:
NWFCU CSR wrote: When you set up an external transfer, you must use the full 13-digit account number. You cannot make a deposit directly to the certificate from an outside institution, Once the funds are deposited into your account, the $ can be transferred to the CD.
The csr told me by webmail that the 8 digit account number was the right one to use for an ACH transfer and they would move it into the cd manually when they received it. YMMV
Maybe either one will work. I usually leave off the leading zeros when using checking account numbers, and it works fine, but since the additional digits here aren't just zeros, I thought it might be different.

Can anyone who's actually completed the setup of ACH from an external account (set up from the external bank/CU, not from the NWFCU side) let us know which they used?

I'm not planning on setting it up soon anyway, since it will be awhile before I have the extra money to deposit.

Kevin
Based on NWFCU directions, I used 13 digits, consisting of 10000 followed by member #. Can't say the 8 digit approach won't work as I've not tried it.

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Jodeci23 » Fri Oct 09, 2015 12:40 pm

Oh, ok. Got it. Thanks for the replies.

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Aspen » Fri Oct 09, 2015 1:08 pm

Kevin M wrote:
ThisTimeItsDifferent wrote:
Kevin M wrote:
NWFCU CSR wrote: When you set up an external transfer, you must use the full 13-digit account number. You cannot make a deposit directly to the certificate from an outside institution, Once the funds are deposited into your account, the $ can be transferred to the CD.
The csr told me by webmail that the 8 digit account number was the right one to use for an ACH transfer and they would move it into the cd manually when they received it. YMMV
Maybe either one will work. I usually leave off the leading zeros when using checking account numbers, and it works fine, but since the additional digits here aren't just zeros, I thought it might be different.

Can anyone who's actually completed the setup of ACH from an external account (set up from the external bank/CU, not from the NWFCU side) let us know which they used?

I'm not planning on setting it up soon anyway, since it will be awhile before I have the extra money to deposit.

Kevin
Kevin,

I used the full 13 digit number to successfully establish the ACH from Ally Bank. I set up one ACH with my SS# which only required verification via my NWFCU ID and password while I setup my wife's account using trial deposits which were successfully deposited and withdrawn in her NWFCU account so know that full 13 digit works.
Aspen

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Kevin M » Fri Oct 09, 2015 1:11 pm

Excellent! Thanks Aspen.

Kevi
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by RustyShackleford » Fri Oct 09, 2015 1:52 pm

Kevin M wrote:
Jodeci23 wrote: Interest is compounded daily, so here's the equation to get to the 3.04% (actually rounds to 3.05%):

(1 + 0.03/365)^365 -1
It may interest the mathematically-inclined to know that the general case is:

(1 + APR/N)^N

... and that the limit as N goes to infinity is e^APR, (where 'e' is the base of the natural logarithms, about 2.7).

So e^0.03 = 1.03045, making the APY 3.045%.

Of course, when N = 365, it's so close that it doesn't matter (the difference would be about 13 cents for someone who invested the full $100,000 in their CD !). In fact, if N is only 12 (i.e. compounded monthly) the APY is still 3.042%.

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by RustyShackleford » Fri Oct 09, 2015 1:57 pm

Good Lord, I'm just going to mail a check.

I set up NWFCU as an "external account" at my bank's website; I verified by entering the two tiny deposits that showed up at NWFCU, and the external account is shown as "verified". But when I go to transfer the add'l money I wish to put in the CD, it says "try again later". Calling my bank, I get a bunch of mumbo-jumbo that my transfer amount is limited, but they can't tell me what it is ! All they suggest is trying ever smaller amount to see what it'll accept - at a cost of $2.99 each, even though I have their delux account. Or I can come in and do a wire for the small amount, at a cost of a visit to their inconvenient location and a $15 fee. Or they'll do a cashier's check for free, which I then send by registered mail; I'm afraid this is going to be the way to go.

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Bustoff » Fri Oct 09, 2015 2:56 pm

I can't figure out how you are setting up the transfer feature in the NWFCU online bank.

If I understand correctly, NWFCU only only allows the "Transfer" function for the savings account. But when I try to set up the transfer feature I only get this message:
"You are unable to use the transfer functionality because you don't have accounts that are eligible for transfer."

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by MariaT » Fri Oct 09, 2015 3:25 pm

As mentioned by others earlier, I just received an email confirming that the hold out period for external account setup in your NWFCU account is six months. They won't budge to unlock I already asked :annoyed . They did offer to reimburse me for a one-time ACH fee transfer from my outside bank. I thought that was nice :beer . Furthermore, good news - they have a mobile app you can download and make your deposits BUT the deposit is limited to $5,000 per check image per day. The holding period for the check(s) to clear is 2 days but if you are adding to your Dream CD, you can just call them the same day you make your mobile deposit and NFWCU will move it for you. I have already downloaded the mobile app and it was an easy install. Check you email because you will be given a PIN # to complete the download.

The person at NWFCU also informed me due to the high volume demand on the Dream CD, NFWCU is closing the CD at 7PM tonight. So for those still planning to get this CD do it as soon as you can.

Warm regards,
-Maria

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Aspen » Fri Oct 09, 2015 5:33 pm

MariaT wrote:As mentioned by others earlier, I just received an email confirming that the hold out period for external account setup in your NWFCU account is six months. They won't budge to unlock I already asked :annoyed . They did offer to reimburse me for a one-time ACH fee transfer from my outside bank. I thought that was nice :beer . Furthermore, good news - they have a mobile app you can download and make your deposits BUT the deposit is limited to $5,000 per check image per day. The holding period for the check(s) to clear is 2 days but if you are adding to your Dream CD, you can just call them the same day you make your mobile deposit and NFWCU will move it for you. I have already downloaded the mobile app and it was an easy install. Check you email because you will be given a PIN # to complete the download.

The person at NWFCU also informed me due to the high volume demand on the Dream CD, NFWCU is closing the CD at 7PM tonight. So for those still planning to get this CD do it as soon as you can.

Warm regards,
-Maria
Can you do an ACH transfer in from an external bank before NWFCU withdrawals the initial ACH funds used to establish the CD as they have yet to take that out of my account?

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by tbradnc » Fri Oct 09, 2015 6:39 pm

My Northwest saga continues. I've been out of town hiking this week and when i got back this afternoon I had a few emails and a voicemail from the credit union.

They apologized for the delay and told me that Telecheck was still causing the decline. I called Telecheck for the 2nd time and was again told that there is no negative information on my account and to relay that info to the credit union. Still no joy and very puzzling.

Anyway, my wife opened an account and got "Instant Approved" so we'll go that route.

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by furwut » Fri Oct 09, 2015 6:56 pm

MariaT wrote:
The person at NWFCU also informed me due to the high volume demand on the Dream CD, NFWCU is closing the CD at 7PM tonight. So for those still planning to get this CD do it as soon as you can.

Warm regards,
-Maria
How is that possible? I applied Monday and my application is still waiting final approval.

P.S. - the CD OFFER is gone from their site.

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by dodecahedron » Fri Oct 09, 2015 7:03 pm

It is rather stunning that the credit union is making it so difficult to get money into their institution. My thought is: if it is this hard to get them to take the money, how hard will this CU make it to get it out when the CDs mature!

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by tbradnc » Fri Oct 09, 2015 7:05 pm

dodecahedron wrote:It is rather stunning that the credit union is making it so difficult to get money into their institution. My thought is: if it is this hard to get them to take the money, how hard will this CU make it to get it out when the CDs mature!
Beats me... I made the comment to a rep that I wasn't trying to borrow money- I was trying to give them money.

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by furwut » Fri Oct 09, 2015 7:23 pm

This CD offer turned out to be ephemeral and maybe the only way to secure it was to ignore their process and call in and get priority handling.

I intend to call Tuesday to see if they will honor the rate for pending applications. If not I hope I can to cancel my membership application and so save the $10 membership fee.

Lesson learned - don't chase Unicorns. Going forward I will strive to limit my financial dealings with large established organizations.

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