NASA FCU- 15 month CD 3.25%

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protagonist
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NASA FCU- 15 month CD 3.25%

Post by protagonist » Tue Sep 04, 2018 6:44 am

Certificates | NASA Federal Credit Union

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UncleBen
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Re: NASA FCU- 15 month CD 3.25%

Post by UncleBen » Tue Sep 04, 2018 8:34 am

Thanks Protagonist! I'm at my limit there but spouse is not.

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Kevin M
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Re: NASA FCU- 15 month CD 3.25%

Post by Kevin M » Fri Sep 07, 2018 2:20 pm

Is it easy to manage CDs there? For example, easy to get money out when the CD matures?

Typically the process for a taxable account requires calling the CU to tell them not to roll the CD over, setting up ACH from a good hub bank, like Ally, then transferring the money out the day it matures.

I was on hold with NWFCU for 12 minutes to do the first step today, but finally selected the option to have them call me back. About 40 minutes, and still waiting. I also sent them a message using their messaging system, but don't know if they will accept that.

Thanks,

Kevin
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Re: NASA FCU- 15 month CD 3.25%

Post by Kevin M » Fri Sep 07, 2018 3:03 pm

Read through some of the DA reviews here, https://www.depositaccounts.com/banks/n ... on/offers/, and it sounds like a pain to become a member. Apparently they want a copy of social security card in addition to driver license--I don't even know where my SS card is--haven't needed it for anything in as long as I can remember. It's also reported that they do a hard credit pull.

It's a great deal, but I'm just not feeling like jumping through such excessive hoops, and don't know if I could even find my SS card.

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goodenoughinvestor
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Re: NASA FCU- 15 month CD 3.25%

Post by goodenoughinvestor » Fri Sep 07, 2018 3:11 pm

Was able to join easily on-line, no need for soc sec card, just a pic of driver's license.

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Re: NASA FCU- 15 month CD 3.25%

Post by Kevin M » Fri Sep 07, 2018 3:17 pm

goodenoughinvestor wrote:
Fri Sep 07, 2018 3:11 pm
Was able to join easily on-line, no need for soc sec card, just a pic of driver's license.
Have you gotten all the way through the process, and actually opened the CD? Some folks reported being asked for the SS card later, after the initial online process when only the DL was requested. Maybe it's a case by case thing.

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munemaker
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Re: NASA FCU- 15 month CD 3.25%

Post by munemaker » Fri Sep 07, 2018 5:25 pm

goodenoughinvestor wrote:
Fri Sep 07, 2018 3:11 pm
Was able to join easily on-line, no need for soc sec card, just a pic of driver's license.
We just joined NASA FCU today. It was easy peasy and it took less than 30 minutes (and that included scanning ID documents). At the end of the process, the screen said we are approved (joint account) and an account number was provided. They also sent me a message saying I was instantly approved. I don't see them asking for any more identification or documentation.

You have a choice of IDs to provide: SS card, state driver's license, passport, US government ID. There may have been other choices (don't remember all of them). You only need to provide one ID.

Next I have to open the CD. I am going to try to wire transfer funds from Vanguard MMF to NASA FCU Savings account. It has been a long time since I have done a wire transfer. I think I read that Vanguard does not charge for outgoing wire transfers (except really small ones) and NASA FCU does not charge for incoming wire transfers, so presumably this will be a quick, easy, free transfer. Hopefully I can get this done on Monday.

I have experience with a few credit unions. NASA FCU seems very fee oriented...almost like a bank, so they will never be my main financial service provider. It looks like you have to open a savings account with $5, and there doesn't seem to be any fee attached to that, or to a CD. They do have some nice Star-Trek themed credit cards with sign on bonuses that I am considering.

EDIT: Looking at Vanguard's form for wire transfers, it looks like they want a Medallion stamp which I cannot get. So it looks like another 1+ week to link the accounts for ACH transfer. Very discouraging. They sure don't make this easy.
Last edited by munemaker on Fri Sep 07, 2018 9:41 pm, edited 1 time in total.

nitpick
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Re: NASA FCU- 15 month CD 3.25%

Post by nitpick » Fri Sep 07, 2018 5:46 pm

They do hard credit pull as per the comments in doctor of credit.

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munemaker
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Re: NASA FCU- 15 month CD 3.25%

Post by munemaker » Fri Sep 07, 2018 8:42 pm

nitpick wrote:
Fri Sep 07, 2018 5:46 pm
They do hard credit pull as per the comments in doctor of credit.
From what I have read, most credit unions do. What's your concern?

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Re: NASA FCU- 15 month CD 3.25%

Post by katnrica » Sun Sep 09, 2018 1:23 pm

Kevin M wrote:
Fri Sep 07, 2018 2:20 pm
Is it easy to manage CDs there? For example, easy to get money out when the CD matures?

Typically the process for a taxable account requires calling the CU to tell them not to roll the CD over, setting up ACH from a good hub bank, like Ally, then transferring the money out the day it matures.

I was on hold with NWFCU for 12 minutes to do the first step today, but finally selected the option to have them call me back. About 40 minutes, and still waiting. I also sent them a message using their messaging system, but don't know if they will accept that.

Thanks,

Kevin
It's actually quite easy at NASA FCU. Like you described, I had to call them with instructions on what to do with my CDs at maturity, but then I discovered that you can set up the transfer/rollover instructions directly from your account page online.

3.25% for a 15-month is a terrific deal IMHO and we intend to participate vigorously. I was just about to purchase 52 week treasuries at this week's auction through Vanguard but I've changed my mind now. Even with the 9.5% Calif state income tax, the 3.25% NASA CD handily beats the 52 week T-bill yield. Thank you, OP, for the heads-up!

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Re: NASA FCU- 15 month CD 3.25%

Post by BlackcatCA » Sun Sep 09, 2018 6:40 pm

We just joined NASA FCU today. It was easy peasy and it took less than 30 minutes (and that included scanning ID documents). At the end of the process, the screen said we are approved (joint account) and an account number was provided. They also sent me a message saying I was instantly approved. I don't see them asking for any more identification or documentation.


EDIT: Looking at Vanguard's form for wire transfers, it looks like they want a Medallion stamp which I cannot get. So it looks like another 1+ week to link the accounts for ACH transfer. Very discouraging. They sure don't make this easy.
[/quote]

Glad to hear that some folks had an easy application. I had a mishap with my application: filled in the whole thin but then during mandatory read of the application documents in PDF some error occurred and my entire application was lost - backtracked using app to a blank form :( . There was no option to save it during the process. I’m still debating whether to retry.

Also, are people certain that ACH works for this bank? In reading the forum in depositaccount.com, most people use shared branch or wired transfer to move money into CD, which suggests some issue with their ACH process? I would love to hear some testimonies that ACH of >$30-50k is possible. Thank you.

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Re: NASA FCU- 15 month CD 3.25%

Post by katnrica » Sun Sep 09, 2018 9:41 pm

BlackCatCA wrote >>>>
>>>>>> most people use shared branch or wired transfer to move money into CD, which suggests some issue with their ACH process? I would love to hear some testimonies that ACH of >$30-50k is possible. Thank you.


well, at NASA FCU, there is a limit of $10K per ACH transfer. And I think the # of outgoing transfers is limited to 6 per month (from the savings account) - this is normal and similar to all other banks and credit unions. I'm not sure if that number includes both incoming and outgoing transfers.

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Re: NASA FCU- 15 month CD 3.25%

Post by MikeG62 » Mon Sep 10, 2018 8:09 am

katnrica wrote:
Sun Sep 09, 2018 1:23 pm
Kevin M wrote:
Fri Sep 07, 2018 2:20 pm
Is it easy to manage CDs there? For example, easy to get money out when the CD matures?

Typically the process for a taxable account requires calling the CU to tell them not to roll the CD over, setting up ACH from a good hub bank, like Ally, then transferring the money out the day it matures.

I was on hold with NWFCU for 12 minutes to do the first step today, but finally selected the option to have them call me back. About 40 minutes, and still waiting. I also sent them a message using their messaging system, but don't know if they will accept that.

Thanks,

Kevin
It's actually quite easy at NASA FCU. Like you described, I had to call them with instructions on what to do with my CDs at maturity, but then I discovered that you can set up the transfer/rollover instructions directly from your account page online.

3.25% for a 15-month is a terrific deal IMHO and we intend to participate vigorously. I was just about to purchase 52 week treasuries at this week's auction through Vanguard but I've changed my mind now. Even with the 9.5% Calif state income tax, the 3.25% NASA CD handily beats the 52 week T-bill yield. Thank you, OP, for the heads-up!
Looking at their other CD rates/terms, this offering from NASA FCU appears to be a one-off. As a result, it seems likely to be a once and done move - with the funds needing to be transferred back from where they came when the CD matures.

Because I of that, I am reluctant to bother with this sort of rate chasing (I recognize that reasonable minds could differ). I get that it's roughly a 70bp yield pickup over other current short-term CD's options. However, that amounts to only $70 pre-tax for every $10,000 invested over 12 months. Given we are in an increasing rate environment, might rates on short-term CD's become more attractive over the next 3,6,9 months, potentially closing some of the rate gap? Layer on top the effort required (waiting on hold, scanning and sending personal documents, trying to get the funds in and eventually out).

Maybe I am biased as I have been in a consolidating mode with financial accounts the last couple of years.
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munemaker
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Re: NASA FCU- 15 month CD 3.25%

Post by munemaker » Mon Sep 10, 2018 9:02 am

katnrica wrote:
Sun Sep 09, 2018 9:41 pm
BlackCatCA wrote >>>>
>>>>>> most people use shared branch or wired transfer to move money into CD, which suggests some issue with their ACH process? I would love to hear some testimonies that ACH of >$30-50k is possible. Thank you.


well, at NASA FCU, there is a limit of $10K per ACH transfer. And I think the # of outgoing transfers is limited to 6 per month (from the savings account) - this is normal and similar to all other banks and credit unions. I'm not sure if that number includes both incoming and outgoing transfers.
Can't you just push (via ACH) as much as you want into NASA FCU from Vanguard?

Atgard
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Re: NASA FCU- 15 month CD 3.25%

Post by Atgard » Mon Sep 10, 2018 9:19 am

Thanks for linking, very tempting.

I note that one way to join is they give you a 1-year free membership to the National Space Society. Since it's a 15-mo CD, I assume you'd need to renew it (costs between $25–$55) for at least one more year?

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Re: NASA FCU- 15 month CD 3.25%

Post by Tarkus » Mon Sep 10, 2018 11:38 am

Atgard wrote:
Mon Sep 10, 2018 9:19 am
I note that one way to join is they give you a 1-year free membership to the National Space Society. Since it's a 15-mo CD, I assume you'd need to renew it (costs between $25–$55) for at least one more year?
I highly doubt you need to renew. They offer this option to establish membership -- I don't think you need to keep this active in order to keep your credit union membership.

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Re: NASA FCU- 15 month CD 3.25%

Post by Atgard » Mon Sep 10, 2018 11:51 am

I tried applying, and they're asking for notarized copies of my driver's license, social security card, and proof of residence. I have all those things, but has anyone else had them require notarized copies? What does that even mean? Type up something that says "these 3 things are authentic" and get a notary to sign it??

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Re: NASA FCU- 15 month CD 3.25%

Post by Kevin M » Mon Sep 10, 2018 12:15 pm

Atgard wrote:
Mon Sep 10, 2018 11:51 am
I tried applying, and they're asking for notarized copies of my driver's license, social security card, and proof of residence. I have all those things, but has anyone else had them require notarized copies? What does that even mean? Type up something that says "these 3 things are authentic" and get a notary to sign it??
Others mentioned this and things like it in the comments in the DepositAccounts blog post on this, which is an example of things that are deterring me from pursuing it.

MikeG62's comments also are representative of the way I'm thinking about it. A few years ago I probably would have jumped on it, but I'm getting lazier about joining and dealing with multiple credit unions.

Kevin
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Re: NASA FCU- 15 month CD 3.25%

Post by tfb » Mon Sep 10, 2018 1:18 pm

Kevin M wrote:
Mon Sep 10, 2018 12:15 pm
MikeG62's comments also are representative of the way I'm thinking about it. A few years ago I probably would have jumped on it, but I'm getting lazier about joining and dealing with multiple credit unions.
I agree. The short maturity also makes it not appealing. If I get the extra yield for 5 years, the one-time effort may be worth it. Only for a little over 1 year, not so much.
Harry Sit, taking a break from the forums.

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Re: NASA FCU- 15 month CD 3.25%

Post by mouses » Mon Sep 10, 2018 1:27 pm

munemaker wrote:
Fri Sep 07, 2018 5:25 pm
It looks like you have to open a savings account with $5, and there doesn't seem to be any fee attached to that, or to a CD.
Every credit union I have been a member of requires a share account with a minimum of $5 in it to be a member.

Some credit unions in my area are offering 3 to 3.25% approximately two year CDs (2 years or 30 months, etc.) I would look around in one's area first before trying to deal with the hassle of a distant cu. Update: I just went to depositaccounts.com for 3 year CDs and fed it several different states at random. Almost all popped up 3% CDs.

Just as a data point, I ran around in my local area last week changing my 2% CDs to the 3+% ones. Even in the worst case, a one year early closing penalty, I came out ahead by the end of the term, but mostly the penalty was three months and in one case the cu just bumped up my interest rate even though the CDs were not bumpups. It would be interesting to know what is going on behind the scenes in terms of the interest rates effects on cus.

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munemaker
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Re: NASA FCU- 15 month CD 3.25%

Post by munemaker » Mon Sep 10, 2018 4:15 pm

mouses wrote:
Mon Sep 10, 2018 1:27 pm
munemaker wrote:
Fri Sep 07, 2018 5:25 pm
It looks like you have to open a savings account with $5, and there doesn't seem to be any fee attached to that, or to a CD.
Every credit union I have been a member of requires a share account with a minimum of $5 in it to be a member.

Some credit unions in my area are offering 3 to 3.25% approximately two year CDs (2 years or 30 months, etc.) I would look around in one's area first before trying to deal with the hassle of a distant cu. Update: I just went to depositaccounts.com for 3 year CDs and fed it several different states at random. Almost all popped up 3% CDs.

Just as a data point, I ran around in my local area last week changing my 2% CDs to the 3+% ones. Even in the worst case, a one year early closing penalty, I came out ahead by the end of the term, but mostly the penalty was three months and in one case the cu just bumped up my interest rate even though the CDs were not bumpups. It would be interesting to know what is going on behind the scenes in terms of the interest rates effects on cus.
My point about the $5 savings account is that it is one of the few accounts at NASA Credit Union that does not have a fee...that and CDs. The few credit unions I have belonged to were easy on the fees.

Yes, there are lots of places to get 3.25% on longer term CDs. What makes the NASA Credit Union offer so compelling is the term is short, which is beneficial in a rising interest rate environment.

No one year/15 month CDs are available in our geographic area with rates of 3.25% or higher, at least none I can find.

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Re: NASA FCU- 15 month CD 3.25%

Post by Atgard » Mon Sep 10, 2018 9:45 pm

Kevin M wrote:
Mon Sep 10, 2018 12:15 pm
Atgard wrote:
Mon Sep 10, 2018 11:51 am
I tried applying, and they're asking for notarized copies of my driver's license, social security card, and proof of residence. I have all those things, but has anyone else had them require notarized copies? What does that even mean? Type up something that says "these 3 things are authentic" and get a notary to sign it??
Others mentioned this and things like it in the comments in the DepositAccounts blog post on this, which is an example of things that are deterring me from pursuing it.

MikeG62's comments also are representative of the way I'm thinking about it. A few years ago I probably would have jumped on it, but I'm getting lazier about joining and dealing with multiple credit unions.

Kevin
One message they sent said to upload these things, then a second message says to physically mail copies to them. Probably not worth it for this much hassle, and who knows what other hoops they will come up with. Never had to mail a notarized SS card to open a bank account before.

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Re: NASA FCU- 15 month CD 3.25%

Post by munemaker » Tue Sep 11, 2018 8:03 am

Atgard wrote:
Mon Sep 10, 2018 9:45 pm
Kevin M wrote:
Mon Sep 10, 2018 12:15 pm
Atgard wrote:
Mon Sep 10, 2018 11:51 am
I tried applying, and they're asking for notarized copies of my driver's license, social security card, and proof of residence. I have all those things, but has anyone else had them require notarized copies? What does that even mean? Type up something that says "these 3 things are authentic" and get a notary to sign it??
Others mentioned this and things like it in the comments in the DepositAccounts blog post on this, which is an example of things that are deterring me from pursuing it.

MikeG62's comments also are representative of the way I'm thinking about it. A few years ago I probably would have jumped on it, but I'm getting lazier about joining and dealing with multiple credit unions.

Kevin
One message they sent said to upload these things, then a second message says to physically mail copies to them. Probably not worth it for this much hassle, and who knows what other hoops they will come up with. Never had to mail a notarized SS card to open a bank account before.
When we applied for an account last Friday, there was a point toward the end of the application where you could upload your choice of one ID - state driver's license, SS card, passport, federal ID, etc. I used my driver's license and DW used her SS card. Did you see that on the application? We did that and were approved immediately.

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Re: NASA FCU- 15 month CD 3.25%

Post by Atgard » Tue Sep 11, 2018 8:26 am

Yes, the funny thing is I already uploaded a scan of my driver's license as part of the application ("to make processing faster"), but now they're asking for a physical, notarized copy. Nah, I'll find somewhere else to earn an extra 75bp.

Kinda wanted the science magazine for my 5yo though...

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munemaker
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Re: NASA FCU- 15 month CD 3.25%

Post by munemaker » Tue Sep 11, 2018 8:53 am

Atgard wrote:
Tue Sep 11, 2018 8:26 am
Yes, the funny thing is I already uploaded a scan of my driver's license as part of the application ("to make processing faster"), but now they're asking for a physical, notarized copy. Nah, I'll find somewhere else to earn an extra 75bp.

Kinda wanted the science magazine for my 5yo though...
Wow! That's weird. I wonder why they requested a notarized copy from you and not us? I probably would not bother to get a notarized copy either.

Longruninvestor
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Re: NASA FCU- 15 month CD 3.25%

Post by Longruninvestor » Wed Sep 12, 2018 3:49 pm

I bought into one of these 3.25% 15 month certificates today and the NASA FCU process was relatively simple and straightforward. I opened a savings (share) account on-line, funded the $5 balance using my Capital One bank account number and dropped off a check at a partner credit union near where I work. The whole process including on-line account application, lifting my credit freeze at Experion, the trip to the partner CU and the subsequent phone call with NASA FCU to open the CD took about 45 minutes. I did have to upload a picture of my drivers license during the application process.

:sharebeer

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Re: NASA FCU- 15 month CD 3.25%

Post by goodenoughinvestor » Wed Sep 12, 2018 7:02 pm

An update on my experience, which went very smoothly:

1. Applied on-line for two accounts: the required savings and the CD. I had to upload pic of driver's license. I used a credit card to fund the savings account with $5 (no fee). Process took maybe 5 minutes.

2. Linked the savings account to my Ally account. Took 48 hours for the trial deposits to show up.

3. Once the accounts were linked I called NASA customer service and requested they transfer the funds from my NASA savings to the 15-month CD. At most, phone call took two minutes.

Done!

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Re: NASA FCU- 15 month CD 3.25%

Post by Kevin M » Wed Sep 12, 2018 8:58 pm

The good experiences being reported are enticing me a bit more. Here are some more considerations, and a question.

Question: at what point in the process do you unfreeze your credit reporting at Experian? Is it before or during the online application, or is there some email follow up indicating you must do so.

Having worked over the last few days on getting set up to get the proceeds from my maturing CD at NWFCU (for myself and three others) transferred to another bank, I'm a bit sensitive to the back end of the process as well.

Although the market was closed, I found a 15-month Treasury for quantity less than 200 at 2.579% (I would be looking at investing about $100K if I did this--wouldn't be worth it to me for much less). This is a taxable-equivalent APY (TEAPY) of 2.92% at my marginal tax rates. So 3.25% is a yield premium of 33 basis points.

That's nothing to sneeze at, but my average yield premium for direct CDs bought since late 2010 was closer to 110 basis points, with the best deals at 150 basis points (yield premiums over Treasuries of same maturities). Thirty-three basis points on $100K for 15 months is $416 before taxes, but only $270 after taxes.

Although I probably would hold to maturity, a Treasury is much more liquid if for some reason I did not, for example, to rebalance into stocks in the event of a big downturn.

For the bank with the cash, I only have one of those temporary checks you get when you open an account--no name on the check. I wonder if this would be an issue for a shared branch deposit.

The ACH limit at the bank with the cash is $25K/day, so if I went with ACH, I'd probably first pull the money into Ally, then push it from Ally to NASA FCU, adding a few days to the process.

I'd be really pissed if I did the application, took the hard credit pull, and then the deal was cancelled before I got the money into the CD.

Kevin
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Longruninvestor
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Re: NASA FCU- 15 month CD 3.25%

Post by Longruninvestor » Wed Sep 12, 2018 10:03 pm

Kevin M wrote:
Wed Sep 12, 2018 8:58 pm
Question: at what point in the process do you unfreeze your credit reporting at Experian? Is it before or during the online application, or is there some email follow up indicating you must do so.
I waited to lift the freeze until I got a communication from NASA FCU. If I were to do it over again I would do that step first it before I filled out the application —it’s a given that they’re going to do a hard credit pull. The communication comes via a link they give you to check the status of your application; messages show up there and you can ask questions.

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Re: NASA FCU- 15 month CD 3.25%

Post by munemaker » Thu Sep 13, 2018 11:38 am

munemaker wrote:
Tue Sep 11, 2018 8:53 am
Atgard wrote:
Tue Sep 11, 2018 8:26 am
Yes, the funny thing is I already uploaded a scan of my driver's license as part of the application ("to make processing faster"), but now they're asking for a physical, notarized copy. Nah, I'll find somewhere else to earn an extra 75bp.

Kinda wanted the science magazine for my 5yo though...
Wow! That's weird. I wonder why they requested a notarized copy from you and not us? I probably would not bother to get a notarized copy either.
Thinking about this further, were you able to answer the personal questions they asked at the end of the application (like which of these addresses have you ever lived at? What year did you buy your home? and similar questions?)? Maybe you flubbed an identity verification question that made them question whether it is really you and that's why they asked for the notarized ID. Just guessing.

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Re: NASA FCU- 15 month CD 3.25%

Post by Atgard » Fri Sep 14, 2018 8:38 pm

munemaker wrote:
Thu Sep 13, 2018 11:38 am
munemaker wrote:
Tue Sep 11, 2018 8:53 am
Atgard wrote:
Tue Sep 11, 2018 8:26 am
Yes, the funny thing is I already uploaded a scan of my driver's license as part of the application ("to make processing faster"), but now they're asking for a physical, notarized copy. Nah, I'll find somewhere else to earn an extra 75bp.

Kinda wanted the science magazine for my 5yo though...
Wow! That's weird. I wonder why they requested a notarized copy from you and not us? I probably would not bother to get a notarized copy either.
Thinking about this further, were you able to answer the personal questions they asked at the end of the application (like which of these addresses have you ever lived at? What year did you buy your home? and similar questions?)? Maybe you flubbed an identity verification question that made them question whether it is really you and that's why they asked for the notarized ID. Just guessing.
I answered all those correctly. They emailed back and said it's because I have a fraud alert that I put on my credit report after ID theft like 12 years ago. But I've opened many cards/accounts since then, it usually requires an extra phone call or something, never this many hoops. So I kinda get why, but it's still too much of a hassle for me to go through with at this point.

I figured at this point most people probably just pre-emptively have a fraud alert on their file, no?

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Re: NASA FCU- 15 month CD 3.25%

Post by Loon11 » Fri Sep 14, 2018 9:01 pm

opened an account back when they had 2.37 for 49 mo. No issues - no SS card and don't recall having to do anything special. Set up ACH with my bank to get a 10K 3.25, took some time as usual to do this but it got transferred no problem into the share account, called and they set up the 15 mo for me - I just cancelled the 49 month 2.30 and opened another 15 month with a $60 EWP for $5800 in that - I had another 22 months left on the 2.37 so made sense to close it and do the higher rate. Have my checking already set up so when the CDs are mature, will just transfer them into it.

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