Northwest FCU 3-year 3.04% Add-On CD

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.
ThisTimeItsDifferent
Posts: 223
Joined: Sat Jan 31, 2015 2:51 pm

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

Post by ThisTimeItsDifferent » Thu Oct 15, 2015 8:46 pm

The welcome email and the completed application show the account number. However, one of my referred family members incorrectly got my account number shown in the welcome email.

User avatar
Kevin M
Posts: 10307
Joined: Mon Jun 29, 2009 3:24 pm
Contact:

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

Post by Kevin M » Thu Oct 15, 2015 9:03 pm

feh wrote:Anybody know how you can see what your account number is? I can't find a way to view it thru the web interface.
It should be in your approved application, which you can either view through the email link they provided, or by logging onto the application tool, and viewing your application. I don't believe you can view the full account number online, when logged onto the account (as opposed to the application). But you had to have your account number to set up the online access, so you must have had it at some point.

I usually put my account number in the notes section of my LastPass site. I failed to do this for my fiancee, so we had to go back to her application to get it to set up the external account access.

Kevin
Wiki ||.......|| Suggested format for Asking Portfolio Questions (edit original post)

User avatar
Average Investor
Posts: 162
Joined: Fri Jul 13, 2012 11:27 am

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

Post by Average Investor » Thu Oct 15, 2015 9:14 pm

Like others here, initial funds were pulled from my external account today.
Tomorrow never knows.

EvelynTroy
Posts: 328
Joined: Sat Jun 07, 2008 8:35 am

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

Post by EvelynTroy » Fri Oct 16, 2015 12:50 pm

My funds were also pulled from my external account today to fund the 3-yr. 3.04% CD.
Big thank you to Kevin for pointing this CD out so promptly to all of us.
I have an RSS news feed set up for depositaccounts.com -but for some strange reason I got unlinked from my newsreader about the time this CD was offered. Without Kevin's post I would have missed this opportunity.
Evelyn

protagonist
Posts: 5487
Joined: Sun Dec 26, 2010 12:47 pm

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

Post by protagonist » Fri Oct 16, 2015 1:05 pm

I have a fair amount tied up in 5 year Ally CD's at 2.39% that mature sometime in January (3 month EWP).

Do you think it would be sensible to break these prematurely to buy the NW FCU CD now?

I'm thinking interest rates may go up in the beginning of the year (acc to Fed?), plus maybe PenFed will come out with another of their January CD deals, as they often do. I'm inclined towards patience.

2comma
Posts: 1241
Joined: Thu Jul 15, 2010 11:37 pm

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

Post by 2comma » Fri Oct 16, 2015 1:07 pm

My funds were pulled yesterday. Thanks to Kevin for making me aware of this and everyone for adding their tips. I had already finished my application before someone mentioned you could contribute more than 15k but I'll just push additional funds from an external account. Funny thing is this actually worked out well for me. We just had a family emergency and if I had fully funded the account I would have to pull a large chunk out and get hit with the early-withdrawal penalties. Lemonade from lemons...
If I am stupid I will pay.

User avatar
Kevin M
Posts: 10307
Joined: Mon Jun 29, 2009 3:24 pm
Contact:

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

Post by Kevin M » Fri Oct 16, 2015 6:35 pm

protagonist wrote:I have a fair amount tied up in 5 year Ally CD's at 2.39% that mature sometime in January (3 month EWP).

Do you think it would be sensible to break these prematurely to buy the NW FCU CD now?

I'm thinking interest rates may go up in the beginning of the year (acc to Fed?), plus maybe PenFed will come out with another of their January CD deals, as they often do. I'm inclined towards patience.
It's too late for this deal--it's over. I'm actually planning on funding mine (beyond the $15K initial) with proceeds from Ally Bank 5-year CDs maturing over the next month or two.

But, as an exercise, we can use the When to Break a CD Calculator to answer your question. Inputting 2.39% APY (is it APY or rate?), current balance $10K, time remaining 3 months (you can fine tune this), EWP 3 months of interest (really? I thought they went from 2 months to 5 months, but maybe these are less than 5-year maturities), and 3.04% APY for the new CD, the calculator says:
NO! You should not break the CD.

By breaking your existing CD and reinvesting your remaining balance into the new CD, you will have $10,014.95 at the end of 3 months (vs $10,059.22 if you do not break the CD).

Therefore, you will lose $44.27 if you break the CD.
If I change the EWP to 2 months, it still says "no", but of course you lose less by doing so.

Now for a normal CD, you still might have wanted to do it, since there may not be a deal this good available in three months. However, since this is an add-on CD, you didn't have to make that tough decision, since you can add additional deposits at any time, up to the max of $100K (if you got in before the deal was gone).

This is one reason this CD was so perfect for anyone who has CDs maturing in the next few months or even longer.

We were all waiting for PenFed to offer another good deal last year, and they didn't :-( . However, this NWFCU special is the second really good CD deal that has come up in the last few months, so hopefully there will be more coming periodically. Also, PenFed has very steep EWPs now, and their 5-year rates are pretty pathetic (1.5%).

Kevin
Wiki ||.......|| Suggested format for Asking Portfolio Questions (edit original post)

Aspen
Posts: 78
Joined: Thu May 28, 2015 2:06 pm

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

Post by Aspen » Sat Oct 17, 2015 9:42 am

Aspen wrote:
RustyShackleford wrote:
Aspen wrote: If successful it will then tell you that the external bank account has been verified and you can then begin to do ACH transfers to the external bank.
But ... your bank may inexplicably and opaquely limit the maximum amount of such transfers you can do, which coupled with per-transfer fees, makes it impractical. I've resigned myself to getting a cashier's check and sending it by registered mail.
Guess it depends on your bank but I have set these up with numerous online banks with no transfer fees and reasonable transfer amounts so works for me and surely many others so much better, easier and less time-consuming than a cashier's check when available.
Want to report back on my successful ACH external transfers into both my and my wife's NWFCU CD. The process was straight forward with no transfer or transaction costs and was very time-efficient.

To establish NWFCU as an external ACH transfer partner with Ally bank required verification which was immediately done for my account as Ally used my NWFCU ID/Password and verified it so I was able to immediately initiate an ACH transfer from Ally to NWFCU savings account which took two business days to complete.

To establish the ACH link from my Ally account into my wife's account though took longer to set up as verification required the use of trial deposits into my wife's NWFCU savings account which took two business days to show up and then having to go back into my Ally account to enter the amounts before I could initiate an ACH transfer. So this process took a total of 4 business with trial deposits versus 2 business days with NWFCU account verification.

I assume the difference in required approaches had to do with the titling of my Ally account which is in my my name only which directly matched my NWFCU savings account while my wife's NWFCU savings account needed trial deposits since I was also using my account which was titled differently.

Once I initiated the Ally ACH transfers it took until the second business day for them to show up in both my wife's and my NWFCU savings accounts. I then made a call which took about 20 minutes on hold (could also have sent a message via web interface but had time so put call on speaker phone while I worked on the computer so no biggie and we wanted to ensure the transfer from NWFCU savings into CD account was done that day). The NWFCU rep was very helpful and immediately transfer the money into my CD account but required my wife to get on the phone to identify and give the go ahead to move hers as well.

Afterwards, we then went into our respective NWFCU online accounts and the funds immediately showed up as being moved into our CD accounts. The whole process was easy-peasy.

Hope this helps.

Aspen

protagonist
Posts: 5487
Joined: Sun Dec 26, 2010 12:47 pm

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

Post by protagonist » Sat Oct 17, 2015 12:54 pm

Kevin M wrote:
protagonist wrote:I have a fair amount tied up in 5 year Ally CD's at 2.39% that mature sometime in January (3 month EWP).

Do you think it would be sensible to break these prematurely to buy the NW FCU CD now?

I'm thinking interest rates may go up in the beginning of the year (acc to Fed?), plus maybe PenFed will come out with another of their January CD deals, as they often do. I'm inclined towards patience.
It's too late for this deal--it's over. I'm actually planning on funding mine (beyond the $15K initial) with proceeds from Ally Bank 5-year CDs maturing over the next month or two.

But, as an exercise, we can use the When to Break a CD Calculator to answer your question. Inputting 2.39% APY (is it APY or rate?), current balance $10K, time remaining 3 months (you can fine tune this), EWP 3 months of interest (really? I thought they went from 2 months to 5 months, but maybe these are less than 5-year maturities), and 3.04% APY for the new CD, the calculator says:
NO! You should not break the CD.

By breaking your existing CD and reinvesting your remaining balance into the new CD, you will have $10,014.95 at the end of 3 months (vs $10,059.22 if you do not break the CD).

Therefore, you will lose $44.27 if you break the CD.
If I change the EWP to 2 months, it still says "no", but of course you lose less by doing so.

Now for a normal CD, you still might have wanted to do it, since there may not be a deal this good available in three months. However, since this is an add-on CD, you didn't have to make that tough decision, since you can add additional deposits at any time, up to the max of $100K (if you got in before the deal was gone).

This is one reason this CD was so perfect for anyone who has CDs maturing in the next few months or even longer.

We were all waiting for PenFed to offer another good deal last year, and they didn't :-( . However, this NWFCU special is the second really good CD deal that has come up in the last few months, so hopefully there will be more coming periodically. Also, PenFed has very steep EWPs now, and their 5-year rates are pretty pathetic (1.5%).

Kevin
Kevin, thanks a million for this thorough and very helpful analysis!!

User avatar
Average Investor
Posts: 162
Joined: Fri Jul 13, 2012 11:27 am

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

Post by Average Investor » Sat Oct 17, 2015 1:09 pm

Thanks Kevin for alerting all Bogleheads to this great CD deal.
Tomorrow never knows.

User avatar
Kevin M
Posts: 10307
Joined: Mon Jun 29, 2009 3:24 pm
Contact:

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

Post by Kevin M » Sat Oct 17, 2015 2:43 pm

Aspen wrote:To establish NWFCU as an external ACH transfer partner with Ally bank required verification which was immediately done for my account as Ally used my NWFCU ID/Password and verified it so I was able to immediately initiate an ACH transfer from Ally to NWFCU savings account which took two business days to complete.
Thanks for the update, Aspen.

Quick tip: NWFCU allows special characters in the password that Ally Bank doesn't allow (e.g., ^ < > and one that actually got me that I don't remember), and Ally Bank won't allow you to authenticate with an NWFCU password that uses these characters. I had to jump on NWFCU and change my password in the middle of authenticating from Ally Bank, but then it worked fine.

Kevin
Wiki ||.......|| Suggested format for Asking Portfolio Questions (edit original post)

User avatar
Kevin M
Posts: 10307
Joined: Mon Jun 29, 2009 3:24 pm
Contact:

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

Post by Kevin M » Tue Oct 20, 2015 1:06 pm

Kevin M wrote: However, for my fiancee who's timeline was just a little behind mine (applied same day, Oct. 1, but upload of DL and email follow up delayed by one day), we still have not seen the funds come out of her external bank account yet. Her maturity date is shown as 10/01/2018, but deposit and date opened are shown as 10/05/2015, as for me. As someone else said, she's making 4% during the overlap time, so no worries, unless there was an actual problem with the transfer (e.g., entered wrong account or routing number), in which case I'd expect she'd hear from NWFCU. Given all the others having delays here, I doubt it's a problem with the transfer.
Final data point here. Funds finally came out of her Ally savings account on 10/19, so 14 days after the 10/5 date shown for the CD deposit. This was with no email or phone follow up after the account was set up.

Kevin
Wiki ||.......|| Suggested format for Asking Portfolio Questions (edit original post)

pghpens
Posts: 94
Joined: Wed Jun 18, 2014 3:08 pm

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

Post by pghpens » Tue Oct 20, 2015 1:29 pm

Average Investor wrote:Thanks Kevin for alerting all Bogleheads to this great CD deal.
Ditto. I appreciate the help. I started an app, but didn't complete it before they took the CD off the market. I called them and they still honored my app. Funds got taken out today. Thanks!

User avatar
Kevin M
Posts: 10307
Joined: Mon Jun 29, 2009 3:24 pm
Contact:

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

Post by Kevin M » Tue Oct 20, 2015 1:44 pm

pghpens wrote:
Average Investor wrote:Thanks Kevin for alerting all Bogleheads to this great CD deal.
Ditto. I appreciate the help. I started an app, but didn't complete it before they took the CD off the market. I called them and they still honored my app. Funds got taken out today. Thanks!
You're welcome!

Despite the problems some have had, I like hearing that they honored the deal even though you didn't finish the app by the deadline. Credit unions vary a lot in this kind of thing.

My mom forgot to specify CDs on a couple of IRA transfers, one to Mountain America CU and one to PenFed CU. We discovered this a year later--funds had just been sitting in IRA savings during that time. MACU actually gave her the CD rate retroactive! PenFed wouldn't do this, and just moved it into a CD when she reported it. It's a shame we didn't discover the error a bit sooner, as she at least would have been able to get in on the PenFed 3% CD deal, but by then their 5-year rate had dropped to something like 2%.

Kevin
Wiki ||.......|| Suggested format for Asking Portfolio Questions (edit original post)

2comma
Posts: 1241
Joined: Thu Jul 15, 2010 11:37 pm

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

Post by 2comma » Thu Oct 22, 2015 4:50 pm

For those of you wanting to contribute more to this CD (I had completed the application before it became common knowledge here that you could request an initial deposit above 15k) I just downloaded the mobile app for NWFCU just for kicks on my ipad. I had done an ACH from Barclays a couple of days ago so I checked to see if it the money had arrived and if the mobile app would let me move the money in the NWFCU savings account to the Dream CD. Sure enough the external money had arrived and the transfer function allowed me to move the money from savings to the CD. I'm assuming this can't be done on the online web-based interface, I may be wrong on that, if so never mind. If I'm right using the mobile app is another way to skip the call or email step. I'll let you know if anything goes wrong but as of right now it shows the money has been transferred.
If I am stupid I will pay.

JDDS
Moderator
Posts: 961
Joined: Sun Mar 16, 2014 2:24 pm

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

Post by JDDS » Thu Oct 22, 2015 8:39 pm

The money came out of my external account 10/19. I received and completed the new account survey from NWFCU too.

Thanks to all the posters and a big thanks to Kevin; he publically fielded a lot of questions here and I'm guessing many privately as well.

User avatar
Kevin M
Posts: 10307
Joined: Mon Jun 29, 2009 3:24 pm
Contact:

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

Post by Kevin M » Thu Oct 22, 2015 10:39 pm

2comma wrote:<snip>... the mobile app for NWFCU <snip> ... transfer function allowed me to move the money from savings to the CD.
Cool! First I've heard of this, and I don't recall anyone reporting that they could do the transfer online otherwise.

Thanks,

Kevin
Wiki ||.......|| Suggested format for Asking Portfolio Questions (edit original post)

RustyShackleford
Posts: 1327
Joined: Thu Sep 13, 2007 12:32 pm
Location: NC

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

Post by RustyShackleford » Sat Oct 24, 2015 1:28 pm

We may not be out of the woods yet.

My GF did the preliminary phone call so that she could fund the entire $50K she wanted to put in, with the initial opening of the certificate, and it appeared to work. Logged into NWFCU and it showed a "dream certificate" with $50K. But she kept noticing it hadn't been drafted from her bank account. Logged in today, and the dream certificate has completely disappeared: all she has is a savings account with two bucks in it.

FlamingoTime
Posts: 107
Joined: Sat Nov 09, 2013 10:01 am

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

Post by FlamingoTime » Sat Oct 24, 2015 4:53 pm

Well, my account was all set, funded, etc. but I'm looking in my online banking and there is a new withdrawal being processed for the same large amount that they took a week ago. It doesn't state the bank, but I'm going to have to call them on Monday and see what that's all about. Very strange as they already took that amount a week ago.

This sure wasn't easy peasy, but I'm still happy with the interest rate!

RustyShackleford
Posts: 1327
Joined: Thu Sep 13, 2007 12:32 pm
Location: NC

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

Post by RustyShackleford » Mon Oct 26, 2015 11:40 am

RustyShackleford wrote: My GF did the preliminary phone call so that she could fund the entire $50K she wanted to put in, with the initial opening of the certificate, and it appeared to work. Logged into NWFCU and it showed a "dream certificate" with $50K. But she kept noticing it hadn't been drafted from her bank account. Logged in today, and the dream certificate has completely disappeared: all she has is a savings account with two bucks in it.
Turned out it was her mistake: funded the $50K from two accounts and got them mixed up, so one had insufficient funds. NWFCU was very nice about it, and she will easily clear it up with a visit to an affiliated local branch (or whatever they call it).

User avatar
Kevin M
Posts: 10307
Joined: Mon Jun 29, 2009 3:24 pm
Contact:

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

Post by Kevin M » Mon Oct 26, 2015 12:26 pm

RustyShackleford wrote: Turned out it was her mistake: funded the $50K from two accounts and got them mixed up, so one had insufficient funds. NWFCU was very nice about it, and she will easily clear it up with a visit to an affiliated local branch (or whatever they call it).
I mentioned in an earlier reply that my only concern about the funding delay was that it was due to a mistake on our part--e.g., providing the wrong account number. This example highlights that this concern was not unfounded, but as I expected (or at least hoped), it seems that NWFCU will work with you to straighten it out, rather than just cut you off.

Thanks for keeping us posted about this Rusty.

Kevin
Wiki ||.......|| Suggested format for Asking Portfolio Questions (edit original post)

JDDS
Moderator
Posts: 961
Joined: Sun Mar 16, 2014 2:24 pm

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

Post by JDDS » Sun Nov 01, 2015 11:39 pm

Happy2BeFree wrote:Looks like my 4% double-interest days are over as of this morning! Opened the account Oct. 2, and the money got transferred this morning in two transactions: one for the $10 fee and one for the CD funding. Way to go, NWFCU! :moneybag
My CD application/open date is 10/2. My initial deposit was also pulled 10/15. From my interest earned in October,
I earned the 3% from the 10/15 date. Oh well.

Happy2BeFree
Posts: 233
Joined: Sat Aug 03, 2013 12:26 pm

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

Post by Happy2BeFree » Mon Nov 02, 2015 12:08 am

JDDS wrote:
Happy2BeFree wrote:Looks like my 4% double-interest days are over as of this morning! Opened the account Oct. 2, and the money got transferred this morning in two transactions: one for the $10 fee and one for the CD funding. Way to go, NWFCU! :moneybag
My CD application/open date is 10/2. My initial deposit was also pulled 10/15. From my interest earned in October,
I earned the 3% from the 10/15 date. Oh well.
I just checked my balance today and did the calculations; I did get 30 days' interest in October (starting Oct. 2, when my app was approved) even though the money was pulled from savings on Oct. 15. (Which is what a CSR had indicated in an email the week before.)

User avatar
Kevin M
Posts: 10307
Joined: Mon Jun 29, 2009 3:24 pm
Contact:

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

Post by Kevin M » Mon Nov 02, 2015 8:27 pm

Account 1: Applied Oct 1, approved Oct 5, deposit credit Oct 5, pulled from external bank Oct 6. Received interest from Oct 5 (27 days = 31 - 5 + 1).

Account2: Applied Oct 1, approved Oct 5 or 6, deposit credit Oct 5, pulled from external bank Oct 19. Received interest from Oct 5. So the slow pull did pay 3% + 1% = 4% for 19-5 = 14 days (or 15 days, depending on how you count days).

Kevin
Wiki ||.......|| Suggested format for Asking Portfolio Questions (edit original post)

feh
Posts: 1285
Joined: Sat Dec 15, 2012 11:39 am

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

Post by feh » Tue Nov 03, 2015 12:43 pm

Kevin M wrote:
2comma wrote:<snip>... the mobile app for NWFCU <snip> ... transfer function allowed me to move the money from savings to the CD.
Cool! First I've heard of this, and I don't recall anyone reporting that they could do the transfer online otherwise.

Thanks,

Kevin
There's no way for the customer to do this themselves (using their web interface). However, if you send them a secure message w/ the request, they will take care of it.

User avatar
Kevin M
Posts: 10307
Joined: Mon Jun 29, 2009 3:24 pm
Contact:

NWFCU mobile app

Post by Kevin M » Tue Nov 03, 2015 1:36 pm

feh wrote:
Kevin M wrote:
2comma wrote:<snip>... the mobile app for NWFCU <snip> ... transfer function allowed me to move the money from savings to the CD.
Cool! First I've heard of this, and I don't recall anyone reporting that they could do the transfer online otherwise.

Thanks,

Kevin
There's no way for the customer to do this themselves (using their web interface). However, if you send them a secure message w/ the request, they will take care of it.
Just downloaded the mobile app, and although I'm not ready to do it yet, I do see that the CD is an account you can select for the destination transfer!

Kevin
Wiki ||.......|| Suggested format for Asking Portfolio Questions (edit original post)

feh
Posts: 1285
Joined: Sat Dec 15, 2012 11:39 am

Re: NWFCU mobile app

Post by feh » Tue Nov 03, 2015 1:43 pm

Kevin M wrote:
feh wrote: There's no way for the customer to do this themselves (using their web interface). However, if you send them a secure message w/ the request, they will take care of it.
Just downloaded the mobile app, and although I'm not ready to do it yet, I do see that the CD is an account you can select for the destination transfer!

Kevin
Right. I was just pointing out it can be done via secure message, if you don't want or have access to their mobile app.

User avatar
Kevin M
Posts: 10307
Joined: Mon Jun 29, 2009 3:24 pm
Contact:

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

Post by Kevin M » Mon Nov 09, 2015 10:32 am

Just wanted to share that I just used the mobile app to transfer $60K from NWFCU savings to the CD, after first transferring it from Ally Bank checking to NWFCU savings. Took about 30 seconds, and CD balance was updated immediately.

Funded by proceeds of maturing CDs, after all savings accounts with bonuses funded (CapitalOne360, Discover Bank, Synchrony Bank). Still $25K to go before hitting the $100K maximum, and that will happen when the next CD matures in a few days.

Kevin
Wiki ||.......|| Suggested format for Asking Portfolio Questions (edit original post)

209south
Posts: 474
Joined: Mon Jan 28, 2013 10:58 pm

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

Post by 209south » Sat Jul 02, 2016 10:54 am

FWIW in the world of incredibly shrinking interest rates, I called NWFCU yesterday and confirmed that I am eligible to add another $50k to the $50k of this 3.04% 3-year I bought last autumn. For any others who bought under the $100k limit, if you have the liquidity the opportunity to lock in over 3% for 2+ years still exists!

AviN
Posts: 475
Joined: Mon Mar 10, 2014 8:14 am

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

Post by AviN » Tue Jul 05, 2016 2:22 pm

209south wrote:FWIW in the world of incredibly shrinking interest rates, I called NWFCU yesterday and confirmed that I am eligible to add another $50k to the $50k of this 3.04% 3-year I bought last autumn. For any others who bought under the $100k limit, if you have the liquidity the opportunity to lock in over 3% for 2+ years still exists!
I just added another $10k last month. :sharebeer

psychoslowmatic
Posts: 167
Joined: Fri Jul 19, 2013 2:34 pm

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

Post by psychoslowmatic » Wed Feb 22, 2017 10:28 pm

I opened this up with the minimum when it was available. There's some work uncertainty happening so I've started using it as my tier 2 emergency fund with a $1000 recurring ACH to the share account the day after every paycheck. It's a three click process using the iPhone app to move the money into the CD from the share account. It's now effectively a 20 month 3.04% CD. Just thought I'd remind people who got in on the deal that it exists and you'll earn 3% on up to 100k.

User avatar
tfb
Posts: 7980
Joined: Mon Feb 19, 2007 5:46 pm
Contact:

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

Post by tfb » Sun Sep 09, 2018 7:43 pm

Time to resurrect this thread as our certificates are coming to mature! Has anyone received maturity notice yet? What's the default? How are you giving your instructions whether to roll or not roll? If not rolling, how are you transferring the money out? Any limit on ACH push from NWFCU to linked external account?

I haven't heard anything. I just sent a secure message from online banking. Will update when I hear back.
Harry Sit, taking a break from the forums.

bpg1234
Posts: 144
Joined: Fri Jun 24, 2011 6:53 pm

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

Post by bpg1234 » Sun Sep 09, 2018 7:57 pm

tfb wrote:
Sun Sep 09, 2018 7:43 pm
Time to resurrect this thread as our certificates are coming to mature! Has anyone received maturity notice yet? What's the default? How are you giving your instructions whether to roll or not roll? If not rolling, how are you transferring the money out? Any limit on ACH push from NWFCU to linked external account?

I haven't heard anything. I just sent a secure message from online banking. Will update when I hear back.
I received an email stating to "Dream On with This Great Rate" as my previous CD was maturing shortly - "Your Dream Certificate will be maturing in October. But, the Northwest Federal dream continues with our Dream On certificate earning 2.75% APY* for 30 months".

I had called them back a month or so ago and told them I want account balance to be immediately transferred into my savings account. I plan to call back again to confirm as we get closer to the maturity date. Pushing and pulling funds to/from the NWFCU savings account via an external linked bank account such as Ally alleviates ACH limits concern in most cases.
Last edited by bpg1234 on Mon Sep 10, 2018 12:18 am, edited 1 time in total.

User avatar
Kevin M
Posts: 10307
Joined: Mon Jun 29, 2009 3:24 pm
Contact:

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

Post by Kevin M » Sun Sep 09, 2018 8:01 pm

tfb wrote:
Sun Sep 09, 2018 7:43 pm
Time to resurrect this thread as our certificates are coming to mature! Has anyone received maturity notice yet? What's the default? How are you giving your instructions whether to roll or not roll? If not rolling, how are you transferring the money out? Any limit on ACH push from NWFCU to linked external account?

I haven't heard anything. I just sent a secure message from online banking. Will update when I hear back.
No maturity notice, and I assume the default is to roll into a 36-month CD.

After waiting on hold last week for about 12 minutes, I selected a callback without losing my priority. Never received a callback. While on hold, I wrote a secure message instructing them to place proceeds of maturing CD in share account (which they actually call primary savings), and asked if I could provide them account and routing numbers to have the proceeds ACH'd directly to another bank.

Got a reply the next day acknowledging my instruction, and was told that as a "Heritage Club Member", I could wire the proceeds to another bank with no fee (I think this is related to being age 59 1/2 or older). I replied back asking if I could provide wire instructions by secure message, and am hoping for a reply to that tomorrow.

Already had ACH set up from Ally to NWFCU, so was planning on pulling to Ally, but incoming wire to Ally is free. However, I have a bank account earning 2.5% with a $10 fee for incoming wire, and I'll earn more interest than in two days at 2.5%, so am thinking I'll just have it wired to this bank.

From there, some of it probably will get deployed to Treasuries out to 2-year maturity. There is the NASA 15-month 3.25% deal, but that may not still be around by October, and am getting lazy about joining credit unions that may have lots of hoops to jump through.

Kevin
Wiki ||.......|| Suggested format for Asking Portfolio Questions (edit original post)

feh
Posts: 1285
Joined: Sat Dec 15, 2012 11:39 am

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

Post by feh » Sun Sep 09, 2018 8:58 pm

I used their private messaging service a couple weeks ago to let them know I wanted the proceeds deposited in the savings account upon maturity. They responded promptly with confirmation.

FlamingoTime
Posts: 107
Joined: Sat Nov 09, 2013 10:01 am

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

Post by FlamingoTime » Sun Sep 09, 2018 9:33 pm

Last week I went online and added my bank as an external account. I called them and told them that I wanted the funds sent to that account when the CD matures. Is that the proper way to do this? Is there a limit on how much can go out that way? Should I be pulling the money from my regular bank? I'm relatively new to this and I am over 60 as well.

User avatar
tfb
Posts: 7980
Joined: Mon Feb 19, 2007 5:46 pm
Contact:

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

Post by tfb » Mon Sep 10, 2018 12:26 pm

NWFCU replied saying their push to external account only allows $10,000/day and $30,000/month. I usually prefer push to pull because money pulled in can be subjected to a hold, especially for a large amount. Wire costs $15 unless you are heritage club (over 62).

I'm closing my savings account after I'm done.
Harry Sit, taking a break from the forums.

FlamingoTime
Posts: 107
Joined: Sat Nov 09, 2013 10:01 am

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

Post by FlamingoTime » Mon Sep 10, 2018 12:38 pm

So, what do I advise my bank to do? I don't want to wait a year to get all of my money out. An incoming wire transfer? I'm annoyed that I just set it up to send from NWFCU to my bank and they didn't mention any limits.

mur44
Posts: 671
Joined: Tue Feb 27, 2007 9:30 am

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

Post by mur44 » Mon Sep 10, 2018 4:45 pm

My CD at NWFCU matures on 10/4/2018 and I logged in
to see if I can send a secure message to them. I do NOT see a
Tab/Menu item to securely (or otherwise) send a message
to NWFCU.

I did not yet receive maturity notice yet from them.

Any help would be appreciated.

User avatar
Kevin M
Posts: 10307
Joined: Mon Jun 29, 2009 3:24 pm
Contact:

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

Post by Kevin M » Mon Sep 10, 2018 6:41 pm

mur44 wrote:
Mon Sep 10, 2018 4:45 pm
My CD at NWFCU matures on 10/4/2018 and I logged in
to see if I can send a secure message to them. I do NOT see a
Tab/Menu item to securely (or otherwise) send a message
to NWFCU.

I did not yet receive maturity notice yet from them.

Any help would be appreciated.
If you have any unread messages, there is a little envelope icon near the top that you can click. If no incoming messages, the icon is dimmed and clicking it does nothing. In this case, click the Profile menu item, and you'll see Messages as one choice. Click Messages, and at the top right, you'll see "Compose New". Click that to send your message.

Not at all an intuitive messaging interface--took me awhile to figure it out.

Kevin
Wiki ||.......|| Suggested format for Asking Portfolio Questions (edit original post)

User avatar
Kevin M
Posts: 10307
Joined: Mon Jun 29, 2009 3:24 pm
Contact:

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

Post by Kevin M » Mon Sep 10, 2018 7:10 pm

Kevin M wrote:
Sun Sep 09, 2018 8:01 pm
Got a reply the next day acknowledging my instruction, and was told that as a "Heritage Club Member", I could wire the proceeds to another bank with no fee (I think this is related to being age 59 1/2 or older). I replied back asking if I could provide wire instructions by secure message, and am hoping for a reply to that tomorrow.
(tfb corrected that Heritage Club Member is over age 62).

Here are the NWFCU secure message instructions I received for doing a wire:
In order to do a wire you will do that through Online Banking. We can't set it up for you. If you click on "profile" and then on "wires" it will get you to the wire page. You will need to click on "payees" first to add your account as a receiving account. Then when you are ready to do the wire you can click on "wires" and then on "single" to send out the wire.
However, this is not quite right. There is a Wires choice directly in the main menu (horizontal banner near top) to the left of Profile.

I just did the first step of adding the payee. As I understand it, the first section, Payee Details, is my info (name, address, account number), and the second section, Payee Financial Institution, is the bank info (routing number, address, etc.). I've asked the rep to look it over if possible to verify that I've put the right type of info in each field. I also asked if the proceeds will be available in savings the morning of the CD maturity date, and if the wire will go out the same day if I initiate it the morning.

Oh, and my receiving bank told me they would credit me back the $10 incoming wire free, so it looks like this will be entirely free for me (over age 62).

Kevin
Wiki ||.......|| Suggested format for Asking Portfolio Questions (edit original post)

User avatar
Kevin M
Posts: 10307
Joined: Mon Jun 29, 2009 3:24 pm
Contact:

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

Post by Kevin M » Mon Sep 10, 2018 7:15 pm

FlamingoTime wrote:
Mon Sep 10, 2018 12:38 pm
So, what do I advise my bank to do? I don't want to wait a year to get all of my money out. An incoming wire transfer? I'm annoyed that I just set it up to send from NWFCU to my bank and they didn't mention any limits.
You can either set up an ACH transfer from your external bank, assuming it has high enough ACH limits, or you can set up a wire to your external bank (I provided some instructions above).

Low ACH limits are typical for credit unions, and even some banks. This is why it's good to have a good "hub" bank with high ACH limits, like Ally Bank.

Kevin
Wiki ||.......|| Suggested format for Asking Portfolio Questions (edit original post)

drzzzzz
Posts: 273
Joined: Sat Sep 22, 2012 9:56 pm

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

Post by drzzzzz » Mon Sep 10, 2018 10:42 pm

There are a lot of machinations about how to get the funds out, electronic transfer limitations, and the ease of doing that, etc. Can you go to an affiliated credit union and ask to withdraw the funds and get a check that way?

MikeG62
Posts: 1225
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

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

Post by MikeG62 » Tue Sep 11, 2018 8:06 am

Kevin M wrote:
Sun Sep 09, 2018 8:01 pm
tfb wrote:
Sun Sep 09, 2018 7:43 pm
Time to resurrect this thread as our certificates are coming to mature! Has anyone received maturity notice yet? What's the default? How are you giving your instructions whether to roll or not roll? If not rolling, how are you transferring the money out? Any limit on ACH push from NWFCU to linked external account?

I haven't heard anything. I just sent a secure message from online banking. Will update when I hear back.
No maturity notice, and I assume the default is to roll into a 36-month CD.

After waiting on hold last week for about 12 minutes, I selected a callback without losing my priority. Never received a callback. While on hold, I wrote a secure message instructing them to place proceeds of maturing CD in share account (which they actually call primary savings), and asked if I could provide them account and routing numbers to have the proceeds ACH'd directly to another bank.

Got a reply the next day acknowledging my instruction, and was told that as a "Heritage Club Member", I could wire the proceeds to another bank with no fee (I think this is related to being age 59 1/2 or older). I replied back asking if I could provide wire instructions by secure message, and am hoping for a reply to that tomorrow.

Kevin
drzzzzz wrote:
Mon Sep 10, 2018 10:42 pm
There are a lot of machinations about how to get the funds out, electronic transfer limitations, and the ease of doing that, etc.
It's because of reasons like these that I am very reluctant to chase yields requiring me to open accounts with new financial institutions to take advantage of bonus offers. They tend to be one-off opportunities which require a bunch of hoop jumping to get funds in and out.
Real Knowledge Comes Only From Experience

dollarsaver
Posts: 312
Joined: Thu Feb 07, 2013 1:17 pm

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

Post by dollarsaver » Tue Sep 11, 2018 9:23 am

I would like to wire my funds after maturity to Vanguard. But will NWFCU only wire $10K per day or the whole amount? I arranged for the money to go into the savings account upon maturity.

Or it is easier for Vanguard to pull the money at maturity?

Thanks!

User avatar
tfb
Posts: 7980
Joined: Mon Feb 19, 2007 5:46 pm
Contact:

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

Post by tfb » Tue Sep 11, 2018 9:44 am

dollarsaver wrote:
Tue Sep 11, 2018 9:23 am
I would like to wire my funds after maturity to Vanguard. But will NWFCU only wire $10K per day or the whole amount?
No limit for wire and no fee if you are over 62 (otherwise $15).
Harry Sit, taking a break from the forums.

dollarsaver
Posts: 312
Joined: Thu Feb 07, 2013 1:17 pm

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

Post by dollarsaver » Tue Sep 11, 2018 9:52 am

tfb wrote:
Tue Sep 11, 2018 9:44 am
dollarsaver wrote:
Tue Sep 11, 2018 9:23 am
I would like to wire my funds after maturity to Vanguard. But will NWFCU only wire $10K per day or the whole amount?
No limit for wire and no fee if you are over 62 (otherwise $15).
Thanks for that info. This is an IRA CD. They said I have to fill out a special form to have them send the money to my Vanguard IRA. I sent them a message if they can wire the money to Vanguard when the CD matures.

User avatar
Kevin M
Posts: 10307
Joined: Mon Jun 29, 2009 3:24 pm
Contact:

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

Post by Kevin M » Tue Sep 11, 2018 3:26 pm

dollarsaver wrote:
Tue Sep 11, 2018 9:52 am
tfb wrote:
Tue Sep 11, 2018 9:44 am
dollarsaver wrote:
Tue Sep 11, 2018 9:23 am
I would like to wire my funds after maturity to Vanguard. But will NWFCU only wire $10K per day or the whole amount?
No limit for wire and no fee if you are over 62 (otherwise $15).
Thanks for that info. This is an IRA CD. They said I have to fill out a special form to have them send the money to my Vanguard IRA. I sent them a message if they can wire the money to Vanguard when the CD matures.
Most of what we've been talking about applies to taxable accounts. IRAs are different.

The normal process would be to use Vanguard's IRA transfer form. I would fill it out now, and check the box to transfer the proceeds when the CD matures. If you fill out the form and mail it to Vanguard today, they almost certainly will get it to NWFCU before the CD matures in October. NWFCU will then send Vanguard a check to your IRA as soon as the CD matures.

I have used the process (send form before CD matures) several times, and it has worked well. However, Vanguard did screw up one of my IRA transfers by using the wrong address (not the one I put on the form)--they've done others with no problems.

I have done many IRA transfers, but have never used a wire as part of the process. They send a check. Maybe there's a way to do a wire, but it would be more complicated.

Vanguard is not a bank, but I was on the phone with them about wiring funds in. They said it can be done, but all of the discussion was related to taxable accounts. In a taxable account, might as well just set up NWFCU as an external bank at Vanguard, then on the day the proceeds are deposited into the savings account, buy shares of a fund at Vanguard using NWFCU as the source bank. Wiring doesn't really add anything in this situation.

Kevin
Wiki ||.......|| Suggested format for Asking Portfolio Questions (edit original post)

drzzzzz
Posts: 273
Joined: Sat Sep 22, 2012 9:56 pm

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

Post by drzzzzz » Thu Sep 13, 2018 8:25 am

Vanguard is not a bank, but I was on the phone with them about wiring funds in. They said it can be done, but all of the discussion was related to taxable accounts. In a taxable account, might as well just set up NWFCU as an external bank at Vanguard, then on the day the proceeds are deposited into the savings account, buy shares of a fund at Vanguard using NWFCU as the source bank. Wiring doesn't really add anything in this situation.

Kevin,
You have been doing a lot of work on this, have you decided on the best way to transfer funds from the retiring CD to vanguard, through a wire, setting up an external account from vanguard at fwcu or some other suggestion?
thanks

JamesSF
Posts: 34
Joined: Wed Sep 03, 2014 7:41 pm

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

Post by JamesSF » Thu Sep 13, 2018 1:35 pm

Using the NW FCU secure message method was easy, and I've set mine to move from the 3-Yr CD to the savings account per the message below. I plan on pulling it all out into Ally with an ACH pull when that is completed.
Thank you for contacting Northwest Federal Credit Union. I have set it so the certificate will deposit into your savings upon maturity as requested.

If you have any questions please contact our Member Service Center at 703-709-8901. Thank you for making Northwest Federal Credit Union your lifetime financial partner.
Looking at the $7000+ interest I made in three years in a period of ultra-low interest rates, I have to thank Kevin M and the others on this thread for alerting us to this deal and offering pointers for getting it set up.

Post Reply