Certificate Specials are Back: Act Quickly for Best Rates

Published: Wednesday, March 14, 2012 8:00 am

If you’ve been waiting and watching for our Certificate Specials, you’ll be glad to know we’re offering special rates and terms for a limited time. Act by the dates shown below to take advantage of the corresponding rates.

March 14-16
1.50% APY for 34 Months
1.00% APY for 22 Months

Act quickly to take advantage of this valuable offer.

Purchase online, by phone at 800.621.2105, stop by your ELFCU branch or Live Chat at elfcu.org.

*Annual Percentage Yield. Minimum deposit of $1,000 required; maximum deposit of $250,000 per member. Penalties apply for early withdrawals.

Certificate purchases made online must be purchased by 11:59pm on day of special for that date’s rate to be honored. Certificate purchases made by telephone or Live Chat must be completed 8am-5pm Eastern time. Certificate purchases made by branch must be completed by branch closing time. Please check branch hours at elfcu.org.

22-month certificate rolls over automatically into a 2-year certificate and 34-month certificate rolls over automatically into a 3-year certificate at standard published rates at time of rollover.

Comment

@Josh: You can withdraw funds any business day at ELFCU; same day as you are needing them. Thank you.

How fast can I withdraw the money from the CD in case of an emergency need? I realize there is a penalty, but can I access the funds immediately?

Posted by Josh on March 6, 2012

Comment

@Josh: Yes, you can conduct a partial withdrawal and take the penalty only on the amount withdrawn. Great question. Thanks for your interest in our certificate specials.

If I need to make an early withdrawal, can I withdraw only part of the amount? In that case, is the withdrawal penalty based on only the amount withdrawn early?

Posted by Josh on March 6, 2012

Comment

@Bill: The online limit of $25,000 applies only to online certificate purchases made with a credit card. If you are able to transfer funds from another ELFCU account, you may do so via the online application, up to the promotional limit of $250,000 per member. If you need assistance, feel free to call us at 800.621.2105 or visit a branch, if you have access. Thank you for your interest in our certificates.

Since your online ordering has an upper limit on the size of the certificate that can be purchased, may I purchase multiple certificates at the special rates on the indicated dates?

Posted by Bill on March 6, 2012

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@Joe: Yes, these rates are good on IRA Certificates, as well. Thank you for inquiring.

Will these rates also be available for the IRA Certificates? Thanks.

Posted by Joe on March 4, 2012

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@Richard: As you setting up your certificate, please speak with an ELFCU representative about having your interest deposited to your savings account. We can arrange that for you. Thanks for inquiring.

Can I have the interest deposited to my savings account? Is automatic renewal required?

Posted by Richard on March 4, 2012

Comment

Rates are simple and compound monthly.
Here are the APY and corresponding Dividend Rates:

2.00% APY, 1.955% Div Rate
1.75% APY, 1.713% Div Rate
1.50% APY, 1.470% Div Rate
1.25% APY, 1.226% Div Rate
1.00% APY, 0.982% Div Rate

What is the APR (not the APY) on these products? Do they compound annually, daily or ....?

Posted by marketing on March 2, 2012

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@Paul: That is correct - the limit is $250,000 per member. Thanks for checking. We appreciate your business and your interest in our certificate specials.

"maximum deposit of $250,000 per member. Penalties apply for early withdrawals."

My wife is also a member. Does that equal $500,000 total available for these CD's?

Posted by Paul on February 27, 2012

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@Gil: The certificate specials are limited to a minimum deposit of $1,000 regardless of member age. Thank you fo your interest in our certificate products.

Does the $1,000 minimum apply to those under 18 ?

Posted by Gil on February 24, 2012

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@Gil: No, these special rates are available for both money already saved at ELFCU and funds from other financial institutions.

Are these rates limited to money from another institution ?

Posted by Gil on February 24, 2012

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@Bill: Thank you for contacting us with your question. Certificate purchases online are limited for risk management purposes at the credit union. An ELFCU representative will contact you via phone to assist you further. Thank you for your business and your interest in our deposit products.

I went through the online application and was presented with the message "3 Year CD funding should not exceed maximum limit $2500.00". Why the limit for online application?

Posted by Bill on February 21, 2012

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@Lynn

Hi Lynn, you can make certificate purchases through our account application at http://elfcu.org/membership. Click "Open an Account" in the navigation to the left. The correct certificate offers will be active only during the dates of the promotion, however. Thanks for the question!

How do you make certificate purchases online? I've gone to my online account and do not see where that can be done.

Posted by Lynn on February 21, 2012

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@Steve

Hi Steve, the typical penalty for early withdrawal is forfeiture of 30 days of dividends on certificates with terms 1 year and under; and forfeiture of 90 days of dividends on certificates greater than a year. If you have other specific questions about this, feel free to contact us by phone at 800.621.2105.

What is the penalty for early withdrawal of all or part of the CD before maturity?

Posted by Steve on February 20, 2012

Comment

@Mike Svenstrup Thanks for the question, Mike. The certificates are available only during the days for each rate.

Does the CD special showing a date of March 7-9 mean it is only available on those three specific days? Or is it available on any day between now and March 9?

Posted by Mike Svenstrup on February 20, 2012