[GPSCC-chat] special rate for new members of Patelco credit union

[Spencer Graves]

       Have I misread this?  minimum deposit = maximum deposit = $1,000 
for 12 months, with rates subject to change at any time.  At 5%, this is 
$50.  How much is your time worth to find out what they offer under 
other circumstances?


       Any other amount or other period:  doubtless lower rate.


       Patelco may be fine on other grounds.  However, this looks to me 
like a come-on hoping to trap customers who don't read carefully what 
they see and get substantially less than what they expect.  I've been 
suckered too many times by that kind of thing, and I work hard to avoid 
businesses engaging in those kinds of practices.  I know that many 
(perhaps all) business -- even credit unions -- feel they have to resort 
to gimmicks like this.


       I looked at several different credit unions before selecting 
Provident Credit Union.  I selected Provident, because they offer 2.26% 
interest on a checking account up to $25K, provided you meet certain 
requirements like having at least one direct deposit and at least 10 
check card transactions per month, and agree to receive your monthly 
statements electronically.  Every other financial institution I 
considered offered something line 0.02% interest on checking, which is 
only slightly better than nothing.  It allows them to claim they pay 
interest on checking without actually doing so.


       Spencer


On 11/4/2011 8:54 PM, Jim Doyle wrote:
>
>
> https://www.patelco.org/
>
> New Member CD 
> <https://www.patelco.org/rates/rates.aspx?WT.svl=certificates#certificates> 
> 5.00% APY
>
> ^3 (***) The Dividend Rates and Annual Percentage Yield are effective 
> as of October 2, 2009,
> and are subject to change at any time. Minimum deposit $1,000, maximum 
> deposit $1,000.
> Rate is 4.89%. Term is 12 months.
>
> At maturity the certificate will renew at Patelco's current  yield for 
> a regular 12-23 month
> share certificate. Penalty for early withdrawal. Available for  a 
> limited time.
>
> Funds deposited to this account must come from an institution other 
> than Patelco.
> Account available to new members only-must open a new membership. One 
> certificate per member.
>
> ^4 All regular certificates can be opened as IRA certificates, unless 
> otherwise noted. Minimum
> balance for all IRA certificates is $500
>
> ^5 There is a penalty for early withdrawal for all Certificates. 
> Please see the Certificate Accounts
> section on page 8 of the Member Handbook 
> <https://www.patelco.org/pdf/disclosure.pdf>
>


-- 
Spencer Graves, PE, PhD
President and Chief Technology Officer
Structure Inspection and Monitoring, Inc.
751 Emerson Ct.
San José, CA 95126
ph:  408-655-4567
web:  www.structuremonitoring.com