Deposit Diary Daily #122

An up-close look at Langley Federal Credit Union 10-month New Member Certificate (5.25% APY)

Langley Federal Credit Union (an easy-to-join credit union) has added a 10-month New Member Certificate, which offers a competitive 5.25% APY.  The 10-month New Member Certificate is not listed on the Certificates page, but it is the first Certificate listed on the new member online application.

This limited-time offer is only available to new members, with a limit of one Certificate per new member. According to CSR, a “new member” is someone who does not currently have an account at Langley FCU. A 10-month New Member Certificate can be opened with a minimum $500 deposit and is capped at $50k.

Joining Langley FCU and opening a 10-month New Member Certificate can be done online or at any of 22 full-service branches, located in Raleigh, North Carolina (1) and coastal Virginia (21).

Langley FCU offers membership to all U.S. citizens and U.S. residents aliens, 18-years or older, who have a valid Social Security number. There are no other requirements to meet to qualify for membership, e.g., no foundation to join and/or contribution/donation to be made.

New Member Certificate (NWC) Details

• Funding an NWC can be done by ACH (max $50k), wire, credit/debit card ($1k max), or Shared Branch transaction.

• Langley FCU participates in the CO-OP Shared Branch network.

• Early withdrawal penalty for 10-month NMC is 90 days of dividends on the amount withdrawn. Partial withdrawals are allowed, but the principal is not protected if earned dividends are less than the penalty.

• Dividends are compounded/credited monthly; automatic transfer of dividends to a Langley FCU liquid account can set up when opening an NMC.

• Maturing funds can be distributed by wire, cashier’s check to address on file, or through an internal transfer. ACH transfers cannot be initiated from any Langley FCU account.

• Unlimited beneficiaries (Social Security number required) and percentages can be assigned.

• There is a 7 calendar day grace period before automatic renewal.

• Langley FCU does a soft pull joining the credit union.