12 month CD with 7% APY .. how far true in this crunch time

[5yearwaiter]

Read this high yield CD from Credit Union:

“Patelco Credit Union is giving it’s new members a special certificate of 7.00% APY.”

How can this possible? when other side interest rates sliding and is this Petelco CU trust worthy to put money?

Welcome comments !! Save us before we do any mistake

5Yearwaiter

[GoUSC]

Max amount is $1,000.00. It’s legit, but you aren’t going to make much. More a catch to get people to open accounts.

[GoUSC]

Max amount is $1,000.00. It’s legit, but you aren’t going to make much. More a catch to get people to open accounts.

[GoUSC]

Max amount is $1,000.00. It’s legit, but you aren’t going to make much. More a catch to get people to open accounts.

[GoUSC]

Max amount is $1,000.00. It’s legit, but you aren’t going to make much. More a catch to get people to open accounts.

[GoUSC]

Max amount is $1,000.00. It’s legit, but you aren’t going to make much. More a catch to get people to open accounts.

[(former)FormerSanDiegan]

From their web site:

“12-month term, $1,000 maximum, $1,000 minimum opening balance. Available for new members only. Join now and get 7% in 2007.”

It is very limited : $1000 maximum, new members only.
This is your usual garden variety loss-leader sales approach.

They are basically giving away about $25 per each new customer (7% versus about 4.5%). In the past they used to give away cookware and toasters.

[GoUSC]

The stupidity of American’s never ceases to amaze me. I am sure tons of stupid sheeple will jump on this thinking it’s the greatest thing since slice bread.

Another great one is “We guarantee we will beat anyone’s price or we will give it to you for FREEEEEEEE!”. Is there EVER a time they will give it to you for free?

[pencilneck]

Usually they say they will beat anyone’s advertised price or give it for free (or discounted)

If I’ve heard correctly, the problem is that distributers set a contract for the lowest price that may be advertised. A company may still sell for less.

I’m not disagreeing with you Radelow, just ranting…

[pencilneck]

Usually they say they will beat anyone’s advertised price or give it for free (or discounted)

If I’ve heard correctly, the problem is that distributers set a contract for the lowest price that may be advertised. A company may still sell for less.

I’m not disagreeing with you Radelow, just ranting…

[pencilneck]

Usually they say they will beat anyone’s advertised price or give it for free (or discounted)

If I’ve heard correctly, the problem is that distributers set a contract for the lowest price that may be advertised. A company may still sell for less.

I’m not disagreeing with you Radelow, just ranting…

[pencilneck]

Usually they say they will beat anyone’s advertised price or give it for free (or discounted)

If I’ve heard correctly, the problem is that distributers set a contract for the lowest price that may be advertised. A company may still sell for less.

I’m not disagreeing with you Radelow, just ranting…

[pencilneck]

Usually they say they will beat anyone’s advertised price or give it for free (or discounted)

If I’ve heard correctly, the problem is that distributers set a contract for the lowest price that may be advertised. A company may still sell for less.

I’m not disagreeing with you Radelow, just ranting…

[cr]

I don’t see why it’s so bad – do you know somewhere else you can get a guaranteed 7% return on your money, FDIC insured in 12 months?

Sure it’s only $1000, but that’s better than a kick in the face.

What are the requirements for membership though?

[cr]

I don’t see why it’s so bad – do you know somewhere else you can get a guaranteed 7% return on your money, FDIC insured in 12 months?

Sure it’s only $1000, but that’s better than a kick in the face.

What are the requirements for membership though?

[cr]

I don’t see why it’s so bad – do you know somewhere else you can get a guaranteed 7% return on your money, FDIC insured in 12 months?

Sure it’s only $1000, but that’s better than a kick in the face.

What are the requirements for membership though?

[cr]

I don’t see why it’s so bad – do you know somewhere else you can get a guaranteed 7% return on your money, FDIC insured in 12 months?

Sure it’s only $1000, but that’s better than a kick in the face.

What are the requirements for membership though?

[cr]

I don’t see why it’s so bad – do you know somewhere else you can get a guaranteed 7% return on your money, FDIC insured in 12 months?

Sure it’s only $1000, but that’s better than a kick in the face.

What are the requirements for membership though?

[GoUSC]

The stupidity of American’s never ceases to amaze me. I am sure tons of stupid sheeple will jump on this thinking it’s the greatest thing since slice bread.

Another great one is “We guarantee we will beat anyone’s price or we will give it to you for FREEEEEEEE!”. Is there EVER a time they will give it to you for free?

[GoUSC]

The stupidity of American’s never ceases to amaze me. I am sure tons of stupid sheeple will jump on this thinking it’s the greatest thing since slice bread.

Another great one is “We guarantee we will beat anyone’s price or we will give it to you for FREEEEEEEE!”. Is there EVER a time they will give it to you for free?

[GoUSC]

The stupidity of American’s never ceases to amaze me. I am sure tons of stupid sheeple will jump on this thinking it’s the greatest thing since slice bread.

Another great one is “We guarantee we will beat anyone’s price or we will give it to you for FREEEEEEEE!”. Is there EVER a time they will give it to you for free?

[GoUSC]

The stupidity of American’s never ceases to amaze me. I am sure tons of stupid sheeple will jump on this thinking it’s the greatest thing since slice bread.

Another great one is “We guarantee we will beat anyone’s price or we will give it to you for FREEEEEEEE!”. Is there EVER a time they will give it to you for free?

[(former)FormerSanDiegan]

From their web site:

“12-month term, $1,000 maximum, $1,000 minimum opening balance. Available for new members only. Join now and get 7% in 2007.”

It is very limited : $1000 maximum, new members only.
This is your usual garden variety loss-leader sales approach.

They are basically giving away about $25 per each new customer (7% versus about 4.5%). In the past they used to give away cookware and toasters.

[(former)FormerSanDiegan]

From their web site:

“12-month term, $1,000 maximum, $1,000 minimum opening balance. Available for new members only. Join now and get 7% in 2007.”

It is very limited : $1000 maximum, new members only.
This is your usual garden variety loss-leader sales approach.

They are basically giving away about $25 per each new customer (7% versus about 4.5%). In the past they used to give away cookware and toasters.

[(former)FormerSanDiegan]

From their web site:

“12-month term, $1,000 maximum, $1,000 minimum opening balance. Available for new members only. Join now and get 7% in 2007.”

It is very limited : $1000 maximum, new members only.
This is your usual garden variety loss-leader sales approach.

They are basically giving away about $25 per each new customer (7% versus about 4.5%). In the past they used to give away cookware and toasters.

[(former)FormerSanDiegan]

From their web site:

“12-month term, $1,000 maximum, $1,000 minimum opening balance. Available for new members only. Join now and get 7% in 2007.”

It is very limited : $1000 maximum, new members only.
This is your usual garden variety loss-leader sales approach.

They are basically giving away about $25 per each new customer (7% versus about 4.5%). In the past they used to give away cookware and toasters.

[bubba99]

Patelco is probably in O.K. shape. They just wrote off 41 million in “subprime” auto loans – 150 million total loan amount.

They are not really exposed to subprime mortgages, but have heavy exposure to jumbo 80% loans in rapidly depreciating markets like Stockton, Sacramento, Concord, and Tracy. I don’t think they will have any mortgage write downs until the other shoe falls on prime borrowers.

Their CEO just dropped their private ASI share insurance in favor of comming back to Federally insured status. The Patelco CEO (Andy) sat on the board of ASI and in one signiture reduced ASI exposure by 40%.

Here is an excerpt I got from Patelco in October about bad loans. No mention of Alt-A, Neg am or prime exposure as requested in my original requret.

Subject: FW: Will this work as a reply to RE: Letter To Management

Dear Mr. XXXXXXXXX

. . .

Our participation in sub-prime lending was limited to the investment made in ACC several years ago, and was sold and written off at the end of 2006. We have no sub-prime mortgage or auto loans in our portfolio, and our HLPR loan portfolio consists of 2 loans totaling approximately $500,000. Both are paying as agreed.

Patelco is well capitalized with over $400 million in reserves, and a net worth ratio of 10%.

I hope I have addressed your concerns and reassured you of Patelco’s financial strength, and that you will again be comfortable bringing your deposit and loan business to Patelco Credit Union.

[bubba99]

Patelco is probably in O.K. shape. They just wrote off 41 million in “subprime” auto loans – 150 million total loan amount.

They are not really exposed to subprime mortgages, but have heavy exposure to jumbo 80% loans in rapidly depreciating markets like Stockton, Sacramento, Concord, and Tracy. I don’t think they will have any mortgage write downs until the other shoe falls on prime borrowers.

Their CEO just dropped their private ASI share insurance in favor of comming back to Federally insured status. The Patelco CEO (Andy) sat on the board of ASI and in one signiture reduced ASI exposure by 40%.

Here is an excerpt I got from Patelco in October about bad loans. No mention of Alt-A, Neg am or prime exposure as requested in my original requret.

Subject: FW: Will this work as a reply to RE: Letter To Management

Dear Mr. XXXXXXXXX

. . .

Our participation in sub-prime lending was limited to the investment made in ACC several years ago, and was sold and written off at the end of 2006. We have no sub-prime mortgage or auto loans in our portfolio, and our HLPR loan portfolio consists of 2 loans totaling approximately $500,000. Both are paying as agreed.

Patelco is well capitalized with over $400 million in reserves, and a net worth ratio of 10%.

I hope I have addressed your concerns and reassured you of Patelco’s financial strength, and that you will again be comfortable bringing your deposit and loan business to Patelco Credit Union.

[bubba99]

Patelco is probably in O.K. shape. They just wrote off 41 million in “subprime” auto loans – 150 million total loan amount.

They are not really exposed to subprime mortgages, but have heavy exposure to jumbo 80% loans in rapidly depreciating markets like Stockton, Sacramento, Concord, and Tracy. I don’t think they will have any mortgage write downs until the other shoe falls on prime borrowers.

Their CEO just dropped their private ASI share insurance in favor of comming back to Federally insured status. The Patelco CEO (Andy) sat on the board of ASI and in one signiture reduced ASI exposure by 40%.

Here is an excerpt I got from Patelco in October about bad loans. No mention of Alt-A, Neg am or prime exposure as requested in my original requret.

Subject: FW: Will this work as a reply to RE: Letter To Management

Dear Mr. XXXXXXXXX

. . .

Our participation in sub-prime lending was limited to the investment made in ACC several years ago, and was sold and written off at the end of 2006. We have no sub-prime mortgage or auto loans in our portfolio, and our HLPR loan portfolio consists of 2 loans totaling approximately $500,000. Both are paying as agreed.

Patelco is well capitalized with over $400 million in reserves, and a net worth ratio of 10%.

I hope I have addressed your concerns and reassured you of Patelco’s financial strength, and that you will again be comfortable bringing your deposit and loan business to Patelco Credit Union.

[bubba99]

Patelco is probably in O.K. shape. They just wrote off 41 million in “subprime” auto loans – 150 million total loan amount.

They are not really exposed to subprime mortgages, but have heavy exposure to jumbo 80% loans in rapidly depreciating markets like Stockton, Sacramento, Concord, and Tracy. I don’t think they will have any mortgage write downs until the other shoe falls on prime borrowers.

Their CEO just dropped their private ASI share insurance in favor of comming back to Federally insured status. The Patelco CEO (Andy) sat on the board of ASI and in one signiture reduced ASI exposure by 40%.

Here is an excerpt I got from Patelco in October about bad loans. No mention of Alt-A, Neg am or prime exposure as requested in my original requret.

Subject: FW: Will this work as a reply to RE: Letter To Management

Dear Mr. XXXXXXXXX

. . .

Our participation in sub-prime lending was limited to the investment made in ACC several years ago, and was sold and written off at the end of 2006. We have no sub-prime mortgage or auto loans in our portfolio, and our HLPR loan portfolio consists of 2 loans totaling approximately $500,000. Both are paying as agreed.

Patelco is well capitalized with over $400 million in reserves, and a net worth ratio of 10%.

I hope I have addressed your concerns and reassured you of Patelco’s financial strength, and that you will again be comfortable bringing your deposit and loan business to Patelco Credit Union.

[bubba99]

Patelco is probably in O.K. shape. They just wrote off 41 million in “subprime” auto loans – 150 million total loan amount.

They are not really exposed to subprime mortgages, but have heavy exposure to jumbo 80% loans in rapidly depreciating markets like Stockton, Sacramento, Concord, and Tracy. I don’t think they will have any mortgage write downs until the other shoe falls on prime borrowers.

Their CEO just dropped their private ASI share insurance in favor of comming back to Federally insured status. The Patelco CEO (Andy) sat on the board of ASI and in one signiture reduced ASI exposure by 40%.

Here is an excerpt I got from Patelco in October about bad loans. No mention of Alt-A, Neg am or prime exposure as requested in my original requret.

Subject: FW: Will this work as a reply to RE: Letter To Management

Dear Mr. XXXXXXXXX

. . .

Our participation in sub-prime lending was limited to the investment made in ACC several years ago, and was sold and written off at the end of 2006. We have no sub-prime mortgage or auto loans in our portfolio, and our HLPR loan portfolio consists of 2 loans totaling approximately $500,000. Both are paying as agreed.

Patelco is well capitalized with over $400 million in reserves, and a net worth ratio of 10%.

I hope I have addressed your concerns and reassured you of Patelco’s financial strength, and that you will again be comfortable bringing your deposit and loan business to Patelco Credit Union.

[Author]

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