Calfirnia Coast credit union

[donaldduckmoore]

Is this credit union safe to put money in? Do they invest heavily in subprime mortgage? Any feedbacks welcome, thanks.

[one_muggle]

It’s average, check out:
http://www.bankrate.com/brm/safesound/ss_home.asp
for bank ratings

IMHO, it’s rating is what I see for most credit unions, so I wouldn’t fret FDIC level deposits (typical is $100k/custodian, so you can get $200k, if you are married AND don’t mind the wife knowing 8^P )

[Raybyrnes]

9% Apy on 7 month Certificate. Only catch is that it is limitied to $2000. So you are going to have to open up multiple accounts. USE offered a similiar promotion going back about 1 year ago paying 7% apy, 2K limit. I opened up accounts for myself, my wife and my son.

They use these teasers to open up accounts. Can become a littel bit of a pain at tax time when you are getting statements from 10 different instituions.

[bsrsharma]

Credit Unions are insured by NCUA. See http://www.ncua.gov/ShareInsurance/Index.htm

[donaldduckmoore]

Thank you for your feedback, but $2000 limit is a joke and not worth the effort to open the account.

[Eugene]

“if you are married AND don’t mind the wife knowing”

You can get 200k in an account that’s yours but payable on death to your wife.

[HLS]

There was a story (not sure if true) about a bank that FDIC seized, and a married couple who had a $200K acct POD.

The husband died the same day that the bank was seized, meaning that the entire $200K became the wife’s and she was only covered to $100K…

Someone figured out that the husband died at 10pm, but the bank was seized as of 3pm, which meant that HE was alive and covered by FDIC at 3pm.

SO, the wife got the $200K coverage.

http://www.fdic.gov

Retirement accounts can be covered to $250K

[Raybyrnes]

Wamu had a pretty decent deal going back that offered 7 and 10 month CD’s that provided an add on feature that was paying 5.45%. you put in 5000 or 10 K and you have the opportunity of adding up to the amount you put in. Minimum amount was 1K.

They also had an online offer for 5.5% on 6 month CD’s so their was a good opportunity of setting up a short term fixed income ladder.

Needed to be new money.

As a heads up to those fixed income people. If you have large amount to invest (100K+) you may want to simply speak with a branch manager. They have some discretion with the rates with respect to CD’s. One of the benefits of stopping by the bank and getting to know a manager. Relationships still count.

[what_a_disasta]

Last time i was in London I opened an HSBC premier account and get 5.75 on checking and 6.75 on savings. All calculated daily and paid monthly. It’s in GBP, not USD, so I’ve made an extra 2% due to the dollar’s decline since I opened it. I can transfer money for free on the net to my local HSBC dollar account whenever I need it. I believe you can set all this up by phone/fax too.

Highly recommended as HSBC is the largest bank in the world, if they fail we have a lot more to worry about than our savings.

[Coronita]

Speaking of which. Where are you folks parking short term cash equivalents? I 'm currently at Emigrant Direct, but rates are down to 4.75%

 

The best insured,reputable place i found so far is World Savings 5 month CD at 5.41% http://www.worldsavings.com/pages/0,,11298_11802,00.html?source=WeChFiEH2685

San diego credit union is 5.11%  i think.

 

 

[Wickedheart]

I just rolled a CD over on the 18th at California Coast for 5.30. You can usually get a better deal from your bank than what’s being offered if you come armed with a list of CD rates from BankRate.

[HLS]

Countrywide Bank is still paying 5.35% APR (5.50% APY) on liquid deposits of $10K- $100K
For a $250K account 5.49% APR (5.65% APY)

On a 1 YR CD it’s 5.50%. All FDIC insured to the limits.

ANY FDIC account is just as “reputable” as another.

What makes you think WORLD SAVINGS is so reputable ???

[bsrsharma]

I just opened an account at Countrywide Bank and deposited less than FDIC limit. Hard to pass up risk free 5.5%. I am going to roll over my cash among highest paying FDIC/NCUA institutions.

[Coronita]

Countrywide Bank is still paying 5.35% APR (5.50% APY) on liquid deposits of $10K- $100K
For a $250K account 5.49% APR (5.65% APY)

On a 1 YR CD it's 5.50%. All FDIC insured to the limits.

ANY FDIC account is just as "reputable" as another.

What makes you think WORLD SAVINGS is so reputable ???

Well, what I consider

1) easy access at a branch in del mar

2) prior banking history

3) sufficient time to roll teaser cd's without auto-reenrolling in a lower rate.

I would use countrywide, except I'm not aware of any local branches (could be wrong). When the CD matures, I want to be able to move things out in person.

 

[patientlywaiting]

I also have a CD at World Savings. I think they were shacky before but were acquired by Wachovia.

[HLS]

Countrywide Bank is online.
You “move things out” without even leaving your computer.

With CW Savingslink, the account is linked to your checking account at any bank you want.
A request by 4pm transfers the money into your checking account the next morning.

I cannot imagine easier access to money. Having to go into a branch today, is no longer easy access to money.

World Savings has HUGE exposure to Negative Amortization Loans. They invented them about 25 years ago. They thought that they had them perfected.
Now owned by Wachovia, I don’t like them.

http://www.CountrywideBank.com

[Wickedheart]

F_L_U

I thought most banks allow a 7 day grace period when your CD matures. Mine auto rolls but I have a 7 day grace period where I can either pull my money or negociate the terms.

[bsrsharma]

FLU,

I have 7 accounts and 6 of them are out of state. 5 of them have no physical branch. I don’t think brick & mortar branch is a sign of strength. During the S&L Crisis, 100s of brick & mortar institutions perished. Much better to see financial statements at bankrate.com (I do all my transactions with ACH)

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