I see they're offering 5.0% APY on 1-yr CDs (Aggieland Credit Union is offering 4.76%). Should I have any reservations about opening an account with them? Are their rates high because they're about to go under?
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Brazos Valley Schools Credit Union
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Last: 18 yr ago by txdragonfly
I have used them for about 10 yrs now, and have never had a problem.
I would doubt that they are about to go under since they just opened a new branch in Bryan.
I would doubt that they are about to go under since they just opened a new branch in Bryan.
No, they are not about to go under! If they are I better start looking for a new job!
[This message has been edited by ledouxfan (edited 10/11/2007 6:42p).]
[This message has been edited by ledouxfan (edited 10/11/2007 6:42p).]
Sorry. I didn't intend to impugn the BVSCU's financial strength. It's just that I'm a little wary of credit unions, since I've never done business with one. Also, about 15 years ago, didn't one of the local credit unions go under (was that Aggieland?).
To answer my own question: Bankrate.com gives BVSCU a 4 out of 5 star "sound" rating. So I guess I have nothing to worry about. Plus, savings are federally insured up to $100,000 by the NCUA.
Another question: Why would anybody do business with Wells Fargo, with their high fees and paltry interest savings rates (1.65% on a 1-yr CD)?
To answer my own question: Bankrate.com gives BVSCU a 4 out of 5 star "sound" rating. So I guess I have nothing to worry about. Plus, savings are federally insured up to $100,000 by the NCUA.
Another question: Why would anybody do business with Wells Fargo, with their high fees and paltry interest savings rates (1.65% on a 1-yr CD)?
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Also, about 15 years ago, didn't one of the local credit unions go under (was that Aggieland?)
Uhh no. Aggieland is part of GTFCU and they are alive and well. I've been a member for more than 13 years now. I've dealt with banks and credit unions and always prefer CUs over banks.
In the history of the United States, no Federal Credit Union member has ever lost one penny in a Federal Credit Union. Ever. Why not ask your local banker if bank customers have ever lost money in a bank in the United States? Also, no tax dollars have ever been used to prop up the Share Insurance Fund which is managed by the National Credit Union Administration which insures credit union deposits. Billions of tax payer dollars have been used to keep the FDIC fund afloat. Finally, the FDIC, which insures bank deposits operates a credit union, the FDICFCU, you can check out the website at www.fdicfcu.org. Finally - shameless plug - BVSCU and Aggieland Credit Union have a shared ATM agreement, members can use ATMs of both institutions for free.
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BVSCU and Aggieland Credit Union have a shared ATM agreement, members can use ATMs of both institutions for free.
I recently discovered this on a quick ATM run while over at WalMart in CS. Ever since, I run there for cash since it's closer to the house.