![]() Joining either organization and applying for First Tech membership can be done simultaneously using the online application or during an in-branch visit. residents the opportunity to join.Įasy Membership – Members of either the Financial Fitness Association or the Computer History Museum are eligible for membership, regardless of residency or employment status. Headquartered in Mountain View, California, First Technology Federal Credit Union’s field of membership (FOM) is widely diverse, providing virtually all U.S. This reduces the risk of fraud, thus saving First Tech and members’ money Availability Additionally, during the account-funding step, we can now verify that the outside account being connected belongs to the member attempting to connect it. Plaid enables them to connect to more than 11,000 financial institutions around the world-often in only a matter of seconds. Now, members can simply select their financial institution from a list and enter the username and password associated with their accounts. To fix these issues we integrated with a company named Plaid. Once new members had completed their part of the transaction, the money would still take several days to appear in the new account. This process was not the best user experience, and it took too much time. Until recently, in order to fund a new account, members were required to manually input financial information such as the name of their bank, account number and routing number. Maturing funds will be distributed by check to the address on file, ACH, wire transfer, or transferred to a First Tech savings account.ĬSR directed my attention to this article about Plaid on First Tech’s website. First Tech participates in the CO-OP Shared Branch network, making the transfer of funds relatively simple. This may reduce the principal.Īccording to CSR, funding a CD can be done by an ACH, a wire transfer, or by mailing a check. If your account has an original maturity of more than 24 months, your penalty will equal 270 days simple dividends and will apply whether or not the interest has accrued. Note that the maximum add-on deposits are limited to the "original amount of the certificate at the start of the current term." This reduces the usefulness of this CD as a hedge against a long low-rate environment.Īccording to CSR, the rate increase option and the additional deposit option operate independently of each other: an additional deposit can be made whether a rate increase has occurred or not, and exercising the rate increase option does not require an additional deposit.Īs stated on the Rates page, the Early Withdrawal Penalty reads as follows: The new dividend rate will be the dividend rate we are then offering on term share certificates. ![]() You have the option within each 12 months of the current term or once per term for Bump Up products with a term less than 24 months to exchange this dividend rate for a new dividend rate. ![]() The maximum amount you can deposit is up to the original amount of the certificate at the start of the current term. You may make one additional deposit within each 12 months of the current term or once per term for Bump Up products with a term less than 24 months. These new rates are good, but what’s even better is the Bump Rate option and the additional deposit(s) feature.
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