Rate Hunter Website Promoting CU That No Longer Exists
An interest rate reporting website was promoting Wednesday a credit union that no longer exists as having the best short-term CD rates for investors who want to balance earnings with liquidity.
The El Segundo, Calif.-based GoMediaNetwork, which owns the site GoBankingRates.com, is praising the 2.00% APY once offered for a 2-year certificate at 1st Alliance Federal Credit Union. The Baltimore-area credit union merged into the $98 million Atlantic Financial Federal Credit Union of Hunt Valley, Md. nearly one year ago, although the 1st Alliance website is still online.
Atlantic Financial president/CEO Richard Webb was out of the office and did not immediately return a message asking for comment.
Jaime Catmull, GoMediaNetwork director of public relations, said the 1st Alliance listing “slipped through the cracks” at the firm, which operates more than 600 local city rate sites. The company aggregates all its data in house, and has full time employees dedicated to checking up on rate information, calling financial institutions to confirm if necessary, she said. Catmull added the firm would be removing 1st Alliance listing from its sites immediately.
The company said in a Wednesday release it surveyed thousands of banks and credit unions across the country to compile the top 50 list of the highest CD rates with terms of two years or less. Of the 50 institutions listed, 37 are credit unions and the rest are community banks – no national banks made the list.
Following 1st Alliance on the list are three credit unions offering the same yield, 1.76% APY, for a one-year certificate at the $12 million Goodyear-Danville Family Credit Union of Danville, Va., and two-year certificates at the $140 million Encompass FCU of Tipton, Ind. and the $84 million Kauai Government Employees FCU of Lihue, Hawaii.