A federal credit union checking account is a great option for individuals looking for a low-cost and flexible banking solution.
You can open a federal credit union checking account with a low minimum balance requirement, typically $5 or $25.
Federal credit unions are not-for-profit cooperatives, meaning they return profits to their members in the form of better rates and services.
This can result in lower fees and higher interest rates on your account compared to traditional banks.
Account Features
With a federal credit union checking account, you'll have access to a range of convenient features to manage your finances. You can choose from seven Debit Cards that give back to different organizations, and receive your Debit Card instantly on-site.
The Advantage Checking Account comes with Debit Purchase Rewards, allowing you to pay yourself back while shopping online. Over 150 offers are available to explore, with new additions daily.
You can bank at your convenience anytime, anywhere with Mobile / Online Banking. This feature is included with the Advantage Checking Account.
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The Allpoint ATM Network offers no-charge ATMs, with over 55,000 locations worldwide and 112 locally. Just look for the Allpoint symbol to find a participating ATM.
You can send money to friends and family instantly with Zelle, a fast, safe, and free service. Real-time alerts will also keep you informed of low balances, deposits, loan payments due, and more.
Bill Pay is free online, ensuring you never miss a payment again. This feature is also included with the Advantage Checking Account.
You'll have access to 27 local credit union branches and over 5,600 coast-to-coast branches through Shared Branching. Find locations easily within the mobile app.
Instant access to your credit score is available, along with financial education tips and ways to improve your score. This feature is included with the Advantage Checking Account.
Electronic Statements allow you to transfer money from your AFCU accounts to your external accounts without charge.
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Benefits and Perks
You can get a debit card that gives back to different organizations when you open a checking account with Advantage FCU.
With Advantage FCU, you can choose from seven different debit cards that support various organizations, and you'll receive your debit card instantly on-site.
Debit Purchase Rewards are available, offering over 150 offers to explore and new additions daily.
Mobile and online banking are convenient features, allowing you to bank at any time and from any location.
Allpoint ATM Network offers no-charge ATMs worldwide, with over 55,000 locations available.
Zelle is a fast, safe, and free way to send money to friends and family instantly.
Real-time alerts can be set up for low balances, deposits, loan payments due, and more.
Bill Pay is free online, ensuring you never miss a payment again.
Shared Branching provides access to 27 local credit union branches and over 5,600 coast-to-coast locations.
Instant access to your credit score, along with financial education tips and ways to improve your score, is also available.
Electronic Statements allow for no-charge transfers to external accounts.
Waived ATM fees are offered for the first five transactions at non-Advantage or non-Allpoint ATMs each month.
Access Checking offers all the convenience of a credit union checking account with no minimum balance requirement.
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Surcharge-free ATM access is available nationwide at CIRRUS, Allpoint, CULIANCE, ACCEL, and CO-OP Network locations with Access Checking.
The VISA Check Card can be used as you would a check, ATM, or credit card with Access Checking.
24-hour Online Banking and BillPayer are available with VIRTUAL BRANCH.
No monthly balance requirement or minimum deposit to open is required with Access Checking.
24-hour account access is available via touchtone phone with QUE.
Interest Checking pays dividends on all your money, offering convenience and earnings on your checking funds.
Interest Checking provides surcharge-free ATM access nationwide at CIRRUS, Allpoint, CULIANCE, ACCEL, and CO-OP Network locations.
You can earn higher dividends if you're in Relationship Rewards with Interest Checking.
Rewards Checking gets you paid each month just by using your Advantage debit card.
Rewards Checking offers unlimited check writing with no per-check fees.
Rewards Checking includes initial 50 free checks for new accounts.
Rewards Checking provides direct deposit/payroll allotment availability.
Rewards Checking includes use of the Switch Kit and receiving a bonus.
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Here's a summary of benefits and perks offered by federal credit union checking accounts:
Finding the Right Account
To qualify for the reward rate and ATM refunds, you must use your Performance Checking account to meet all of the following qualifications during each qualification cycle. This includes making a minimum of 12 debit card purchases totaling at least $500, receiving electronic deposits totaling at least $1,500, having at least one ACH automatic debit transaction, and enrolling in and receiving eStatements.
The monthly service fee for the CFCU Performance Checking account is $0, which is a significant advantage over Bank of America's Core Checking account, which charges a $12 monthly fee. Additionally, the CFCU account offers free online and mobile banking, bill pay, and eStatements.
Here are the requirements for the reward rate and ATM refunds:
- Make a minimum of 12 debit card purchases (excluding ATM transactions) totaling at least $500.
- Receive electronic deposits totaling at least $1,500.
- Have at least one ACH automatic debit transaction.
- Enroll in and receive eStatements.
Balances up to $30,000 receive an APY of 5.00%, while balances over $30,000 earn 0.10% interest rate on the portion of balance over $30,000, resulting in a 5.00% – 0.10% APY depending on the balance.
Application
When you apply for a checking account, it's essential to understand the terms and conditions.
Transactions fees charged at a foreign ATM will be credited back to you the following business day if you're a Relationship Rewards member.
If you're not a Relationship Rewards member, you'll still want to maintain a minimum daily balance of $2,000 to avoid a monthly service charge.
A service charge of $10 will be assessed if your balance drops below $2,000 at any time during the month.
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Find the Account That Fits You
If you're in the market for a new checking account, there are a few things to consider. You'll want to think about the fees associated with the account, as well as the features and benefits it offers.
Some accounts, like the Advantage Checking Account, offer a debit card that gives back to different organizations. This is a great perk if you're looking to make a positive impact with your finances.
You'll also want to consider the types of transactions you'll be making with your account. If you're someone who likes to shop online, look for an account that offers debit purchase rewards. The Advantage Checking Account offers over 150 offers to explore and new additions daily.
Another important feature to consider is mobile and online banking. With the Advantage Checking Account, you can bank at your convenience anytime, anywhere.
If you're looking for an account with no monthly fees, you might want to consider the Performance Checking account from Communication Federal Credit Union. This account rewards you every month with dividends of 5.00% APY on balances up to $30,000 with qualifying activities.
Here's a comparison of some popular checking accounts:
Ultimately, the right account for you will depend on your individual needs and preferences. Be sure to read the fine print and understand the terms and conditions before making a decision.
Frequently Asked Questions
Can anyone open an account at Federal credit union?
To open an account at a federal credit union, you typically need to meet specific membership requirements, such as working for a certain employer or living in a specific area. Check the credit union's website for details on their membership eligibility criteria.
What is the minimum opening balance for a checking account at a credit union?
To open a checking account at a credit union, you typically need to make an initial deposit between $25 and $100. Check the credit union's requirements to see if there's a minimum balance you must keep in the account to avoid fees.
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