Should I switch to IC Federal Credit Union?

[ejmyrow]

Aloha Amazing Mustachians!!
I'm thinking of switching to having IC Federal Credit Union as my checking account and I'll likely do a savings with them too (credit unions are my preference). They're offering a $250 bonus for signing up and 2.59% APY Checking. They're located in MA and I live in CO, but I pay rent with electronic check and get cash back at the grocery store when needed. They reimburse $5 per month of ATM fees. Can you imagine any issues with making this switch?

Here's their ad: https://www.iccreditunion.org/rewardingyou

Many Thanks!
Emily

[Ecky]

I'm with a local credit union in Vermont who offers 3% on checking, and love them. I can see some potential issues with having a financial institution with no branches in your state, but I managed with an online bank for a few years. Toughest part was depositing cash, as there were no ATMs in the state which were supported.

[PlainsWalker]

That is odd that there weren't any available ATMs. A lot of credit unions participate in cooperatives and allow members of other credit unions to use their ATMs with low or no fee. I've generally found ATMs to be more accessible through a credit union than through a bank. Location and specific credit union would play strongly into that though.

[ejmyrow]

Thank you Ecky and PlainsWalker! 3% on checking! Rad!

[Rosy]

Aloha Amazing Mustachians!!
I'm thinking of switching to having IC Federal Credit Union as my checking account and I'll likely do a savings with them too (credit unions are my preference). They're offering a $250 bonus for signing up and 2.59% APY Checking. They're located in MA and I live in CO, but I pay rent with electronic check and get cash back at the grocery store when needed. They reimburse $5 per month of ATM fees. Can you imagine any issues with making this switch?

Here's their ad: https://www.iccreditunion.org/rewardingyou

Many Thanks!
Emily

That sounds great even though I'm not a fan of jumping through hoops for a min of their first three statement cycles.
*Bonus Terms & Conditions: Open a new personal Intelligent Checking account online and receive a $250 bonus1 when the following criteria is met, during each of the first three (3) full statement cycles: complete 12 debit card purchases, have direct deposit or one (1) ACH transaction per statement cycle, and receive e-statements.

I might consider it since it is only for three months and not a continuous requirement like with some other banks and CUs - but this looks like a restricted, regional offer:  Offer is only available to persons in IC's Field of Membership so this may be only good for MA or the region they operate in.

I wish there was a 3% checking here in Florida:)

[chimofroggy@yahoo.com]

Credit unions also offer other financial benefits to members that can be more worthwhile than account opening bonuses and APYs.  So credit unions offer yearly dividends based on their charter.  Some credit unions offer discounts on local businesses in the community such as car buying services.

Our local CU offers services with a variety of local businesses and also helps out the local fire fighters which is important to us.

https://www.sffirecu.org/high-yield-savings/