Author Topic: Local Credit Union  (Read 1899 times)


  • 5 O'Clock Shadow
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Local Credit Union
« on: February 28, 2014, 05:23:15 PM »

I'm considering opening an account at my local credit union.  Here are the details:


direct deposit of 1000 or more monthly
ten POS transactions monthly
must access online banking at least once monthly
must opt for electronic statements as opposed to paper statements

free checks
free account with standard fee structure (overdraft charges, bounced checks etc)
free online bill pay
free debit card
refunds 15$ in ATM fees from other banks a month
no monthly service charges
2.53% APY on balances less than 25,000
0.3% APY on any amount over 25,000

I meet all the requirements this branch requires at my current bank. 
Can you think of a reason I should not switch? Am I missing something?



  • Walrus Stache
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Re: Local Credit Union
« Reply #1 on: February 28, 2014, 05:47:02 PM »
The thing that would be an issue here for me is the minimum of 10 debit card transactions per month in order to qualify for the high interest rate. I could probably arrange to make that happen, but that would mean using my rewards credit card less. It would end up being a bunch of hassle to track whether I've met the required transaction count (especially over a joint account with my wife), and the net financial benefit would be minimal.


  • Senior Mustachian
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Re: Local Credit Union
« Reply #2 on: February 28, 2014, 06:16:53 PM »
If you will have no problems meeting the requirements, and this is a better deal than you currently have: no reason not to switch.


Wow, a phone plan for fifteen bucks!