Author Topic: Local Credit Union  (Read 1393 times)

tdccarpenter

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Local Credit Union
« on: February 28, 2014, 05:23:15 PM »
Greetings,

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

Requirements:

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

Offers:
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?

-tdccarpenter

seattlecyclone

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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.

MDM

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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.