Arizona Institution, Large ATM Network

0

Overall rating of the bank

Advantages and disadvantages

Savings

Annual percentage return (APY)

0.05% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • Low minimum opening deposit
    • No monthly service fees
    The inconvenients
    • Low APY
    • Interest compounded monthly, not daily
    • Hispanic-American-led credit union
    • To join, you or a member of your immediate family must live, work, study, or worship in Yuma County or La Paz County
    • 4 branches in Arizona (Yuma, Somerton, Parker)
    • COMPOSE ?
    • Federal Insurance by NCUA

    The AEA Federal Credit Union Senior Stock Savings Account is a free option with a low minimum deposit. He pays a low rate of interest, however. If a high rate is your priority, read our roundup of the best high yield savings accounts.

    Verification

    Annual percentage return (APY)

    Nothing

  • Advantages and disadvantages

  • Details


  • Advantages
    • Minimum opening deposit of $ 25
    • Possibility to waive the monthly service charge of $ 5
    The inconvenients
    • $ 5 monthly service charge
    • $ 1 off-network ATM fee
    • $ 32 overdraft fee
    • $ 5 overdraft protection fee when you save money
    • Hispanic-American-led credit union
    • To join, you or a member of your immediate family must live, work, study, or worship in Yuma County or La Paz County
    • 4 branches in Arizona (Yuma, Somerton, Parker)
    • Free ATMs at branches, Albertsons stores and CO-OP shared network distributors in the United States (over 30,000)
    • Forget the monthly $ 5 service charge by making direct deposits of $ 400 AND doing one of the following: Make 30 or more debit card transactions, hold $ 15,000 in total loan, credit card balances credit and mortgages, or maintain a balance of $ 1,500 in checks
    • Federal Insurance by NCUA

    You might like the AEA Federal Credit Union Basic Checking Account if you can waive the $ 5 monthly service fee. To avoid these fees, you will need to receive at least $ 400 per month in direct deposits and do one of the following:

    • Make at least 30 debit card transactions
    • Hold $ 15,000 in accumulated loan, mortgage and credit card balances with AEA
    • Keep $ 1,500 in your checking account

    Share certificate

    Annual percentage return (APY)

    0.05% to 0.45% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • Higher interest rates than many physical institutions
    • Low to standard early withdrawal penalties
    The inconvenients
    • Minimum deposit of $ 1,000
    • Interest compounded monthly, not daily
    • Hispanic-American-led credit union
    • To join, you or a member of your immediate family must live, work, study, or worship in Yuma County or La Paz County
    • 4 branches in Arizona (Yuma, Somerton, Parker)
    • The durations range from 3 months to 5 years
    • The interest rate depends on the length of the term and the opening deposit; earn a higher rate when you open with $ 25,000 and $ 100,000
    • Early withdrawal penalties: 90 days of interest on terms of less than 12 months, 180 days of interest on terms of 12 months or more
    • Interest compounded monthly, paid monthly
    • Federal Insurance by NCUA

    AEA Federal Credit Union pays higher rates on certificates than most in-person institutions, especially longer term. However, you can still earn higher rates with online banking.

    Money market account

    Annual percentage return (APY)

    0.10% to 0.25% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • Competitive interest rates on higher balances
    • No monthly service fees
    • Possibility to purchase paper checks
    The inconvenients
    • Minimum opening deposit of $ 2,500
    • Low interest rate on lower balances; no interest earned on balances less than $ 2,500
    • No debit card
    • Hispanic-American-led credit union
    • To join, you or a member of your immediate family must live, work, study, or worship in Yuma County or La Paz County
    • 4 branches in Arizona (Yuma, Somerton, Parker)
    • Laddered interest rates; earn a higher rate when your balances reach $ 10,000, $ 50,000 and $ 150,000
    • Interest compounded monthly, paid monthly
    • Federal Insurance by NCUA

    You might like the AEA Federal Credit Union Money Market Account if you have $ 2,500 to get started. You will also need to keep $ 2,500 to earn interest.

    How the AEA Federal Credit Union works

    AEA Federal Credit Union is an institution run by Hispanic Americans in Arizona. There are four branches: two in Yuma, one in Somerton and one in Parker. You have free access to ATMs at Albertsons branches and stores, as well as 30,000 ATMs in the CO-OP shared network in the United States.

    To join the credit union, you or a member of your immediate family must live, work, study, or worship in Yuma County or La Paz County. Next, you need to open an AEA Federal Credit Union Senior Stock Savings Account with $ 25 and a one-time opening fee of $ 5.

    The exact lobby and customer service hours vary by location; each branch is open Monday through Friday, but not on weekends.

    The AEA Federal Credit Union mobile app has 4.8 out of 5 stars in the Apple Store and 4.6 out of 5 stars in the Google Play Store.

    Your deposits are federally insured by the NCUA up to $ 250,000, or up to $ 500,000 for joint accounts.

    Is the AEA Federal Credit Union trustworthy?

    AEA Federal Credit Union has no recent public controversies.

    The Better Business Bureau gives AEA an A + for reliability. A high BBB rating indicates that a business responds effectively to customer complaints, advertises honestly, and is transparent about business practices.

    However, a good BBB score does not guarantee that you will have a harmonious relationship with an institution. You can always ask friends and family about their experiences with AEA or read customer reviews online.

    The role of Hispano-American institutions

    Many Spanish-American banks and credit unions offer services in English and Spanish. There is a history of racial prejudice in banking and lending, especially among Hispanics, so working with a Hispanic institution can help eliminate unfair bias.

    Some of these institutions allow you to open accounts if you are an immigrant or non-US citizen. The AEA requires a Social Security number to open an account, but you can see a full list of banks that accept applications from immigrants and non-citizens without an SSN here.

    Many of these banks and

    credit unions
    are involved in their local communities. For example, AEA chooses a local charity every two months for its employees to volunteer. Employees can also wear jeans to work if they donate $ 5 or $ 10 from their paycheck, and participating workers choose the charity to receive the money at the end of each quarter.

    How AEA Federal Credit Union Stacks Up

    AEA Federal Credit Union is the only Hispanic American institution in Arizona. But we compared it to two banks with a strong presence in the state: Wells Fargo and Chase.

    If it is important for you to use a Spanish American institution, you will probably want to go for the AEA. However, Wells Fargo does not require a Social Security number to open an account, which makes it an attractive choice whether you are an immigrant or a non-U.S. Citizen.

    Nonetheless, it should be noted that Wells Fargo and Chase both have plenty of public controversy, including a lawsuit in 2019 in which Wells Fargo paid the City of Philadelphia $ 10 million in response to the city’s claims that the bank had engaged in predatory mortgage loans to racial minorities.

    AEA pays significantly higher interest rates on certificates than Wells Fargo and Chase, but you might like one of these other bank accounts if you’re interested in features other than rates. Wells Fargo has an automatic savings tool that transfers $ 1 from verification to savings every time you swipe your debit card. Chase has several checking accounts with perks ranging from signup bonuses to waived foreign transaction fees.


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