Laredo Federal Credit Union Exam: Texas Institution, Free Check

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Overall rating of the bank

Advantages and disadvantages

Savings

Annual percentage return (APY)

0.05% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • $ 25 opening deposit
    • No monthly service fees
    The inconvenients
    • Low APY
    • Need $ 25 on your account per day to maintain an active subscription
    • Caisse populaire serving a Hispano-American community
    • 3 branches in Laredo, Texas
    • Access to 6 free ATMs in Laredo, Texas
    • To become a member you must live in Webb County
    • To maintain an active membership you must keep $ 25 in your account daily
    • Interest compounded quarterly, deposited quarterly
    • Federal Insurance by NCUA

    The Laredo Federal Credit Union Savings Account is a decent free savings account. There is no monthly fee, but you will need to keep at least $ 25 in your account per day to maintain an active credit union membership.

    Verification

    Annual percentage return (APY)

    Nothing

  • Advantages and disadvantages

  • Details


  • Advantages
    • No monthly service fees
    • $ 50 opening deposit
    • $ 5 overdraft protection
    • 40 first free checks
    The inconvenients
    • Off-network ATM fee of $ 1.50
    • $ 30 overdraft fee
    • Caisse populaire serving a Hispano-American community
    • 3 branches in Laredo, Texas
    • Access to 6 free ATMs in Laredo, Texas
    • To become a member you must live in Webb County
    • Federal Insurance by NCUA

    Laredo has a good free checking account with a low minimum deposit and no monthly service fees.

    If you travel frequently, you may want to check out other toll-free checking accounts, otherwise ATM fees may add up. The Credit Union only has six free ATMs in Laredo, and there is a $ 1.50 fee for each time you use an off-grid ATM.

    Share certificate

    Annual percentage return (APY)

    0.10% to 0.40% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • Strong interest rates, compared to traditional banks
    • Standard term of office
    The inconvenients
    • Minimum opening deposit of $ 1,000
    • Online banks may offer a higher interest rate
    • Contact your nearest branch for information on early withdrawal penalties
    • Caisse populaire serving a Hispano-American community
    • 3 branches in Laredo, Texas
    • Access to 6 free ATMs in Laredo, Texas
    • To become a member you must live in Webb County
    • The terms range from 6 months to 5 years
    • Early withdrawal penalties: Contact your nearest branch for more information; varies according to the amount deposited and the duration of the mandate
    • Interest compounded quarterly, deposited quarterly
    • Federal Insurance by NCUA

    Laredo share certificates offer solid interest rates compared to traditional financial institutions. But if you’re interested in more competitive rates on urgent accounts, you’ll want to check out our best guide to CD pricing.

    Money market account

    Annual percentage return (APY)

    0.05% to 0.15% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    The inconvenients
    • Low APY
    • Opening deposit of $ 2,500
    • No debit card
    • No check writing
    • Caisse populaire serving a Hispano-American community
    • 3 branches in Laredo, Texas
    • Access to 6 free ATMs in Laredo, Texas
    • To become a member you must live in Webb County
    • Progressive Interest Rate: Earn 0.05% APY if your account balance is between $ 2,500 and $ 49,999; Earn 0.10% APY if your account balance is between $ 50,000 and $ 99,999; Earn 0.15% APY if you have an account balance over $ 100,000
    • Interest compounded quarterly, deposited quarterly
    • Federal Insurance by NCUA

    The Laredo Federal Credit Union Money Market Account is a decent choice if you don’t like dealing with monthly service charges. However, the money market account does not have a debit card or checks. The only way to access your money is to visit a branch.

    How Laredo Federal Credit Union Works

    Laredo Federal Credit Union is a Hispanic-American-run credit union with three branches in Laredo, Texas. The credit union has a small network of ATMs with six free ATMs in Laredo.

    You can join Laredo Federal Credit Union if you live or work in Webb County. To become a member, you will need to open a savings account of at least $ 25 and pay a membership fee of $ 5.

    Due to COVID-19, Laredo Federal Credit Union has changed the hours of operation of branches and customer service. Customer service is available by phone Monday to Friday 9:00 a.m. to 5:00 p.m.

    The Credit Union mobile app has 3.8 out of 5 stars in the Apple Store and 4.0 out of 5 stars in the Google Play Store.

    Laredo Federal Credit Union is federally insured by the NCUA. Individual accounts are secure up to $ 250,000 with federal policyholders

    credit unions
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    The role of Spanish-American financial institutions

    Throughout history, Hispanics have been affected by discriminatory loans and limited banking opportunities. However, Hispanic American financial institutions are working to fill this gap by providing services and products aimed at Hispanic Americans and underserved communities.

    At Laredo Federal Credit Union, you can receive customer service in Spanish and English. The credit union also offers free savings and

    verify accounts
    , which is another advantage of the local bank. Local banks often charge less fees than national banks.

    Is the Laredo Federal Credit Union trustworthy?

    Laredo Federal Credit Union has not been involved in any recent public scandal. It also received an A + rating from the Better Business Bureau.

    BBB ratings help indicate how a credit union deals with customer issues and whether it has transparent business practices. A good BBB rating, however, does not guarantee that your relationship with the company will be perfect. You’ll want to read customer reviews online or talk to friends and family to help shape your opinion.

    How Laredo Federal Credit Union Stacks Up

    We compared Laredo Federal Credit Union to two other Hispanic American financial institutions in Laredo, TX: Falcon International Bank and International Bank of Commerce.

    Spanish American financial institutions often serve small local communities.

    Of the three, only Laredo Federal Credit Union requires membership to open a bank account. You will need to live in Webb County, open a savings account of at least $ 25, and pay a membership fee of $ 5.

    If you are not eligible for membership, Falcon International Bank or International Bank of Commerce may be good choices if you have a branch nearby.

    If all three institutions are nearby, your decision may depend on which accounts you want to open.

    Laredo Federal Credit Union and International Bank of Commerce have decent free checking accounts. The International Bank of Commerce’s free checking account has a minimum opening deposit of $ 10. Meanwhile, the Laredo Federal Credit Union free checking account has lower fees if you use overdraft protection.

    If you are looking for CDs, Falcon International Bank has plenty of options, from 30 days to 5 years. The International Bank of Commerce and Laredo Federal Credit Union, however, offer better interest rates.


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