SchoolsFirst
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LAST UPDATED: June 27th, 2019
SchoolsFirst Federal Credit Union opened up during the middle of the Great Depression. Many banks had closed at this time, but for an organization formed to help people, it was a perfect time. SchoolsFirst FCU was founded in 1934 as Orange County Teachers Credit Union when 126 school employees pooled $1,200 and established a financial institution to help improve each other's lives. The idea of the credit union caught on quickly with school employees. By the end of its second year of existence, the credit union’s membership nearly doubled, and the assets were more than five times that of the first year. SchoolsFirst FCU celebrated adding their 500,000th member in 2011 and continues to expand. Today they have over 40 local California Branches.
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The Good
- Good rates
- Membership
- Other perks
Good Rates
Unlike a bank, they don't work for profit. Being a credit union, they work for their members, and return earnings in the form of lower loan rates and low or no fees. Many bank credit cards charge 29.90% APR or more, but with a SchoolsFirst FCU credit card that's not the case. Their credit card rates are some of the lowest we have seen. This is a huge plus! They also offer free checking to their members, as well as other accounts with return dividends, and competitive interest rates for savings.Membership
It is easy to join SchoolsFirst FCU, you just have to be a current teacher, or retired and live around town where there is a branch close to you. They have extended their member enrollment to family members of SchoolsFirst FCU members as well. Once you join, you are a member for life. No matter where you live, even out of state, as long as your account has a minimum of $5.00. They also have an abundance of online tools available for members and apps available to any of your Apple or Android devices.Other Perks
They also have great options available to teachers to help them live on a budget, and save for the months when school is not in session like the summer saver program or a paycheck planner to help distribute your checks evenly over 12 months instead of 10 or 11.The Bad
- Other accounts
Other Accounts
Their interest rates on Share Certificates (CD's) is competitive, but not at first. While they are comparable to the national average, they are still a little on the lower side when starting out. You don't get the higher interest unless you have more money or more time to lock your money up. Also, they only offer a dividend return on Share Savings Accounts, and Investment Checking. They do have free checking but the interest on that is minimal, if you want any type of dividend return on a checking account on a monthly basis you will have to sign up for an Investment Checking Account, while no minimum balance is required to open this type of account you must carry a daily minimum balance of $1000.00, and the interest is tiered. So the more money you put in the higher interest return. Most banks operate in this fashion, but again, their interest rates are a little on the lower side, compared to other banks who offer at least .10% for just a regular checking account. Those interest rates don't motivate us to open an investment account and the lack of interest for a regular checking account doesn't either. A Share Certificate would do much better.The Bottom Line
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