UW Credit Union offers good things to potential customers, however, we have found that these benefits don’t shine above a lot of other credit unions out there yet. Here are some of the best highlights to UW Credit Union.
AMV Technology is the credit cards with small chips in them. The purpose of the chips is to help secure transactions that will hopefully limit the number of fraudulent activity and hacks. UW has made this transition with their debit cards which benefits all of their customers.
Another nice perk is that UW Credit Union only requires $5 in a savings account when trying to set it up. Others ask for up to $30 to start an account. If you’re just trying to find a place to store your money, possibly for small children, this is a great option.
We found the UW Credit Union has good automobile loan interest rates that can range anywhere from 2.24-4.05% as well as personal or unsecured loan rates that start at 9.90%. Even though we have seen slightly better rates elsewhere, we still find these to be pretty competitive with other credit unions.
UW Credit Union has a lot of missing features that potential customers can view as valuable. Several things from financial rates to security and technology are missing with UW. Customers have complained that UW Credit Union is stuck in their ways and not looking at updating their features often enough.
Minimal Account Interest Rates
When a customer signs up with a credit union, they can typically expect some type of interest rate. Unfortunately, UW Credit Union offers such a little interest rate that many might feel like it’s not even making an earning at all. Their checking account interest rate is only 0.01% and their savings account is only 0.03% APY. This is one of the lowest we’ve seen with any credit union and puts a big hit to their Overall Score as a company.
No Mobile Features
Many credit unions are moving towards adding features on mobile devices that can help with convenience for their customers. UW Credit Union does offer an app, but it only does the bare minimum. They currently do not offer mobile wallet features or mobile check deposit features which are both very popular right now.
Overdraft Protection and Fees
UW Credit Union also does not offer an overdraft protection which is the option to automatically transfer money from one account to another when one does not have enough funds for a transaction. We have found that what separates a top-choice credit union from another are those that offer these types of small benefits to their customers. It’s an added layer of protection. Since UW does not offer overdraft protection, their customers will automatically be hit with the $30 overdraft fee any time sufficient funds are not readily available in an account.
Locations and ATMs
UW Credit Union is based in Wisconsin, and because of the small focused area, they do not really need to offer as many locations. They currently have 25 branches and 71 ATMs. Even though Wisconsin residents might find this as “enough”, when you compare their amount of locations and ATMs to the rest of the industry, we find that credit unions who offer membership to people all over the US have hundreds of branch locations and tens of thousands of ATMs options. Unfortunately, the comparison puts UW Credit Union at the lower end of the spectrum which also puts a dent in the company’s score.