If you’re looking for a comprehensive Quorum Federal Credit Union review, you’ve come to the right place. In this blog post, we’ll take a look at all of the important aspects of this banking institution, including its history, products and services, fees, and more.
We’ll also provide you with some insights into how Quorum Federal Credit Union compares to other banks in terms of both benefits and drawbacks. So whether you’re a current or potential customer of Quorum Federal Credit Union, read on for a detailed overview of what it has to offer!
Facts and History
Quorum Federal Credit Union was founded in 1934 and is based in Purchase, New York. The credit union was started by a group of Kraft employees who decided to form their bank after not being satisfied with the banking options available to them at the time.
The Kraft Employees Credit Union was officially formed in 1936 and became Quorum Federal Credit Union in 2005. Today, the credit union serves employees of over 50 companies nationwide and has over 70,000 members.
Quorum Federal Credit Union has been named one of the Best Companies to Work for In New York by Forbes magazine and was also awarded the “Best in Class” designation in an international website competition.
Quorum Federal Credit Union is not BBB accredited.
Products and Services
Quorum Federal Credit Union offers a full range of banking products and services, including checking and savings accounts, personal loans, mortgage loans, business loans, and more. The credit union also offers investment services and financial planning assistance to its members.
Let’s discuss some of Quorum Federal Credit Union’s most popular products and services in more detail.
Quorum Federal Credit Union offers two different types of checking accounts: QClassic and QChoice. Here are some of the features and benefits of both account types:
QClassic Checking Account
If you’re looking for a basic checking account with some extra features, the QClassic Checking Account is a great option. This account comes with free ATM access (90,000+ nationwide), a free Debit Mastercard, and a free bill pay service. You’ll also receive Priceless Offers, which are exclusive discounts and deals available to Mastercard holders.
The QClassic Checking Account also comes with overdraft protection, so you’ll never have to worry about incurring fees for accidental overspending. There is a $25 minimum opening deposit required for this account type.
QChoice Checking Account
If you’re looking for a more comprehensive checking account, the QChoice Checking Account is the way to go. This account comes with all of the features of the QClassic Checking Account, plus some additional benefits.
For instance, with the QChoice Checking Account, you’ll earn dividends on your balance (with no minimum balance required). However, you need to maintain a minimum monthly direct deposit of $1000 or a minimum average daily balance of $5000 to qualify for this account type.
Otherwise, you will be charged a $10 monthly maintenance fee. Here are the current APY rates for this account:
Up to $19,999: 0.01% APY
$20K and over: 0.05% APY
The QChoice Checking Account also comes with up to $15/month in ATM fee reimbursements. So if you find yourself using out-of-network ATMs frequently, this account can save you a lot of money in the long run.
The Banks also offer online bill pay, but do not offer Zelle or Popmoney. Zelle is a digital payment service that allows you to send and receive money from others via your bank’s mobile app. Popmoney is similar to Zelle, but it also allows you to send money to people who don’t have a bank account.
This can be a drawback if you frequently need to send money to people who don’t have a bank account, as you’ll have to use another service like PayPal or Venmo. However, if you only need to send money to people who do have a bank account, Quorum’s online bill pay system will suffice.
Now, le’s take a look at the Pros and Cons of Quorum Federal Credit Union:
- Offers a full range of banking products and services
- Named one of the Best Companies to Work for In New York by Forbes magazine
- Awarded the “Best in Class” designation in an international website competition
- QChoice Checking Account offers ATM fee reimbursements
- Not BBB accredited
- QChoice Checking Account requires a $1000 minimum monthly direct deposit or a $5000 minimum average daily balance to avoid a $12 monthly maintenance fee
- The Banks also offer online bill pay, but do not offer Zelle or Popmoney.
Now, let’s take a look at Saving account options that Quorum offers:
Quorum Federal Credit Union Saving Account
Quorum Federal Credit Union offers two different types of savings accounts: HighQ Savings and Other Liquid Savings Accounts
The HighQ Savings account is perfect for members who want easy access to their money without any fees or penalties.
The account offers a competitive rate of 0.35% and there is no minimum deposit required to open the account. You also have the option to add money to the account at a later date, so there is no pressure to do so right away.
Plus, there is no minimum balance requirement and you can access your money anytime you need to through online and mobile banking. If you prefer paper statements, there is a small monthly fee of $10 charged.
However, if you opt for electronic statements (eStatements), the monthly fee is waived.
Other Liquid Savings Accounts:
There are a few different types of Other Liquid Savings Accounts that you can choose from. The first is the Money Management Account, which is designed to help you save money and stay within your budget. The second type of account is the membership account, or Custodial account, which is a special account for minors.
The third type of account is the Basic Savings account, which offers a low minimum balance and no monthly maintenance fees.
Quorum Federal Credit union even funds $5 to a Basic Savings account to start with.
All of these accounts come with online and mobile banking access, so you can check your balances and make transfers anytime, anywhere. Plus, all of the accounts offer competitive interest rates so you can earn money on your savings.
No matter which accounts type you choose, you’ll be able to take advantage of the many features and benefits that come with being a member of Quorum Federal Credit Union.
Now quickly let’s look at the Pros and Cons of having a Saving Account with Quorum:
- Competitive interest rates
- No minimum deposit required
- Access to your money anytime
- Online and mobile banking
- Account available for minors
- Monthly fees (waived if you choose eStatements)
- APY is very competitive but not the best in the market.
The bottom line is that a savings account with Quorum Federal Credit Union is a great way to save money and earn interest on your savings. There are a few drawbacks, such as monthly fees, but overall the account offers many benefits and features that make it a great choice for anyone looking for a place to save their money.
Quorum Federal Credit union certificates of deposit
If you’re looking for a place to park your money and earn a little interest, Quorum Federal Credit Union certificates of deposit (CDs) may be a good option for you. CDs are a type of savings account that offers a fixed interest rate, so you can be sure that your money will grow at a steady rate.
The credit union offers CDs with terms ranging from 3 months to 60 months, and the APY ranges from 0.25% to 1.10%. For account deposits of $100,000 or more, you’ll earn an additional 0.10% APY.
Here is the Table of Annual Percentage Yields (APY) for each CD term:
CD Term Minimum Balance to Open APY
3 Months $1000 0.01%
6 Months $1000 0.25%
12 Months $1000 0.40%
13 Months $1000 0.90%
18 Months $1000 0.40%
30 Months $1000 1.10%
48 Months $1000 0.55 %
60 Months $1000 0.65%
If observe the above table, you will find that the APY is quite decent and also offers a good return on investment. The 30-month CD offers the best APY, but you should keep in mind that you’ll be tying up your money for a longer period of time.
One of the great things about CDs is that you can lock in a rate, so you know exactly how much your money will grow.
However, if you need to withdraw your money before the CD matures, you will be charged a penalty. The penalty for early withdrawal is typically equal to six months’ worth of interest.
At maturity, your CD will automatically roll over into the same term at the current rate.
All of Quorum’s CDs are federally insured by the National Credit Union Administration (NCUA), so you can rest assured that your money is safe.
Other Product and Services of Quorum Federal Credit Union
In addition to checking accounts, savings accounts, and CDs, Quorum Federal Credit Union offers a full range of financial products and services. Below is a list of some of the other products and services that the credit union offers:
- Home equity loans
- Mortgage loans
- Student Loans
- Credit cards
You can see that the credit union offers a wide variety of products and services to meet your financial needs. Whether you’re looking for a loan, investment advice, or insurance, Quorum Federal Credit Union can help you out.
Competitor of Quorum Federal Credit Union
The main competitor of Quorum Federal Credit Union is Navy Federal Credit Union. Below is a comparison of the two credit unions:
Quorum Federal Credit Union Vs. Navy Federal Credit Union
Both Quorum Federal Credit Union and Navy Federal Credit Union are federally insured, making them a safe place to store your money. They also offer a wide variety of products and services, making them a good choice for anyone looking for a full-service financial institution.
When it comes to interest rates, Quorum Federal Credit Union offers slightly better rates than Navy Federal Credit Union. For example, the credit union’s savings account APY is 0.35% while Navy Federal Credit Union’s is only 0.25%.
When it comes to checking accounts, Quorum Federal Credit Union offers a higher APY than Navy Federal Credit Union. The credit union’s checking account APY is 0.05% while Navy Federal Credit Union’s is only 0.01%.
in Certificate deposit, Quorum Federal Credit Union offers a higher APY than Navy Federal Credit Union. The credit union’s CD APY is 0.40% while Navy Federal Credit Union’s is only 0.90%.
In conclusion, Quorum Federal Credit Union is a better choice than Navy Federal Credit Union when it comes to interest rates. However, both credit unions offer a wide variety of products and services, making them a good choice for anyone looking for a full-service financial institution.
Below images are the comparison of products and services between Quorum Federal Credit Union and Navy Federal Credit Union:
Quorum Federal Credit Union(2022) Review: A Detailed Look At This Banking Institution
Overall, Quorum Federal Credit Union is a great banking institution that offers customers a number of features and benefits. One thing to note is that their customer service hours are not as extensive as some other institutions, but they make up for it with their ATM access (5,000 locations) and mobile payment options.
Have you used Quorum Federal Credit Union before? We’d love to hear about your experience in the comments below.