IDB Global Federal Credit Union; Rachel Mendelson/Insider
Overall bank rating
| Feature | Insider rating (out of 5) |
| Savings | 4 |
| Checking | 4.5 |
| Share certificate | 4.75 |
| Trustworthiness | 5 |
| Total | 4.56 |
Pros and cons
| Pros | Cons |
|
|
Savings
The
Checking
The
Share certificate
Most banks only have certificate terms up to five years, but
How IDB Global Federal Credit Union works
Call or visit a branch Monday through Friday, from 9:00 a.m. to 5:00 p.m.
The IDB Global FCU mobile app has 4.8 out of 5 stars in the Apple store, and 4.6 out 5 stars in the Google Play store.
Your deposits are federally insured by the NCUA for up to $250,000, or up to $500,000 for a joint account.
How to join IDB Global Federal Credit Union
- An employee or retiree of the IDB (Inter-American Development Bank) or IDB Invest
- An immediate family member of someone who works for the IDB or IDB Invest
- An IDB or IDB Invest consultant with a minimum six-month contract
- An executive/alternate director at the IDB or IDB Invest
- An intern at the IDB or IDB Invest
- An immediate family member of someone who is already a member of IDB Global FCU
You’ll need to open an
Is IDB Global Federal Credit Union trustworthy?
IDB Global Federal Credit Union does not have any recent public controversies.
The Better Business Bureau gives IDB Global FCU an A+ in trustworthiness. A strong BBB grade indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
A good BBB score doesn’t guarantee that you’ll have a strong relationship with a financial institution, though. You still may want to ask friends and family about their experiences with IDB Global FCU, or read online customer reviews.
The role of Hispanic American-led institutions
Many Hispanic American banks and credit unions provide services in both English and Spanish. There is a history of racial prejudice in banking and lending, specifically among Hispanic Americans, so working with a Hispanic American institution can help eliminate unfair bias.
Some of these institutions make it possible to open accounts if you are an immigrant or non-US citizen. IDB Global Federal Credit Union does require a US ID to open an account, but you can see a full list of banks that accept applications from immigrants and noncitizens without SSNs here.
How IDB Global Federal Credit Union compares
IDB Global Federal Credit Union is the only Hispanic American institution in Washington, DC. But we’ve compared it to two banks with a large presence in the DC area: Wells Fargo and Bank of America.
|
IDB Global Federal Credit Union |
Wells Fargo |
Bank of America |
|
DC locations 1 |
DC locations 32 |
DC locations 25 |
|
Standout feature No monthly service fees, high certificate rates |
Standout feature Automatic savings tool |
Standout feature Easy to waive monthly service fees |
You might like Wells Fargo or Bank of America because they have more branches around Washington, DC. You also don’t have to be an IDB/IDB Invest employee to bank with them. But you’ll probably prefer IDB Global FCU if you qualify for membership and want to use a Hispanic American-led company.
It’s worth noting that Wells Fargo and Bank of America have recent controversies regarding racial discrimination. In 2019, Wells Fargo paid the city of Philadelphia $10 million in response to the city’s claims that the bank engaged in predatory mortgage lending to racial minorities. The Department of Labor required Bank of America to pay $4.2 million in 2019 to people who claimed the bank discriminated against women, Black, and Hispanic applicants in the hiring process.
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