Overall credit union rating
Feature | Insider rating (out of 5) |
Savings | 3.5 |
Checking | 3.75 |
Money market account | 3.75 |
Share certificate | 2.5 |
Trustworthiness | 4 |
Total | 3.5 |
Pros and cons
Pros | Cons |
|
|
Savings
When you open the
But if you’d prefer to earn a higher rate or avoid the monthly service fee, our best high-yield savings accounts guide may have more appealing options.
Checking
The
Share certificate
Naft Federal Credit Union pays competitive interest rates on
Note that the early withdrawal penalty is the same regardless of which term you choose.
Money market account
There’s no monthly service fee for the
If this is a deal-breaker for you, our best money market accounts guide includes accounts that provide these features.
How does Naft Federal Credit Union work?
Naft Federal Credit Union is a Hispanic American financial institution with three branches in Pharr and Harlingen, Texas. The credit union has 13 free ATMs in its network. Members also have access to over 30,000 free ATMs through the CO-OP Shared Network.
To become a member, you or a family member must live or work in Pharr, San Juan, or Alamo, Texas. You’ll need to open a savings account with at least $20 and pay a $5 fee.
If you have questions about bank accounts or services, you can call the nearest branch location. Hours will vary between branches, but you can call any from 10:00 a.m. to 5:00 p.m. Monday through Friday or Saturday from 10:00 a.m. to 12:00 p.m. CT.
The credit union is part of the TouchBanking mobile app, which has 4.8 out of 5 stars on the Apple Store and 3.9 out of 5 stars on the Google Play Store.
Naft is also federally insured by the NCUA. Up to $250,000 deposited in an individual bank account is safe, even in the rare event that a credit union shuts down.
Is Naft Federal Credit Union trustworthy?
Naft Federal Credit Union has a D+ rating from the Better Business Bureau because it hasn’t responded to one customer complaint and hasn’t been operating for a long time.
A good BBB rating isn’t necessarily the be-all and end-all to seeing if a credit union will be the right fit for you. You’ll also want to talk to friends or family that are current members or read online customer reviews to get other perspectives.
On a more positive note, Naft Federal Credit Union hasn’t been involved in any recent public scandals.
The role of Hispanic American-led financial institutions
Hispanic American-led financial institutions are great local banking options for Hispanic American and underserved communities. These banks are often more closely tied to these communities than national banks.
At Naft Federal Credit Union, customer support is available in English and Spanish. It has also partnered with a local school to help low-income high school students enter college.
How Naft Federal Credit Union compares
We compared Naft Federal Credit Union to two other Hispanic American-owned credit unions in South Texas: Lone Star National Bank and Security First Credit Union.
Texas branches 3 (Pharr, Harlingen) |
Texas branches 33 (Alton, Brownsville, Edinburg, Harlingen, Hidalgo, McAllen, Mission, Pharr, Rio Grande City, Roma, San Antonio, South Padre Island, Weslaco) |
Texas branches 8 (Brownsville, Edinburg, Harlingen, McAllen, Mission, San Benito, Weslaco) |
Standout feature Competitive interest rates on short-term share certificates |
Standout feature Low minimum opening deposit on checking and savings accounts |
Standout feature High interest rates on share certificates |
To open a bank account with a credit union, you’ll have to be eligible for membership.
You can become a member of Naft Federal Credit Union if you or a family member live in Pharr, Alamo, or San Juan. Meanwhile, Security First Credit Union lets you join if you live, work, or study in a Rio Grande Valley county.
If you don’t meet these requirements (or prefer a bank to a credit union), Lone Star National Bank doesn’t have any requirements to open a bank account.
Your decision between these three institutions may also depend on which accounts best fit your needs.
Lone Star is a good option if you want to open a bank account with a low minimum opening deposit. It also has the most branch locations and is part of the large Allpoint ATM network.
Naft Federal and Security First pay great rates on share certificates. However, Naft Federal doesn’t have terms longer than three years, so Security First will be a better choice if you’re searching for a long-term share certificate.
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