Evolve credit union; Insider
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Overall bank rating
| Feature | Insider rating (out of 5) |
| Savings | 3 |
| Checking | 3.75 |
| Share certificate | 3.25 |
| Money market | 3 |
| Trustworthiness | 5 |
| Total | 3.5 |
Pros and cons
| Pros | Cons |
|
|
Savings
The
To become a member, you’ll need to open a savings account with at least $15. If earning interest on a savings account is a big priority for you, you may prefer banking elsewhere.
Checking
The
The checking account also works well for someone who can make at least 15 monthly debit card transactions. You won’t earn any interest, but at least you won’t have to pay a monthly service fee.
CD
You may like evolve Federal Credit Union’s
Be mindful of early withdrawal penalties, though, which can be high depending on which term you choose.
Money market account
The
How evolve Federal Credit Union works
evolve Federal Credit Union is a Hispanic American-led financial institution with four branches in El Paso, Texas. It has 215 free ATMs in El Paso and Las Cruces, Texas, and members also have access to over 85,000 surcharge-free ATMs through the Allpoint, Co-Op, and CU Anytime Shared Networks.
The credit union’s Service Support Center is available Monday through Friday, from 8:30 a.m. to 5:30 p.m. CT. You can call or fill out a form to talk to a service support team member.
If mobile banking is a significant part of your banking experience, you may want to consider other financial institutions. evolve Federal Credit Union only has 2.9 out of 5 stars in the Google Play store and 2.5 out of 5 stars in the Apple Store.
evolve is federally insured by the NCUA. Up to $250,000 is safe in an individual account.
How to join evolve Federal Credit Union
You are eligible to join evolve Federal Credit Union if you live, work, or go to school in El Paso County, Texas. To become a member, you’ll need to open a savings account with at least $15.
The credit union has four membership tiers: Basic, Plus, Platinum, and Diamond Elite. Basic members are members whose household has $5,000 or less in loans and shares.
Each tier adds more benefits and rewards. However, to move up a membership tier, you’ll need to meet additional requirements.
Is evolve Federal Credit Union trustworthy?
evolve Federal Credit Union has an A+ rating in trustworthiness from the Better Business Bureau. A good BBB rating doesn’t necessarily mean that your relationship with the credit union will be the same, though.
You’ll want to read online customer reviews or talk to family or friends that are members to help shape your opinion.
evolve Federal Credit Union hasn’t been involved in any recent public scandals.
The role of Hispanic American financial institutions
Hispanic American financial institutions serve an integral role in providing services and products to underserved communities in the US. Many are located in Texas and are founded in areas with predominantly Hispanic American communities.
The evolve Federal Credit Union website lets you change languages if you prefer reading in Spanish.
evolve Federal Credit Union also initiated the “evolving Kids of El Paso” project. The credit union partners with local children’s organizations to host events and donation drives.
How evolve Federal Credit Union compares
We compared evolve Federal Credit Union to two other Hispanic American-led financial institutions in El Paso, Texas: GECU Credit Union and United Bank of El Paso del Norte.
|
Evolve Federal Credit Union |
GECU |
United Bank of El Paso del Norte |
|
Branches in El Paso 4 |
Branches in El Paso 12 |
Branches in El Paso 3 |
|
Standout feature High-yield checking account |
Standout feature Free checking and savings accounts |
Standout feature No minimum opening deposit on checking account |
Credit unions work differently than banks because you have to become a member to open an account. Anyone can use United Bank of El Paso del Norte, but membership is limited to certain people at evolve and GECU.
evolve Federal Credit Union lets you join if you live, work, or go to school in El Paso County. You’ll also have to open a savings account with at least $15.
At GECU, you’ll need to meet one of the credit union’s membership categories and open a savings account with at least $20.
If you’re eligible to join all three financial institutions, your decision may rest on which bank accounts fit your needs best.
GECU offers the best account options if you don’t want to pay monthly service fees. At the other financial institutions, you’ll have to meet certain requirements to waive them.
If you’re searching for accounts with low minimum opening deposits, United Bank of El Paso del Norte and evolve Federal Credit Union may have more options.
The
evolve Federal Credit Union has similar offerings, and its checking account pays a high interest rate if you make at least 30 debit transactions per month.
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