Southwest Heritage Credit Union review: Hispanic American-led credit union with no monthly fees

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Overall bank rating

Feature	Insider rating (out of 5)
Savings	4
Checking	4
Money market account	3.75
Share certificate	3.75
Trustworthiness	4
Total	3.9

Pros and cons

Pros	Cons
Hispanic American-led credit union No monthly service fees Free overdraft protection Higher interest rates than many brick-and-mortar institutions	Only available in Odessa and Wink, TX Compounds interest monthly, not daily You still may earn higher rates with online banks

Savings

SouthWest Heritage Credit Union Share Account

The Southwest Heritage Credit Union Share Savings Account is a good option if you’re looking for a free savings account. It pays a higher interest rate than many in-person banks, but you could still earn more with an online high-yield savings account.

Checking

Southwest Heritage Credit Union Checking Account

The Southwest Heritage Credit Union Checking Account is a strong checking account with free overdraft protection and no monthly service fees.

CD

Southwest Heritage Credit Union Certificate of Deposit

Southwest Heritage Credit Union pays Southwest Heritage Credit Union Certificate of Deposit than many in-person banks. You’ll also get a rate boost if you have a loan with Southwest Heritage, enroll in e-statements, or have been a member for at least three years. You can still earn higher rates at online institutions, though.

Money market account

Southwest Heritage Credit Union Money Market Account

You may like the Southwest Heritage Credit Union Money Market Account if you can maintain a $1,500 balance, because then you’ll earn interest. Your rate will increase once your balance hits $50,000.

How Southwest Heritage Credit Union works

Southwest Heritage Credit Union Share Savings Account is a Hispanic American-led institution with five branches in Odessa and Wink, Texas. You have free access to over 30,000 ATMs around the US in the CO-OP network.

Become a member of the credit union if you live, work, or worship in Andrews, Crane, Ector, Midland, Ward, or Winkler Counties. You can also join if an immediate family member is already a Southwest Heritage member.

Call or visit a branch on Monday, Tuesday, Thursday, and Friday from 8:30 a.m. to 5:30 p.m., or Wednesday from 10:00 a.m. to 5:30 p.m.

The Southwest Heritage mobile app has 4.7 out of 5 stars in the Apple store, and 4.8 out of 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 joint accounts.

Is Southwest Heritage Credit Union trustworthy?

Southwest Heritage Credit Union does not have any public controversies.

The Better Business Bureau gives Southwest Heritage an NR (No Rating) in trustworthiness because it does not have enough information to give the credit union a grade. You may want to ask friends or family about their experiences with Southwest Heritage, 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. Southwest Heritage 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 Southwest Heritage Credit Union compares

Southwest Heritage Credit Union is the only Hispanic American-led financial institution in Odessa or Wink. So we’ve compared it to two other banks in the area: Chase and Wells Fargo.

Texas locations 5	Texas locations 533	Texas locations 575
Standout feature No monthly fees	Standout feature Variety of checking accounts	Standout feature Automatic savings tool
Southwest Heritage Credit Union Share Savings Account	Chase Total Checking®	Wells Fargo Everyday Checking Account

You may prefer Chase or Wells Fargo if you want a bank with a national presence, but Southwest Heritage if you want a Hispanic American-led company. It’s also worth noting that Wells Fargo has been accused of racial disrimination in mortgage lending.

Chase has several checking accounts, so you could find one that best suits your needs. You also might like Wells Fargo’s savings tool that automatically transfers $1 from checking to savings each time you use your debit card.

But if you aren’t eligible to waive monthly fees with either bank, you may prefer Southwest Heritage, which doesn’t charge monthly fees.

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