Edinburg Teachers Credit Union review: Hispanic American-led institution with no monthly fees

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Overall credit union rating

Feature	Insider rating (out of 5)
Savings	3
Checking	3
Share certificate	2.75
Trustworthiness	3
Total	3

Pros and cons

Pros	Cons
Credit union that serves a Hispanic American community No monthly service fees on account Low minimum opening deposits for savings and checking accounts	Only 1 branch and 3 free ATMs in Edinburg, Texas No mobile app Online banks can offer higher interest rates Interest compounds monthly, not daily

Savings

Edinburg Teachers Credit Union Savings Account

The Edinburg Teachers Credit Union Savings Account is a solid choice if you don’t want to pay any monthly fees. This account has a tiered interest rate, so it works out best if you can maintain a high balance on your account.

If your priority is getting a high-interest rate, you’ll have better luck at an online bank.

Checking

Edinburg Teachers Union Interest Earning Checking Account

The Edinburg Teachers Union Interest Earning Checking Account doesn’t charge any monthly fees and has a low minimum opening deposit.

But if you’re searching for a high-yield checking account, our best high-yield checking accounts guide includes accounts with higher interest rates.

Share certificate

Edinburg Teachers Credit Union Share Certificate

Edinburg Teachers Credit Union has decent Edinburg Teachers Credit Union Share Certificate if you want to explore long-term options. Early withdrawal penalties are also the same on all terms, which may factor into your decision.

How Edinburg Teachers Credit Union works

Edinburg Teachers Credit Union is a Hispanic American-led credit union with one branch in Edinburg, Texas. It has three free ATMs in the city.

You can join Edinburg Teachers Credit Union if you or a family member work at an eligible school district or business on this list. To become a member, you’ll need to open a savings account with at least $25. You’ll also have to pay an initial $1 membership fee.

Customer service is available over the phone Monday through Thursday from 9:00 a.m. to 5:00 p.m. CT, Friday from 9:00 a.m. to 6:00 p.m. CT, and Saturday from 9:00 a.m. to 1:00 p.m. CT.

You’ll have to look elsewhere if mobile banking is a priority for you because the credit union doesn’t have a mobile app.

Edinburg is federally insured by the NCUA. This means that up to $250,000 is secure in your bank account.

The role of Hispanic American financial institutions

Hispanic American financial institutions address the banking gaps in underserved communities. These institutions are vital for Hispanic American communities that have been historically affected by discriminatory banking practices like redlining.

Hispanic American financial institutions are predominately in areas where Hispanic American communities live. Edinburg Teachers Credit Union serves a large Hispanic American community. According to the US Census, 88% of people living in Edinburg are of Hispanic or Latino origin.

Is Edinburg Teachers Credit Union trustworthy?

We usually include ratings from the Better Business Bureau, which rates businesses on transparent business practices and customer service issues. Edinburg Teachers Credit Union doesn’t have a rating from the BBB, though.

Keep in mind is that a good BBB rating doesn’t necessarily mean that your relationship with a credit union will be perfect. You can talk to family members or friends about their experiences with the credit union to see if it’d be a good fit for you. You can also read online customer reviews.

Edinburg Teachers Credit Union has been involved in one recent public controversy. As of March 2021, the NCUA Administration is overseeing the credit union as conservator. The NCUA says it is working with the Texas Credit Union Department to address potential issues in operations and financial circumstances. Members’ money is still protected by the NCUA, and day-to-day operations are still the same.

How Edinburg Teachers Credit Union compares

We compared Edinburg Teachers Credit Union to two other Hispanic American credit unions in Edinburg, Texas: Navy Army Community Credit Union and Security First Credit Union.

Texas branches 1 (Edinburg)	Texas branches 19 (Corpus Christi, Aransas Pass, Beeville, Calallen, Kingsville, Portland, Rockport, Brownsville, Edinburg, McAllen, Mission, Weslaco)	Texas branches 8 (Brownsville, Edinburg, Harlingen, McAllen, Mission, San Benito, Weslaco)
Standout feature No monthly service fees on account	Standout feature High-yield checking account	Standout feature High interest rates on share certificates
Edinburg Teachers Credit Union Savings Account	Navy Army Community Credit Union Basic Savings Account	Security First Credit Union Regular Share Account

To open a bank account at a credit union, you’ll have to be eligible for membership first.

Edinburg Teachers Credit Union lets you join if you or a family member work at an eligible school district or business on this list.

Navy Army Community Credit Union and Security First Credit Union have more lenient requirements. Navy Army lets you join if you live or work in a South Texas county. You can become a member of Security First if you live, work, worship, or study in a Rio Grande Valley county.

Your decision between these three financial institutions may largely depend on where you live. However, you might also want to keep in mind which accounts stand out the most to you.

The Edinburg Teachers Credit Union Savings Account and Edinburg Teachers Union Interest Earning Checking Account don’t charge monthly fees. You can also open either account with $25.

Navy Army Community Credit Union has an excellent high-yield checking account. It’s a great option if you can meet the requirements to earn the highest interest rate.

Security First Credit Union offers the strong share certificates of all three institutions. It pays high interest rates and has a variety of terms.

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