Credit Union Services - U of I Community Credit Union (2024)

FAQs

Which credit union matters most? ›

A bank or credit union may make a soft inquiry on your credit when you open a new checking account to check for a history of fraud.

There is no limit to how much of your funds you can withdraw in the branch, from your credit union account.

First, bankers believe it is unfair that credit unions are exempt from federal taxation while the taxes that banks pay represent a significant fraction of their earnings—33 percent last year. Second, bankers believe that credit unions have been allowed to expand far beyond their original purpose.

You will need a credit score of 580 or higher to get a $30,000 personal loan in most cases, along with enough income to afford the monthly bill payments. Other common loan requirements include being at least 18 years old, being a U.S. citizen or a permanent resident, and having a valid bank account.

What Information Do You Need to Open a Bank Account? Banks and credit unions want to know their new customers can manage their checking and savings accounts responsibly. However, they won't check your credit report or score, so you won't need an established credit history to qualify for a bank account.

You need a credit score of 700+ to get a credit card from most credit unions, though some credit unions have options available for people with bad credit or no credit history. There are credit union cards for every credit level, and some of the best credit union cards are only available to people with excellent credit.

Credit union disadvantages

Membership may require meeting certain work, residential or occupational requirements. Many typically offer branches only in a limited area or region.

Do credit unions require a good credit score? ›

As long as you meet the membership requirements, a poor credit score typically won't be a dealbreaker when it comes to joining a credit union. Credit unions usually don't check your credit score when you open a checking or savings account.

Credit Unions use your credit score as a factor for deciding whether or not you qualify for an auto loan (Opens in a new Window) and what your interest rate will be.

Withdrawal limits are set by the banks themselves and differ across institutions. That said, cash withdrawals are subject to the same reporting limits as all transactions. If you withdraw $10,000 or more, federal law requires the bank to report it to the IRS in an effort to prevent money laundering and tax evasion.

Usually, you can withdraw money from your credit union savings account at any time. There are only a few limitations you might need to consider: The credit union opening times if you need to go in or call them. The opening hours of your local PayPoint if you need to use this to withdraw cash.

Debit cards eliminate the need to carry around cash, and they help you avoid overspending. Getting a debit card involves opening a checking account, which can be done online or in person at most banks and credit unions.

PenFed Credit Union

PenFed offers competitive APYs, including strong certificate rates. Anyone is eligible to join the credit union; the only requirement is that you open a savings account with an initial deposit of at least $5. PenFed offers a vast network of free ATMs — more than 85,000 across the country.

Progressive Credit Union - You must be recommended by another member. This might be the most unique credit union requirement, and it also seems to be the toughest.

1. Navy Federal Credit Union. Navy Federal is the largest credit union in the country. It has more than 300 branches (which rivals one or two of the biggest banks in the U.S.), mainly in the Northeast, and more than 12 million members, totaling $144 billion in deposits.