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Puerto Rico Federal Credit Union Review: Overall Rating
| Feature | Insider rating (out of 5) |
| Savings | 3.25 |
| Checking | 3.5 |
| Share certificate | 3.5 |
| Trustworthiness | 4 |
| Total | 3.5 |
Puerto Rico Federal Credit Union Pros and Cons
| Pros | Cons |
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Puerto Rico Federal Credit Union Regular Actions Account - Product Name Only Review
You have to open the
If you don't want to deal with biweekly deposits, you may want to consider banking elsewhere.
Puerto Rico Federal Credit Union Easy Access Checking Account - Product Name Only Review
The
However, note that there's a
Puerto Rico Federal Credit Union Share Certificate - Product Name Only Review
Puerto Rico Federal Credit Union pays solid interest rates on share certificates. If you can deposit at least
About Puerto Rico Federal Credit Union
Puerto Rico Federal Credit Union is a Hispanic American-led financial institution with 4 branches in Puerto Rico (Caparra, Quebradillas, Manatee, and Aguadilla). It's part of the ATH, NYCE, CIRRUS, and COOP 24 Shared Networks, so members can access more than 30,000 free ATMs in the US, Puerto Rico, and the Caribbean.
Generally, customer service is available over the phone Monday through Friday from 7 a.m. to 3:30 p.m., or on Saturdays from 8 a.m. to 12:30 p.m.
The credit union's mobile app received 4.7 out of 5 stars in the Apple Store and 4.5 out of 5 stars in the Google Play store.
Puerto Rico Federal Credit Union is federally insured by the NCUA. When a credit union is federally insured, up to $250,000 in an individual account is secure.
How to Join Puerto Rico Federal Credit Union
You can join Puerto Rico Federal Credit Union if you meet any of the following criteria:
- You work at one of 15 affiliated companies (see the full list here)
- You or an immediate family member live, works, or goes to school in San Juan, Puerto Rico
- You are a member or employee of the Museo de Arte de Ponce de Puerto Rico or donate to the museum
- You are the spouse of a member that passed away while they had an active savings account or loan
To become a member, you'll need to open regular shares account. You'll also need to deposit $5 into the account every other week or during each pay period.
The Role of Hispanic American-Led Financial Institutions
Hispanic American-led financial institutions help address gaps that Hispanic Americans face in banking. Historically, Hispanic Americans face limited lending and banking opportunities, but Hispanic American financial institutions can tackle common barriers by addressing areas like culture and language.
Puerto Rico Federal Credit Union is certified as a community development financial institution (CDFI). CDFIs serve low-income and disadvantaged communities. Banks and credit unions have to undergo certification by the US Department of Treasury's Community Development Financial Institutions Fund and meet specific requirements to address banking barriers.
Puerto Rico Federal Credit Union has partnered with Knowledge of Financial Education to provide free financial education to its members. Members can attend webinars, watch videos or take courses to learn more about personal finance. Customer service and website features are also primarily in Spanish.
Is Puerto Rico Federal Credit Union Trustworthy?
We usually include ratings from the Better Business Bureau so you can see how a credit union handles customer interactions. However, Puerto Rico Federal Credit Union hasn't been rated by the BBB yet.
On the bright side, Puerto Rico Federal Credit Union hasn't been involved in any recent public controversies. If you want to see if a credit union might be a good fit, consider talking to friends or family about their experiences. You can also read online customer reviews.
Puerto Rico Federal Credit Union FAQs
Where are Puerto Rico Federal Credit Union branches located?
Puerto Rico Federal Credit Union has branches in Caparra, Quebradillas, Manatee, and Aguadilla.
Is Puerto Rico Federal Credit Union safe?
Puerto Rico Federal Credit Union bank accounts are federally insured by the NCUA for up to $250,000 per depositor, per category. The NCUA protects your insured deposits if a credit union is shut down. Your money will be moved to another institution that is federally insured or a check will be mailed to you.
What are the current CD rates at Puerto Rico Federal Credit Union?
Puerto Rico Federal Credit Union share certificates pay
Why You Should Trust Us: How We Reviewed Puerto Rico Federal Credit Union
For our Puerto Rico Federal Credit Union review, we rated bank products and services using our bank account methodology.
At Personal Finance Insider, we rate bank accounts on a scale from zero to five stars. We review different features for distinct types of bank accounts. For example, we'll look at early withdrawal penalties and CD variety specifically for CDs. Meanwhile, for checking accounts, we'll factor in the ATM network size and fees, as well as its overdraft protection options.
We'll also usually examine minimum opening deposits, monthly service fees, customer support availability, and mobile app ratings for all types of bank accounts.
How Puerto Rico Federal Credit Union Compares
Puerto Rico Federal Credit Union vs. Caribe Credit Union
Caribe Credit Union is a Hispanic American-led credit union in Puerto Rico. It has four branches in San Juan, Guaynabo, and Ponce. You can join Caribe if you work (or previously worked) for the US government in Puerto Rico; work for a Select Employee Group; are a member of the San Juan Art Students League or the San Juan Community Library; or are a family member of someone who is a current or retired federal employee.
If you meet the membership requirements at both credit unions, you can review each institution's accounts to see which is the most intriguing.
Caribe is a good option if you want to focus on opening a strong savings account. The
If you're looking for share certificates, Puerto Rico Federal Credit Union may be a better option. Puerto Rico Federal Credit Union Share Certificates require a minimum of
Puerto Rico Federal Credit Union vs. VAPR Federal Credit Union
VAPR Federal Credit Union is a Hispanic American-led credit union in Puerto Rico. You're eligible to become a member of VAPR if you live, work, study, or worship in Guayama, Puerto Rico. You can also work for any of the credit union's partner businesses.
Choosing between the two financial institutions may ultimately depend on whether you meet the eligibility requirements. However, also consider which types of bank accounts you'd like to open.
Both
If you also want to open a share certificate, VAPR Federal Credit Union may be more appealing. The minimum opening deposit is $1,000 for both credit unions, but VAPR Federal Credit Union offers higher interest rates, especially on 1-year and 18-month terms.