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AEA Federal Credit Union Review: Overall Rating
| Feature | Insider rating (out of 5) |
| Savings | 3.25 |
| Checking | 3.75 |
| Share certificate | 3.75 |
| Money market account | 3.5 |
| Trustworthiness | 5 |
| Total | 4 |
AEA Federal Credit Union Pros and Cons
| Pros | Cons |
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About AEA Federal Credit Union
AEA Federal Credit Union is a community development financial institution in Arizona. There are four branches: two in Yuma, one in Somerton, and one in San Luis. You have free access to ATMs at branches and Albertsons stores, and to 30,000 ATMs in the CO-OP Shared Network around the US.
To join the credit union, you or an immediate family member must live, work, study, or worship in Yuma County or La Paz County. Then you have to open an
Exact lobby and customer service hours vary by location; each branch is open Monday through Friday but not on the weekend.
The AEA Federal Credit Union mobile app has 4.8 out of 5 stars in the Apple store and 4.6 out of 5 stars in the Google Play store.
Your deposits are federally insured by the NCUA (National Credit Union Administration) for up to $250,000, or up to $500,000 for joint accounts.
Is AEA Federal Credit Union Trustworthy?
AEA Federal Credit Union does not have any recent public controversies.
The Better Business bureau gives AEA an A+ rating. A strong BBB grade indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
A good BBB score doesn't guarantee that you'll have a smooth relationship with an institution, though. You still may want to ask friends and family members about their experiences with AEA, or read online customer reviews.
The Role of Community Development Financial Institutions
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.
Many of these banks and credit unions are involved in their local communities. For example, AEA chooses a local charity every other month for employees to volunteer with. Employees can also wear jeans to work if they donate $5 or $10 from their paychecks, and participating workers choose the charity to receive the money at the end of each quarter.
AEA Federal Credit Union FAQs
Is AEA Federal Credit Union legit?
Yes, AEA Federal Credit Union is legitimate and overseen by the NCUA. Its bank accounts are federally insured for up to $250,000 per depositor, per account category.
What does AEA Federal Credit Union stand for?
AEA Federal Credit Union is short for Arizona Education Association Federal Credit Union.
How big are the assets of AEA Federal Credit Union?
AEA Federal Credit Union has over $389 million in assets, according to the NCUA.
AEA Federal Credit Union Bank Account Reviews
AEA Federal Credit Union Primary Savings Account
The
AEA Federal Credit Union Basic Checking Account
You may like the
- Make 30 or more debit card transactions
- Hold $15,000 in aggregate loan, mortgage, and credit card balances with AEA
- Maintain $1,500 in your checking account
AEA Federal Credit Union Share Certificate
AEA Federal Credit Union pays higher rates on certificates than most in-person institutions, especially on shorter terms. However, you could still earn the best CD rates with online banks.
AEA Federal Credit Union Elevate Money Market Account
You may like the
This account has a reverse-tiered interest rate, which means that lower account balances generally offer higher interest rates. To obtain 3.00% APY you'll need to maintain a daily balance between $2,500 and $9,999.
How AEA Federal Credit Union Compares
AEA Federal Credit Union vs. Wells Fargo
If it's important to you to use a local financial institution, you'll probably want to go with AEA. However, Wells Fargo doesn't require a Social Security number to open an account, which makes it a worthwhile choice if you're an immigrant or non-US citizen.
Still, it's worth noting that Wells Fargo has numerous public controversies. For example, the Consumer Financial Protection Bureau required Wells Fargo to pay more than $3.7 billion in a settlement in December 2022. The CFPB accused the bank of wrongfully charging fees that led thousands of customers to lose their vehicles and homes we well as wrongfully charging overdraft fees on checking and savings accounts.
AEA Federal Credit Union vs. Chase
If you prioritize having a large branch network, Chase will probably be more appealing than AEA Federal Credit Union. Chase has over 4,700 branches throughout the US, while AEA Federal Credit Union has only four locations in Arizona.
Chase also has several checking accounts with perks that range from sign-up bonuses to waived foreign transaction fees.
If you're looking for a savings account or money market account, AEA Federal Credit Union might be worth considering, though.
The
AEA also has a new money market account that stands out because you can earn a higher interest rate on a lower account balance. To obtain the highest APY, you'll need to maintain a regular daily balance between $2,500 and $9,999.
Why You Should Trust Us: How We Reviewed AEA Federal Credit Union
At Personal Finance Insider, we rate savings, checking, CD, and money market accounts using our banking methodology and CD methodology.
Each account receives a rating between 0 and 5. We evaluate a bank's ethics, customer service, and mobile app for all accounts. We also consider different features for specific types of bank accounts. For example, we look at overdraft fees for checking accounts and early withdrawal penalties for CDs.