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Edinburg Teachers Credit Union Review: Overall Rating
| Feature | Insider rating (out of 5) |
| Savings | 3 |
| Checking | 3 |
| Share certificate | 2.75 |
| Trustworthiness | 3 |
| Total | 3 |
Edinburg Teachers Credit Union Pros and Cons
| Pros | Cons |
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About Edinburg Teachers Credit Union
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 and pay an initial $1 membership fee.
Customer service is available over the phone Monday through Thursday from 9 a.m. to 5 p.m. CT, Friday from 9 a.m. to 6 p.m. CT, and Saturday from 9 a.m. to 1 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 per depositor, per category 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. In April 2023, the National Credit Union Administration has filed a lawsuit against the former CEO and board member of Edinburg Teachers Credit Union, Jeffrey B. Moats. The agency claims Moats made several decisions without board approval, including directing staff to transfer money to his account for a purported retention bonus or supplemental employee compensation plans. The case is currently ongoing.
In March 2021, the NCUA Administration removed Moats from his positions as CEO and board member, and oversaw the credit union as conservator, working with the Texas Credit Union Department to address potential issues in operations and financial circumstances. The credit was released from conservatorship in January 2023.
Edinburg Teachers Credit Union FAQs
Is Edinburg Teachers Credit Union legit?
Edinburg Teachers Credit Union is a legitimate financial institution. It is federally insured by the NCUA.
Who is the CEO of Edinburg Teachers Credit Union?
Mary L. Carpenter is the current CEO of Edinburg Teachers Credit Union.
Where is Edinburg Teachers Credit Union located?
Edinburg Teachers Credit Union has one branch in Edinburg, Texas.
Edinburg Teachers Credit Union Bank Account Reviews
Edinburg Teachers Credit Union Savings Account
The
While the credit union's savings account pays higher than the national average, you'll have better luck with one of the best high-yield savings accounts at an online bank if you're strictly searching for the highest savings account rates.
Edinburg Teachers Credit Union Interest Earning Checking Account
The
Edinburg Teachers Credit Union Share Certificate
Edinburg Teachers Credit Union has decent share certificates 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 Compares
Edinburg Teachers Credit Union vs. Rally Credit Union
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. Rally Credit Union has more lenient requirements. Rally lets you join if you live or work in a South Texas county.
You might also want to keep in mind which accounts stand out the most to you.
Rally Credit Union has an excellent high-yield checking account that might be more appealing than Edinburg Credit Union's option. Rally may be a great option if you can meet the requirements to earn the highest interest rate.
If you're looking for a savings account, though, you may lean more toward Edinburg Teachers Credit Union. The
Edinburg Teachers Credit Union vs. Security First Credit Union
It might be easier to join Security First Credit Union than Edinburg Teachers Credit Union. You can become a member of Security First if you live, work, worship, or study in Rio Grande Valley county. To be eligible for membership at Edinburg Teachers Credit Union you or a family member must work at an eligible school district or business.
If you're eligible for membership at both credit unions, you might also think about which accounts you'd like to open.
Security First Credit Union is also the clear winner if you'd like to open share certificates. It pays higher CD rates than Edinburg Teachers Credit Union.
If you would rather open a savings account, Edinburg Teachers Credit Union will likely be a better option. The
Security First Credit Union Review
Why You Should Trust Us: How We Reviewed Edinburg Teachers 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.