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Union Yes Federal Credit Union Review: Overall Rating
| Feature | Insider rating (out of 5) |
| Checking | 2.75 |
| Savings | 2.75 |
| CD | 3 |
| Money market account | 2.5 |
| Trustworthiness | 5 |
| Total | 3.25 |
Union Yes Federal Credit Union Pros and Cons
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About Union Yes Federal Credit Union
Union Yes Federal Credit Union is a local financial institution in Southern California that's part of the National Credit Union Administration's list of minority depository institutions (MDIs). It's considered to be an MDI because a majority of its current members, board of directors, and community are Hispanic American.
To become a member of Union Yes Federal Credit Union, you or a family member must be part of a union or work in a union shop in Southern California. To join Union Yes Federal Credit Union, you'll have to visit the branch, pay a one-time $15 membership fee, and open an account with at least
The credit union has one branch and three UYFCU ATMs. Union Yes Federal Credit Union is also part of the Co-op Shared Branch and ATM networks, so you'll have access to over 5,000 shared locations and 50,000 surcharge-free ATMs.
Customer service is available by phone Monday through Thursday from 9:30 a.m. to 5 p.m. PT, Friday from 9:30 a.m. to 6 p.m. PT, and Saturday from 9 a.m. to 1 p.m. PT.
Union Yes Federal Credit Union is federally insured by the NCUA. Your deposits are insured for up to $250,000 in individual bank accounts and $500,000 in joint bank accounts.
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The Role of Hispanic American-led Institutions
Hispanic American-led financial institutions often address the banking gaps in underserved communities. These institutions are vital for Hispanic American communities that have historically been affected by discriminatory banking practices like redlining.
According to the US Census, over 38% of the people living in the city of Orange are of Hispanic or Latino origin, which is one of the largest race and ethnic groups in the area.
Is Union Yes Federal Credit Union Trustworthy?
Union Yes Federal Credit Union has no recent public controversies, and the bank has an A+ rating from the Better Business Bureau.
A high BBB rating indicates that a company efficiently responds to customer issues and has transparent business practices. However, a BBB rating won't guarantee a smooth relationship with a bank. To see if a financial institution is right for you, talk to current members or read online customer reviews.
Union Yes Federal Credit Union Bank Account Reviews
UYFCU Apprentice Checking Account
The
If you're searching for a free checking account that doesn't have minimum balance requirements, you might want to look through our best checking accounts guide.
UYFCU Regular Savings Account
To become a Union Yes Federal Credit Union member, you must open the
This account might be a decent option if you regularly maintain at least $25 in your account. Otherwise, you'll have to pay a
UYFCU CD
The credit union offers a range of CD terms. You'll also only need
If you're looking for a high CD rate, you'll want to consider other options because Union Yes Federal Credit Union rates are pretty low overall. The best CD rates are primarily available at online financial institutions.
UYFCU Money Market Account
The
If you're searching for a money market account that pays a higher interest rate or doesn't charge monthly service fees, you might find more suitable options in our best money market accounts guide.
How Union Yes Federal Credit Union Compares
Union Yes Federal Credit Union vs. Orange County's Credit Union
To open an account at a credit union, you'll have to be eligible for membership first.
Union Yes Federal Credit Union lets you join if you or a family member are part of a union or work in a union shop in Southern California.
Orange County's Credit Union has more lenient membership requirements. Anyone who lives or works in Orange, Los Angeles, Riverside, or San Bernardino Counties may be eligible for membership.
If you meet the requirements to join both credit unions, you'll also want to consider which accounts stand out the most to you.
For example, Orange County Credit Union pays higher interest rates on savings account, CDs, and money market accounts. Union Yes Federal Credit Union has lower minimum opening deposits for CDs and money market accounts, though.
Union Yes Federal Credit Union vs. Chase
Union Yes Federal Credit Union and Chase pay similar interest rates on traditional savings accounts. But if you're looking for a money market account, Union Yes Federal Credit Union will also be your go-to option, because Chase doesn't offer one.
Chase may be better if you're interested in opening a variety of bank accounts. Chase has bank accounts for kids, teens, and college students. Union Yes Federal Credit Union lets you open an account for a minor, but it doesn't have as many options.
Why You Should Trust Us: How We Reviewed Union Yes 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.