Community Wide Federal Credit Union Review – Forbes Advisor
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CommunityWide Federal Credit Union (CW) is a South Bend, Indiana-based credit union with 11 locations statewide and over $ 400 million in assets. It offers competitive APYs on share certificates (called certificates of deposit or CDs in banks) in addition to current accounts and savings accounts. CommunityWide also offers a variety of loans, insurance, and other financial services.
Membership is available to people who work for or are affiliated with certain businesses and nonprofit organizations in the Northern Indiana area. But you don’t have to live in Indiana to be a member of CommunityWide. Membership is open to U.S. citizens with official ID and Social Security number. There is a $ 10 membership fee to open a savings account, of which $ 5 goes to a charitable contribution of your choice – to Goodwill, Habitat for Humanity or the Marine Corps.
Here is an overview of the different accounts and services offered by CommunityWide Federal Credit Union and how they stack up against others. credit unions and banks. Account details and Annual Percentage Returns (APY) are correct as of March 15, 2021.
CommunityWide offers a few types of savings accounts, depending on your financial goals.
CW savings accounts. The CW Savings Account pays 0.25% APY and requires a minimum balance of $ 5 to open. You can withdraw your money at any time without penalty. Because there is a membership aspect involved, credit unions refer to interest earned on a savings account as a dividend. Dividends are earned daily and paid at the end of each month.
High rate funds and accounts. The credit union also offers fund accounts, two savings account options that pay a higher APY than the CW savings account. In return for the higher APY, you agree to commit your money for an extended period without withdrawing the principal. With these accounts you get a higher APY but less flexibility in accessing your money:
- Fund Account – Monthly. This account pays 0.40% APY and you can withdraw your money for the first five days of each month without penalty. There is a minimum balance of $ 1 to open the account. The penalty for withdrawals outside the first five days of the month is seven days of dividends that would have been earned by the amount withdrawn.
- High Rate Account – Quarterly. This account pays 0.70% APY and requires a minimum deposit of $ 1. You can only withdraw money for the first five days of each quarter. The penalty for withdrawing outside of this period is 30 days of dividends that would have been paid on the amount withdrawn.
Make sure you understand the rules and the fine print of a funds or high rate account before you deposit any money. This type of account works the same as share certificates, where you can earn a fixed rate for depositing money for a fixed term.
CommunityWide offers a checking account called the CW Checking Account. This checking account pays 0.20% APY. It also offers several key benefits to account holders, including:
- Free online banking, mobile banking and online bill payment
- Remote check deposit via the CWAnyWhere mobile application
- Access to a network of 30,000 ATMs at no additional cost
- Free Financial Advice from GreenPath Financial Wellness
It also comes with ID Protect, a comprehensive program to protect you against identity theft.
Courtesy overdraft notifications are also included. If your account is overdrawn, you will receive a notification by text or email. If you are registered to automatically transfer money from your savings or if you resolve the overdraft in some other way before the end of the business day, you will not be charged any fees. Plus, the Special Overdraft Service (SOS) offers up to $ 300 of low cost overdraft coverage for up to 14 days until your next paycheck deposit. The fees are less than $ 1 per day, far less than other banks typically charge overdraft fees.
CD (share certificates)
CommunityWide offers some of the best CD rates available. As mentioned above, CDs are called stock certificates in credit unions. CommunityWide calls them certificate accounts. Terms range from six months to 60 months, and there is a minimum deposit requirement of $ 1,000.
Unlike many other banks or credit unions, CommunityWide does not automatically renew your CDs after they expire. Once your CD has expired, you can choose to renew your certificate for another term or to deposit the money in another account.
In addition to its savings, share certificates, and checking accounts, CommunityWide Federal Credit Union offers other financial services, including:
- IRA (traditional and Roth)
- Auto loans
- Equipment loans and specialized loans for major purchases for your home, such as a new furnace or a new air conditioner
- Personal loans
- Mortgages with a full range of conventional and government loan programs
- Student loans
- Share secured loans for people who want to develop or improve their credit history
- Insurance (health, automobile, home, life, accidental death and dismemberment)
CommunityWide isn’t just a place to deposit your money. They focus on providing financial tools and advice to help you better educate yourself about financial well-being and achieve your financial goals.
CommunityWide has a partnership with GreenPath Financial Wellness, an organization where members can get free professional advice on financial issues such as budgeting, debt management, credit, student loans and more.
Access on the move
CommunityWide offers online and mobile banking services through the CWAnyWhere app. The Credit Union also provides an interactive voice response solution called JOY to help you with your day-to-day banking activities, such as checking your account balance or setting up a recurring transfer.
The CWAnyWhere app is available for iOS and Android. It gets 2.5 out of 5 stars (with just six reviews) on the App Store and 3.7 out of 5 stars on Google Play (with 72 reviews). The app has mixed reviews on its features and functionality – some customers have complained that the remote check deposit tool does not perform well and that it is difficult to schedule payments. This credit union’s mobile app experience may still have some bugs that need to be fixed.
The credit union is one of several toll-free ATM networks. Members can access over 30,000 cash ATMs free of charge.
- Competitive APYs on share certificates and savings accounts
- Current account pays dividends and offers useful features
- Reduced overdraft fees
- Strong focus on financial well-being, with services to increase credit, manage debt, improve budgeting
- Provides other services, including loan and insurance services
- The mobile app has mixed reviews
- The Monthly Fund Account and Quarterly High Yield Account have limits on when you can withdraw funds
- No branch outside Indiana
How CommunityWide Federal Credit Union Stacks Up
CommunityWide has more to offer than competitive rates. It’s a community-driven credit union with robust tools to protect people from identity theft and overdraft fees. She also maintains partnerships to provide a full range of financial services and financial wellness advice.
Frequently Asked Questions (FAQ)
Is CommunityWide Federal Credit Union FDIC insured?
Credit unions don’t use FDIC insurance because they are governed by a different program than banks do, but they offer the same type of federally guaranteed security for your money. CommunityWide Federal Credit Union deposit accounts are insured by the National Administration of Credit Unions (NCUA). It offers credit union members up to $ 250,000 in deposit insurance per depositor, for each category of property, in the event of credit union bankruptcy.
Why should I choose a credit union over a bank?
Banks and credit unions are financial services institutions that offer similar products and services, but there are some differences between banks and credit unions. Credit unions often offer lower fees, higher APYs, and some more generous member benefits than a bank. Make sure you understand the full offers and possible limitations of any bank or credit union before deciding where to open an account.
Does CommunityWide Federal Credit Union charge a monthly account maintenance fee?
The credit union does not charge monthly account service fees or maintenance fees, but it charges fees for various banking services such as wire transfers, ACH stop payment, account closing fees, and other fees.