I've been with this credit union since a teenager & at 27 I can easily say they are the most understanding company I have ever had the pleasure of handling my money. No monthly fees & a litany of interest options that can accommodate the most affluent individuals as well starving college kids. And you only have to keep $1 in your savings account for it to remain active! It's a much more appealing option than a bank that sometimes require as much as $500 a month just to avoid fees. People should understand that while banks are worried about appeasing their stock holders, credit unions are solely invested in the communities they represent.
Prior to moving to Long Island, NY, I had never heard of TFCU (Teachers Federal Credit Union). However, everyone at the workplace recommended using this credit union, since at the time, I had no car to access my other banks. Upon signing up for the 5-year CD, the financial planner told me that they had a promotion going on for 1.85% APY (I do not know how much it is now). He even broke the numbers down for me and helped me sign up. The best part of everything was that I did not have the leave the building as we have a TFCU branch on the first floor of our workplace. He also tried to get me to sign up for a Traditional IRA and when I told him I did not have the time to manage any mutual funds, he said the bank takes care of it and told me how they would invest. Though this whole application process took about 2 hours, I left feeling more well-versed in investments and confidence in TFCU. If you do not have a credit union and want excellent service, then TFCU is for you.
I have been banking with TFCU for almost three years now (since July 2010). I enrolled in several of their products including Certificates of Deposit, Savings, Checking and two Auto loans. Being a platinum member has also allowed me to take advantage of services which include free Visa gift cards and free money orders. I have also used their notary service on several occasions for important documents. Never had a problem and customer service at the branch took care of me within minutes. They also have a drive through service. The only downside to the drive through is that certain transaction types and amounts are not allowed and you have to present yourself in the branch. Overall great value. I would recommend banking with TFCU.
I have had an account at TFCU for about 15 years, and am happy with their service and branch network on Long Island. Tellers and desk personnel have always been friendly and helpful, even letting me know that one of my accounts had fallen below the minimum needed to earn interest. The only time I was not effectively helped when I came in with a question was when I asked about Health Savings Accounts for use with high deductible health plans. It turned out that no one else had ever come in with a desire to open an HSA, so the staff did not have experience with the details. But that is a very small issue. TFCU provides a much better banking value than the large commercial banks, which are happy to mislead and not inform customers of important information.
I have been banking with Teachers Federal Credit Union for about three years now. Most of the services they offer are great, the employees are always helpful, nice and straight forward at the teller counter. I would recommend banking with Teachers Federal Credit Union. Their interest rates are great, also automatic payment has always been on time. I have overdrawn my account recently and they waived my fee because it was the first time it had every happened. I have used their savings and car loan services and both have been outstanding for me, and I hope they do the same for all their customers.
The interest rate is compounded daily. Please find more details here: https://www.teachersfcu.org/pages/personal_deposit_certificates.php.
The rate for a savings account is 0.1% regardless of the balance amount. If you are interested in a CD the rates depend on the period and amount of the balance. Please find the credit union’s CD rates here: https://www.teachersfcu.org/pages/rates.php.
In the event that in a given week, for this product, there were multiple applicable rates in our database based on different criteria, the above graph reflects the lowest interest rate recorded. Before submitting an application, always verify with the issuing institution (i.e. bank, credit union, other lender) the rates, fees, and all terms and conditions accompanying the application.