Consumers Credit Union

CCU Membership is unique.
 

   
Eligibility

Regardless of where you live or work, you are eligible to join. This differs from most credit unions that restrict Membership based on geography, employment or other criteria. Membership requires that you pay a one-off, non-refundable $5 fee to their sponsor, the Consumers Cooperative Association. Customers then deposit and maintain a minimum $5 in their Membership Share/Savings Account. Consumers Credit Union has 6 locations in Illinois, which are open normal working hours and 9am to 1pm Sat, and till 6pm on a Friday.

Home banking

Consumers Credit Union offers an account called, Free Rewards Checking. This account pays a 4.09% Annual Percent Yield (APY) interest on balances up to $10,000. There are no administrative fees or ATM fees, and CCU covers any fees from other banks’ ATMs. Customers get full, free online banking, bill paying services, free mobile banking and unlimited check writing privileges. There is also a free Visa debit card covered by VISA's Zero Liability which covers transactions processed through the VISA networks as long as customers sign for their purchases.

Qualification criteria for Free Rewards Checking are; completion of at least 12 Debit/Check Card Point-of-Sale Transactions, (signed for transactions), these must be showing in each month's transactions by the last day of the calendar month; enrollment in online banking, either a monthly cash/check deposit or bill payment each month, use of the online service; and electronic, not paper, statements. If the customer does not qualify, he or she still gets free online banking, but the APY drops to 0.05% and they pay for ATM charges. CCU’s requirements actually make good sense for the person who has been struggling with debt, as they are good financial practice, save the customer money and earn them interest on their checking account balance.

Credit cards

Consumer Credit Union offers two types of Visa credit card; Visa Platinum with no annual fee and a fixed rate of 9.75%, and Visa Platinum Rewards, APR 11.75%, but they will increase these rates for poor credit. For those with less healthy credit ratings, they offer a Visa Debit Express re-loadable card. A checking account with CCU is not needed; the card is loaded with funds through their online service, and the customer has control over how much is spent. The outgoings can be tracked online, and the customer avoids spending what they do not have! Consumer Credit Union also works in partnership with the Balance financial fitness program, which helps customers to understand their finances, and get back on track towards paying off debt. It would be a good approach to do a health check with Balance, decide which sort of card is right for you, and then open an account with CCU.


  

Source: Credit Cards For People With Bad Credit Rating


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