Latino Community Credit Union Review 2024
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Latino Community Credit Union accounts
Latino Community Credit Union Review: Overall Rating
Latino Community Credit Union: Pros and Cons
The Latino Community Credit Union Savings Account is a good option if you can deposit and maintain at least $10 in your account daily. You’ll be able to earn interest and waive the monthly service fee by doing this.
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The Latino Community Credit Union Checking Account is a solid choice if you can waive the $2 monthly service fee by keeping at least $250 in your account daily.
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Latino Community Credit Union offers solid interest rates for CD terms ranging from six months to five years. Online banks may offer more competitive CD rates, though.
Another thing to keep in mind is that Latino Community Credit Union CDs do not compound interest. Some banks compound interest daily or monthly, which could potentially make a significant difference for people with high account balances.
The Latino Community Credit Union Money Market Account is a decent option if you want to open a money market account with a low minimum opening deposit. To waive the $5 monthly service fee, you’ll need to maintain at least $500 in your account daily.
Latino Community Credit Union has 15 branches in North Carolina (the Charlotte, Piedmont Triad, and Triangle areas) and access to 1,300 free ATMs through the CashPoints network. You can also open accounts online from anywhere in the US.
Customer service is available over the telephone 24/7. You can also send a secure message through online banking or visit a branch Monday through Thursday from 9 a.m. to 5 p.m., or Friday from 9 a.m. to 6 p.m.
Latino Community Credit Union has 4.8 out of 5 stars in the Apple store, and 4.7 out of 5 stars in the Google Play store.
The credit union is also federally insured by the NCUA, so your money is secure for up to $250,000 in an individual account or $500,000 in a joint account.
How to Join Latino Community Credit Union
Anyone can open an account at Latino Community Credit Union. To become part of the credit union, you can join the Latino Community Development Center with a one-time $8 membership fee and submit an application online. All members have to open a savings account with a $10 minimum opening deposit.
The Role of Hispanic American financial institutions
Hispanic American families have historically faced racial discrimination and unfair lending practices, which has contributed to a racial wealth gap in the US.
Hispanic American-led financial institutions help provide services and products geared toward Latinos and disadvantaged communities.
At Latino Community Credit Union, you can get customer support in English or Spanish. Through the Latino Community Development Center, the institution has created financial literacy services for Latino immigrants and low-income Latinos. There’s also a scholarship fund that has provided over $350,000 in scholarships to members.
Is Latino Community Credit Union Trustworthy?
We use ratings from the Better Business Bureau to help show how a company resolves customer issues and handles advertising and transparency practices.
Latino Community Credit Union has a B- rating from the BBB because it hasn’t responded to one customer complaint.
A good BBB rating doesn’t necessarily mean that your relationship with the credit union will be perfect. You may also consider talking to friends or family if they’ve banked with Latino Community Credit Union. Another option is reading online customer reviews.
Latino Community Credit Union hasn’t been involved in any recent public scandals.
Latino Community Credit Union FAQs
Latino Community Credit Union has branches in the following cities in North Carolina: Raleigh, Charlotte, Greensboro, High Point, and North Durham.
You must maintain at least $10 in your account daily to waive a $2 monthly service fee.
You’ll need to maintain a minimum balance of $250 in the Latino Community Checking Account to waive a $2 monthly service fee.
Yes, Latino Community Credit Union is federally insured by the NCUA. Up to $250,000 is protected per depositor, per category in the credit union’s bank accounts.
Methodology: How We Reviewed Latino Community Credit Union
For our Latino Community Credit Union review, we rated bank products and services using our bank account methodology.
At Personal Finance Insider, we rate bank accounts on a scale from zero to five stars. We review different features for distinct types of bank accounts. For example, we’ll look at early withdrawal penalties and CD variety specifically for CDs. Meanwhile, for checking accounts, we’ll factor in the ATM network size and fees, as well as its overdraft protection options. We’ll also usually examine minimum opening deposits, monthly service fees, customer support availability, and mobile app ratings for all types of bank accounts.
Latino Community Credit Union vs. Mechanics & Farmers Bank
Latino Community Credit Union is the only Hispanic American-led credit union in North Carolina, and Mechanics & Farmers Bank is the only Black-led bank in the state. While neither has a large bank presence, both financial institutions are dedicated to serving their local communities.
In addition to having accounts with low minimum opening deposits, you’ll get services in Spanish and English at Latino Community Credit Union. There’s also a financial literacy education program that’s geared toward Latino immigrants and low-income Latino families.
Meanwhile, Mechanics & Farmers Bank offers a high-yield checking account that can be a great option if you meet the qualifications. It also hosts financial literacy workshops in cities where branches are located.
Latino Community Credit Union vs. PNC Bank
If you’re looking for a bank with a larger bank presence across the US, PNC Bank may be a good option. PNC Bank has over 2,500 branches in 29 states. The PNC Bank Virtual Wallet® also has bucket features that can help keep track of your budget.
In comparison, Latino Community Credit Union only has 15 branches in the Charlotte, Piedmont Triad, and Triangle areas. If you don’t live in North Carolina, you can open accounts online, too. You may prefer Latino Community Credit Union over PNC Bank if you’re interested in banking with a minority depository institution. For example, the bank has a Latino Community Development Center, which has financial literacy services for Latino immigrants and low-income Latinos.
