Security First Credit Union Review: Spanish-American Led Institution

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Overall bank rating

Advantages and disadvantages

Savings

Annual percentage return (APY)

0.10% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • Minimum opening deposit of $ 5
    • No monthly service fees
    The inconvenients
    • Low APY
    • Need to keep at least $ 100 in your account daily to earn APY
    • Interest compounded monthly, not daily
    • Caisse populaire serving a Hispano-American community
    • 8 branches in Texas (Brownsville, Edinburg, Harlingen, McAllen, Mission, San Benito, Weslaco)
    • Need to keep at least $ 100 in your account daily to earn APY
    • To become a member you must live or work in the Rio Grande Valley
    • Interest compounded and deposited monthly
    • Federal Insurance by NCUA

    The Security First Credit Union regular equity account does not charge a monthly fee, but you will benefit from a low interest rate. To earn a significantly better rate, you may want to open a high yield savings account elsewhere.

    Verification

    Annual percentage return (APY)

    0% to 0.20% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • Minimum opening deposit of $ 50
    • Earn interest on your current balance
    • No monthly service fees
    • 25% discount on the safe
    The inconvenients
    • $ 32 overdraft fee
    • $ 4 overdraft protection fee when you save money
    • Off-network ATM fee of $ 1.50
    • Caisse populaire serving a Hispano-American community
    • 8 branches in Texas (Brownsville, Edinburg, Harlingen, McAllen, Mission, San Benito, Weslaco)
    • To become a member you must live or work in the Rio Grande Valley
    • Use free ATMs in Rio Grande Valley Credit Union or NAFT Federal Credit Union networks, and ATMs in Stripes stores
    • No interest earned on balances less than $ 10,000; 0.05% on balances of $ 10,000 to $ 24,999.99; 0.10% on balances of $ 25,000 to $ 99,999.99; 0.20% on balances of $ 100,000 +
    • Interest compounded and deposited monthly
    • Federal Insurance by NCUA

    The Security First Credit Union Free Plus checking account does not charge a monthly service fee, and you will earn interest on balances of $ 10,000 or more.

    Share certificate

    Annual percentage return (APY)

    0.50% to 1.36% APY

    Minimum deposit

    $ 500 to $ 50,000

  • Advantages and disadvantages

  • Details


  • Advantages
    • High interest rates; better rates on higher balances
    • Variety of terms of office
    • Minimum opening deposit of $ 500 on most durations
    The inconvenients
    • Interest compounded monthly, not daily
    • Standard to high early withdrawal penalties
    • Caisse populaire serving a Hispano-American community
    • 8 branches in Texas (Brownsville, Edinburg, Harlingen, McAllen, Mission, San Benito, Weslaco)
    • To become a member you must live or work in the Rio Grande Valley
    • The durations vary from 6 to 84 months
    • Minimum deposit of $ 500 for most terms; minimum $ 1,000 for a term of 84 months; at least $ 25,000 for a period of 15 months; $ 50,000 minimum for a period of 31 months
    • Early withdrawal penalties: 50% of the dividends you would have earned at maturity OR $ 25, whichever is greater
    • Interest compounded and deposited monthly
    • Federal Insurance by NCUA

    Share certificates are probably Security First’s strongest products. There are multiple terms to choose from, you’ll get high interest rates, and most terms only require $ 500.

    How Security First Credit Union Works

    Security First Credit Union is a Hispanic-American-run institution with eight branches in the following cities in Texas:

    • Brownsville
    • Edibourg
    • Harlingen
    • McAllen
    • Mission
    • San Benito
    • Weslaco

    To become a member, you must live, work, worship or study in one of the following counties in the Rio Grande Valley: Cameron, Hidalgo, Starr or Willacy. You will then need to open a savings account with $ 5.

    You can use Rio Grande Valley Credit Union or NAFT Federal Credit Union ATMs and Stripes store machines for free.

    To contact customer service, call Monday to Friday 8:00 a.m. to 6:30 p.m. or Saturday 9:00 a.m. to 2:00 p.m. Branch lobbies and drive-thru services are also open Monday through Friday and part of the day on Saturday. .

    The Security First Credit Union mobile app was rated 4.8 out of 5 stars in the Apple Store and 4.3 out of 5 stars in the Google Play Store. The latest version of the app is only available on certain Android products, so if you are an Android user, see the list of eligible devices here.

    Security First Credit Union is federally insured by the NCUA. Your deposits are insured up to $ 250,000 per account, or $ 500,000 for joint accounts.

    Is Security First Credit Union trustworthy?

    Security First Credit Union has no public controversy.

    Better Business Bureau gives Security First a A- in reliability. The highest possible BBB rating is an A +, and the website says Security First has an A- because there are six customer complaints on the BBB site.

    However, a good BBB score does not guarantee that you will have a smooth experience with a credit union. You may want to talk with friends and family who have used Security First, or read customer reviews online.

    The role of institutions led by Hispanic Americans

    Many Spanish-American banks and credit unions offer services in English and Spanish. Some, including Security First Credit Union, allow immigrants and non-citizens to open accounts. Instead of showing a social security card and driver’s license, you can use an ITIN and a permanent resident card, a foreign passport or a consular number.

    There is a history of racial prejudice in banking and lending, specifically among Hispanic Americans, so working with a Hispanic-American institution can help eliminate unfair prejudices.

    Many are also involved in their local communities. For example, the Security First awards five scholarships of $ 1,000 each year to students from the Rio Grande Valley.

    How does Security First Credit Union compare?

    We compared Security First Credit Union with two other Spanish American institutions in some of the same cities: Lone Star National Bank and Navy Army Community Credit Union.

    Lone Star and Navy Army may be more convenient options for you, as they have branches in more cities than Security First. However, Security First is the only one of the three that allows immigrants and non-U.S. Citizens without a Social Security number to open accounts.

    Neither Security First nor Navy Army charge a monthly service fee, so your preference may depend on the type of account that matters most to you. You have the opportunity to earn higher share certificate rates with Security First. However, the Navy Army’s certificate rates are still above average and it has a high yield checking account.


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