American Airlines Federal Credit Union Review
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At a glance
Overview
American Airlines Federal Credit Union is best for airline industry employees looking for a convenient, full-service financial institution with decent savings rates and low fees, as well as resources for developing financial wellness. However, only active or retired airline employees and their family members can join this credit union and take advantage of its accounts and services.
Highlights:
High APY No Monthly FeesHighlights:
CDs
Checking
Savings
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.6/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
American Airlines Federal Credit Union offers a range of banking and lending products for airline industry members, including savings accounts, checking accounts and share certificates. Overall, yields are above average, and the credit union pays interest on certain checking accounts, too. In many cases, there are no monthly fees. While AAFCU offers plenty of other consumer-friendly features, including low minimum balance requirements and access to a large network of fee-free ATMs, customers looking for the best high-yield savings accounts might want to shop elsewhere.
Pros
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The credit union pays above-average APYs on its deposit products, including checking accounts.
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It offers fee-free products with attainable minimum deposit requirements.
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Just $6 is needed to join the credit union. ($5 to open a savings account and $1 to pay the credit union’s one-time fee.)
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Customers have access to fee-free ATMs in the Co-op network and more than 5,000 shared branches across the country.
Cons
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Membership is limited to certain airline industry members and their families.
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Unlike many other credit unions, this one doesn’t offer a money market account.
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Only the first four transactions are free each month at shared branches. After that, it’s $5 per transaction.
American Airlines Federal Credit Union banking products
American Airlines Federal Credit Union savings account overview
Pros
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There’s no monthly fee.
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Only a $5 deposit and one-time $1 fee are needed to open this account.
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The savings account pays an above-average yield.
Cons
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Though the APY is above average, those looking for the highest possible yield can find better rates at other banks.
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Inactive accounts (accounts with balances under $250 and no transactions for 12 consecutive months) are charged $5 a month.
American Airlines Federal Credit Union CD overview
Pros
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Members have access to a range of seven terms and above-average yields.
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The Share Certificate Ladder gives members a convenient CD laddering option, while customers may have to build their own ladders at other banks.
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Funds from the Dream Plan Share Certificate used for a downpayment on a home loan through the credit union won’t result in an early withdrawal penalty.
Cons
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The credit union doesn’t offer a bump-up or no-penalty certificate.
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Rates for certificate terms of two years or more are less competitive.
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Certificates require a $1,000 minimum balance, while other banks offer CDs with no minimum deposit.
American Airlines Federal Credit Union checking overview
Pros
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Members can choose from several checking account options.
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Some checking accounts don’t have monthly fees at all, while others offer easy ways to waive the fees.
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There’s no fee for incoming wires.
Cons
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The $25 NSF fee is above average.
Bank fees
| Fee | Charged? |
|---|---|
| Non-sufficient funds fee | $25 |
| Monthly service fees | None |
| Out-of-network ATM fee | $2 |
| Incoming wire transfer fee | None |
Customer experience
Customer service. Members can get in touch with the credit union in a number of ways, including through a live chat, on the phone and in a branch. Live chat is available Monday through Saturday from 8 a.m. to 5 p.m. Central. Phone representatives are available Monday through Friday from 7 a.m. to 7 p.m. and Saturday from 7 a.m. to 5 p.m.
Highly rated app. The credit union’s app has close to five stars on both the Google Play store and the Apple app store. Its features include mobile banking alerts, mobile check deposit, credit score monitoring and the ability to notify the credit union of travel plans.
Referral reward. American Airlines Credit Union was offering a $25 reward for each family member referred to the credit union, up to a total of $250, at the time of Bankrate’s review.
Financial wellness resources. Through the credit union’s site, members can access an impressive array of helpful resources to learn financial skills, build an emergency fund and develop a budget. These include financial coaches, interactive courses and seminars.
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Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
