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Quorum Federal Credit Union Review 2020
Published April 2020 by Mary Wisniewski
Why trust us
Member FDIC
Savings account
Member FDIC
MMA
Member FDIC
CD
Member FDIC
CD
Member FDIC
CD
Overall
3.2
Bankrate Score
Quorum Federal Credit Union is based in Purchase, New York, and serves members nationwide. Members of the credit union will have access to a variety of products, as well as digital and in-person banking.
What we like
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Offers plenty of ATM access for free.
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Easy to become a member.
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Accounts work with Apple Pay, Samsung Pay and Android Pay.
What we don't
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More competitive APYs elsewhere.
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Phone customer service representatives are available only on weekdays.
Savings accounts
4.4
Bankrate Score
Member FDIC
Savings account
The HighQ Savings account doesn’t have a minimum balance requirement to earn the top APY. It's accessible, too. There is no minimum deposit to open the account.
What we like
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No minimum balance requirement to earn top APY.
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ATM card is available for ATM access.
What we don't
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Though the APY is competitive, higher yields are available elsewhere.
CD rates
2.4
Bankrate Score
Member FDIC
CD
Members have access to term savings accounts (another name for certificates of deposit). Most standard terms are available.
Early withdrawal penalties fall in line with the policies that other financial institutions have in place. An early exit from a 12-month term savings account, for example, will result in the forfeit of dividends earned, not exceeding 180 days.
What we like
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Low minimum deposit required to open an account.
What we don't
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Other institutions offer higher yields.
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Dividends are compounded and posted monthly, reducing the amount of interest members can earn.
Checking accounts
3.6
Bankrate Score
Member FDIC
Checking account
The QChoice account has the most benefits out of the Quorum Federal Credit Union's checking offerings. There is no minimum amount required to open this interest-bearing account. The $10 monthly fee can be waived for those who make direct deposits totaling $1,000 or maintain a $5,000 minimum daily balance and enroll in e-statements.
Another option from Quorum Federal Credit Union is the QClassic account. It does not earn interest but comes with no monthly fee and free access to more than 90,000 ATMs nationwide.
What we like
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Tiered rates allow users to earn interest on their balances.
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The account can be opened with any amount.
What we don't
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$10 monthly service charge for those who don’t maintain a $5,000 balance or make $1,000 in direct deposits each month.
Money market accounts
2.6
Bankrate Score
The Quorum Money Management account is a deposit account that’s protected by the National Credit Union Share Insurance Fund. There isn’t a minimum balance on the account and the rate is tiered — though you can find higher yields elsewhere. The account doesn’t have check-writing privileges.
What we like
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There is no minimum balance to open the account.
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ATM card is available for ATM access.
What we don't
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The account doesn’t have check-writing privileges.
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You can find higher yields elsewhere.
Bank experience
Quorum Federal Credit Union shines in a number of ways, including with its ATM access. With the QClassic account, you will have access to more than 90,000 ATMs for free across the country.
If you want to do in-person banking, you can. Checking account holders have more than 5,000 shared service centers where they can withdraw cash, make transfers and more.
There is a more limited window to reach a credit union representatives on the phone. They aren’t available on weekends, for instance.
On the other hand, you will also have access to modern technologies, like Apple Pay, Samsung Pay and Android Pay. Unlike some of its rivals, Quorum also makes available budgeting and savings goal tools. However, these tools will crunch only the financial data the credit union has; there isn't an option to bring in data from bank accounts you may have at other financial institutions.
About Quorum Federal Credit Union
Quorum Federal Credit Union was founded in 1934 as the credit union for employees of Kraft Foods. Now, Quorum serves more than 50 companies nationwide. It offers a variety of products, including savings accounts, checking accounts, certificates of deposit and money market accounts. It is among Bankrate.com’s top credit unions of 2020.
At Quorum, you can do your banking online as well as in-person through one of the credit union's shared service centers. You will also have access to Apple Pay, Samsung Pay and Android Pay.
Anybody can join the credit union by becoming a member of the American Consumer Council or the Select Savers Club.
Mary Wisniewski @MARYMWISNIEWSKI
Mary Wisniewski is a banking editor for Bankrate and occasionally writes on a variety of fintech and banking subjects. Previously, she covered fintech for American Banker and edited op-eds for the publication's BankThink section. She was also a blogger and editor at Bank Innovation and served as a fashion editor for National Jeweler, where she reported on fashion shows and jewelry news. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and an espresso machine.
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