Quorum Federal Credit Union Review 2019
At Bankrate, Mary Wisniewski 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.
3.5/5
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.
ABOUT OUR REVIEWS
The experts at Bankrate are continually researching, reviewing, and rating banks to help you objectively compare and choose institutions that fit your needs. To support our constant research we sometimes receive compensation from links you choose to click on.
Bankrate's overall ratings for financial institutions comprise weighted averages up to five stars of five main categories: customer service, savings accounts, checking accounts, money market accounts (MMAs) and certificate of deposit (CDs).
The Bankrate editorial team compiles publicly-available company data as well as information from the government organizations like the Federal Deposit Insurance Corp. for our review of each financial institution. App ratings are obtained from iTunes and Google Play. The interest rates, branch densities, fee amounts and other data was collected in fourth quarter 2018 and first quarter 2019.
When a financial firm offers more than one checking, savings or MMA accounts, Bankrate reviews the account with the highest APY. Each bank is evaluated based on the 12-month certificate of deposit (CD) it offers.
All reviews are prepared by Bankrate staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information including rates and fees presented in the review is accurate at time of publication. Check the bank’s website for the most current information.
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 deposits and money market accounts. It is among Bankrate.com’s top credit unions of 2019.
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.
The credit union is a great option for consumers who want free access to thousands of ATMs, in-person banking and modern bank technologies. However, there are higher yields available elsewhere.
Pros
- Offers generous free ATM access.
- Easy to become a member.
- Accounts work with Apple Pay, Samsung Pay and Android Pay.
Cons
- More competitive APYs elsewhere.
- Phone customer service representatives are available only on weekdays.
Quorum Federal Credit Union Services
3.8/5
Members have access to term savings accounts (another name for certificates of deposit). Most standard terms are available. When customers deposit at least $100,000, they have a chance to earn an extra 0.1 percent APY. 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.
Pros
- Low minimum deposit required to open an account.
- Super savers are rewarded for depositing large amounts.
Cons
- Members cannot open a nine-month term savings account.
- Other institutions offer higher yields.
- Dividends are compounded and posted monthly, reducing the amount of interest members can earn.
CDs available from other banks
3.7/5
The HighQ Savings account offers an APY that’s 20 times the national average. It’s not the highest APY available, but it’s competitive. The HighQ Savings doesn’t have a minimum balance requirement to earn the top APY.
Pros
- Offers a competitive APY.
- No minimum balance requirement to earn top APY.
- ATM card is available for ATM access.
Cons
- Though the APY is competitive, higher yields are available elsewhere.
Savings accounts available from other banks
3.0/5
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 for those who maintain $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.
Pros
- Tiered rates allow users to earn interest on their balances.
- The account can be opened with any amount.
- Up to $15 in ATM fees reimbursed each month.
Cons
- $10 monthly service charge for those who don’t maintain a $5,000 balance or make $1,000 direct deposits each month.
Checking accounts available from other banks
2.3/5
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 the highest yield is less than the national money market account average. The account doesn’t have check-writing privileges, but you could request a cashier’s check for your withdrawal for a $5 fee.
Pros
- There is no minimum balance to open the account.
- ATM card is available for ATM access.
Cons
- The account doesn’t have check-writing privileges.
- You could request a cashier’s check, but there's a $5 fee.
MMAs available from other banks
3.2/5
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 the option to do in-person banking, you can. Checking account members can use more than 5,000 shared service centers where you can withdraw cash, make transfers and more. In choosing the credit union, you will have a more limited window to reach the credit union’s 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 functionality. However, these tools will only crunch 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. You can become a member based on your employer — including the Kraft Heinz Co. and Avon — or by participating in certain associations.
