Quorum Federal Credit Union Review 2019

Quorum Federal Credit Union Logo


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.

Digital Leader
High APYs
Low Minimum Balance


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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.


  • Offers generous free ATM access.
  • Easy to become a member.
  • Accounts work with Apple Pay, Samsung Pay and Android Pay.


  • More competitive APYs elsewhere.
  • Phone customer service representatives are available only on weekdays.

Quorum Federal Credit Union Services

Savings Rating


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.


  • Offers a competitive APY.
  • No minimum balance requirement to earn top APY.
  • ATM card is available for ATM access.


  • Though the APY is competitive, higher yields are available elsewhere.

Savings accounts available from other banks

CDs Rating


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.


  • Low minimum deposit required to open an account.
  • Super savers are rewarded for depositing large amounts.


  • 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

2.10% APY
2.05% APY
2.20% APY
Checking Rating


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.


  • 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.


  • $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

MMAs Rating


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.


  • There is no minimum balance to open the account.
  • ATM card is available for ATM access.


  • 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

Bank Experience Rating


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.

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