Quorum Federal Credit Union Review 2023
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At a glance
CDs
Checking
Savings
About Bankrate Score
Overview
The credit union is a great option for consumers who want free access to thousands of ATMs, in-person banking and modern bank technologies.
Highlights
- Digital Leader
- Free Checking
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
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 = 4.9/5
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 = 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.
Overall
Quorum Federal Credit Union is based in Purchase, New York, and serves members nationwide. The credit union offers a wide range of CDs, checking and savings accounts with solid yields.
Pros
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It offers above-average yields on its savings accounts and CDs.
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Checking account holders have access to more than 90,000 free ATMs.
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Accounts work with Apple Pay, Samsung Pay and Google Pay.
Cons
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Overdraft fees are higher than average.
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Customer service representatives aren’t available by phone on the weekends.
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Higher yields for some deposit accounts can be found elsewhere.
Quorum Federal Credit Union banking products
FEATURES
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 9/24/2023
Quorum Federal Credit Union savings overview
Quorum also offers a Basic Savings account that pays a small amount of interest and requires a $5 minimum deposit. A Holiday Club savings account and a custodial savings account are also offered.
Pros
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There’s no minimum balance requirement to earn the top APY.
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The account doesn’t charge a fee for customers enrolled in e-statements.
Cons
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The APY is well above the national average, yet those looking for more competitive rates will want to shop around.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Quorum Federal Credit UnionAPYAPYNational average APYHow do we get this data?
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
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.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | $20 |
| Non-sufficient funds fee | $37 |
| Monthly maintenance fee | $0 – $10 |
| Out-of-network ATM fee | $0 – $2 |
| Excessive transaction fee | None |
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 affiliate companies nationwide. What’s more, anyone can join the credit union by becoming a member of the American Consumer Council or the Select Savers Club.
Quorum offers a variety of products, including savings accounts, checking accounts and certificates of deposit (CDs).
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 Google Pay.
Customer experience
Quorum Federal Credit Union shines in a number of ways, including with its ATM access, as it offers members more than 90,000 fee-free ATMs across the country.
While Quorum doesn’t maintain branches of its own, members who prefer in-person banking can make transactions at more than 5,000 branches of partnering credit unions.
Quorum customer service over the phone is available Monday through Friday from 8:30 a.m. to 7 p.m. Eastern time. No phone support is offered on weekends.
Members have access to modern technologies, like Apple Pay, Samsung Pay, Google Pay and Zelle. The credit union’s banking app is highly rated on Google Play and Apple’s App Store.
How does Quorum Federal compare to other banks?
Quorum Federal Credit Union vs. Pentagon Federal Credit Union
In general, Pentagon Federal Credit Union offers a wider variety of financial products, including credit cards and money market accounts. And unlike Quorum, Pentagon Federal Credit Union maintains its own branches across the country.
And while Pentagon generally offers a wider range of terms and higher yields on its CDs, Quorum’s top CD yield is the highest between the two, and its savings account yield is also higher than what’s offered at Pentagon. Lastly, Pentagon’s interest-bearing checking account offers a higher yield than Quorum’s QChoice checking account.
Quorum Federal Credit Union FAQs
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.
