Citizens Equity First Credit Union (CEFCU) Review: Checking, Savings, CD, Money Market and IRA Accounts

With a low $25 opening deposit requirement, no monthly fee and no ongoing balance requirements, CEFCU’s checking account fulfils the basic needs of most checking customers. While not chock-full of features, the account does offer some standard, no-frills checking account basics, including the following:

• Mobile app
• Debit card (could be under adult’s name)
• Access to more than 30,000 fee-free ATMs
• Online check ordering
• eStatements
• Overdraft protection options

CEFCU’s eStatements allow online access to account details for up to seven years.

The Checking account’s overdraft fee is high, but simple overdraft protection can be applied to reduce that cost dramatically.

With the exception of the dividend payout, CEFCU’s Dividend Checking account is essentially the same as the credit union’s non-dividend Checking account.

The minimum balance of $2,500 earns a dividend and waives the account’s $6 monthly maintenance fee. Dividends are paid out across three tiers, although rates are currently the same for all balances. Like CEFCU’s standard checking account, Dividend Checking offers mobile banking, a debit card, overdraft protection, online check ordering, eStatements and access to more than 30,000 fee-free ATMs nationwide. A modest $1 fee applies to non-network ATM transactions.

Milestone Checking helps young customers learn to manage their finances until they qualify for standard accounts at CEFCU. Educational materials are provided with these accounts to help younger account holders understand banking basics.

Adults must sign on to these accounts, as minors cannot open their own accounts. Otherwise, the Milestone Checking account is the same as CEFCU’s basic Checking account, including fees and minimums.

As with the Milestone Checking account, the Capstone Checking account is designed for younger investors who do not yet qualify for the standard checking account. Capstone Checking is for slightly older teens, but it is otherwise identical to the Milestone Checking account. Both accounts offer the same features, benefits and terms of CEFCU’s basic checking account, along with additional supplementary educational materials.

How to get Citizens Equity First Credit Union’s checking accounts

As mentioned above, you can open most CEFCU checking accounts online. For the youth accounts, you’ll have to contact CEFCU or visit a CEFCU member center. You can reach CEFCU Monday through Saturday at (800) 542-3328.

You’ll need to open a Savings account at CEFCU as part of your membership; the $6 total cost includes a mandatory $1 membership fee. The account has the same ATM fee structure as the credit union’s checking accounts, but overdrafts are not permitted in CEFCU savings accounts.

While not boasting many additional features or benefits, CEFCU’s Savings account does come with online and mobile access, eStatements and direct deposit capability.

Once you’ve opened your standard savings account at CEFCU, which serves as your membership account, you can open additional savings accounts as My Use Savings accounts. For example, if you want to open a separate account for a property purchase, a home remodeling project and a vacation, each of those would be its own My Use account.

You can open up to 35 individual My Use accounts, which are otherwise identical to standard savings accounts at CEFCU.

Money in the CEFCU Holiday Saver account is automatically rolled to another CEFCU account by Oct. 1 or Nov. 1. However, unlike holiday club accounts at many other institutions, this account allows access throughout the year without penalty. You can also make deposits at any time.

Overdrafts are not allowed in the Holiday Savers account. Interest is tiered. However, current rates are the same on all deposits.

As with the companion checking accounts, Stepping Stone Savings is the first “stone” in a series of savings account designed to get younger savers familiar with how financial services work.

The only “stone” account that doesn’t have a comparable checking account, Stepping Stone Savings is for the youngest account holders, aged 3 to 12. Stepping Stone Savings has the same structure as CEFCU’s standard savings account, with the exceptions of no debit/ATM card and additional educational information geared toward young customers. This account also earns interest, but you’ll have to call the credit union for current rates.

Milestone Savings is CEFCU’s basic savings account designed for younger teens, like its checking account companion Milestone Checking. Except for the educational component, Milestone Savings acts just like a standard savings account at CEFCU, including having an ATM card and earning interest. You’ll have to call the credit union for current rates.

Capstone Savings is the final “stone” in the CEFCU youth account roster, designed for older minors. In keeping with the other accounts in the stone program, Capstone Savings is essentially the same as CEFCU’s Savings account, with the same fee structure, ATM access and opportunity to earn interest. The credit union doesn’t publish these rates online, so you’ll have to call for current rates.

How to get Citizens Equity First Credit Union’s savings accounts

As mentioned above, you can open both primary CEFCU savings accounts online. For the youth stone accounts, you’ll have to call CEFCU or visit a CEFCU member center. You can reach CEFCU Monday through Saturday at (800) 542-3328.

Certificates at CEFCU are fairly standard in nature, with $1,000 minimums and a range of common maturities. Terms are fixed, and no additional deposits are allowed.

Certificates are insured up to $250,000 by the National Credit Union Administration (NCUA), and they automatically renew at maturity. A grace period of six days exists after maturity, during which time funds can be withdrawn without triggering an early withdrawal penalty. There are no fees associated with CD accounts at CEFCU.

With the exception of the $100,000 account minimum, features and benefits of CEFCU’s Jumbo CDs are the same as with its standard CDs. A six-day grace period exists before early withdrawal penalties are triggered; otherwise, CDs automatically renew into fixed terms. Jumbo CDs at CEFCU earn a slight interest premium over standard rates across all maturities. There are no fees associated with CD accounts at CEFCU.

The MySave Certificate at CEFCU is something like a slush fund that pays higher interest than a savings account but has withdrawal restrictions like a CD. Accounts can be opened with as little as $5, and additional funds can be deposited at any time. Withdrawals are not allowable for 12 months after deposit without triggering early withdrawal penalties. Dividends, however, can be withdrawn free of charge at any time, or automatically transferred to another CEFCU checking or savings account. MySave Certificates are limited to a maximum deposit of $1,000.

How to get Citizens Equity First Credit Union’s CDs

As mentioned above, CEFCU CDs can be opened online, after a membership account is established. Customers can also contact CEFCU at (800) 542-3328 Monday through Saturday, or visit a Member Center in either Illinois or California.

CEFCU’s Insured Money Market account offers check writing and ATM access. Withdrawals are fee-free, although they must exceed $200 or CEFCU does assess a $15 fee. Deposits are insured up to $250,000 by the National Credit Union Administration (NCUA). Interest is tiered, with deposits of $100,000 or more earning the highest amount. The account shares the same ATM and overdraft fee structure as the bulk of the credit union’s checking and savings accounts.

How to get Citizens Equity First Credit Union’s money market account

As mentioned above, CEFCU’s Insured Money Market account can be opened online, after a membership savings account is established. Customers can also contact member services at (800) 542-3328, Monday through Saturday, or visit a Member Center in either California or Illinois.

CDs in CEFCU IRAs have a more straightforward term schedule, with maturities landing on complete years only, from one to five. For terms that overlap, IRA CDs have the same APY as CEFCU’s non-IRA CDs. All IRAs at CEFCU also share the same early withdrawal penalty terms.

Jumbo CDs at CEFCU have the same minimum deposit of $100,000 as all jumbo CDs. Terms are from one to five years, in complete-year increments only. Rates are the same as the credit unions non-IRA jumbos for maturities that overlap. Jumbo IRA CDs also have the same early withdrawal penalty.

Money that piles up in a CEFCU IRA can be invested in the IRA savings account, which pays the same rate as non-IRA savings accounts at the credit union. There is no ATM access or check writing available for this account, and it cannot be overdrawn. No monthly maintenance fees are assessed.

How to get Citizens Equity First Credit Union’s IRA accounts

As mentioned above, CEFCU IRA accounts cannot be opened online. You must either contact the credit union at (800) 542-3328, Monday through Saturday, or visit a branch.