Quorum Federal Credit Union Review

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Updated on Tuesday, September 1, 2020

Quorum Federal Credit Union’s checking accounts

QChoice

QChoice is the better option for members who are comfortable with eStatements and have higher balances, as the account pays interest and provides additional perks.
APYMinimum Balance Amount
0.05%$0 - $19,999
0.10%$20,000+
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $10, waived with eStatements and a minimum monthly direct deposit of $1,000 or a minimum monthly average balance of $5,000
  • ATM fee: $0
  • ATM fee refund: Up to $15 per month at non-network ATMs
  • Overdraft fee: $37; can be avoided with free automatic transfer service from linked savings account, or for interest charges when using available $500 line of credit

Quorum Federal Credit Union’s QChoice checking account comes with all of the features of the QClassic account, but with extras. One of the primary benefits of the QChoice account is that it pays interest on all balances, with higher rates paid on balances of $20,000 or more. The account also has no ATM fees and offers rebates of up to $15 in non-network ATM fees monthly. Overdraft fees of $37 can be entirely avoided by linking a savings account and signing up for the free automatic transfer service.

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on Quorum Federal Credit Union’s secure website

NCUA Insured

QClassic

The QClassic account is Quorum Federal Credit Union’s basic checking account, with no minimum deposit to open and no monthly maintenance fee.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for first 10 per month, thereafter $2 each
  • ATM fee refund: None
  • Overdraft fee: $37; $20 to use overdraft protection service with linked savings account; can use available $500 line of credit service and just pay interest charges

Quorum Federal Credit Union’s basic checking account is light on fees but carries a host of free services for its customers, including the following:

  • Free checking
  • 90,000+ free ATMs nationwide
  • Free online banking
  • Free mobile banking
  • Free online bill payment
  • Free debit MasterCard
  • Over 5,000 Shared Service Centers

The debit MasterCard comes with standard MasterCard features and benefits, including:

  • Zero liability protection
  • Mastercard Global ServiceTM
  • Extended warranty protection
  • Satisfaction guarantee
  • Mastercard Airport ConciergeTM
  • Price protection
  • Purchase Assurance®
  • ID theft resolution services with wallet protection

The QClassic checking account also comes with three options for overdraft protection. You can apply for an overdraft line of credit, which protects you for overdrafts of up to $500 in exchange for an interest fee on any overdrawn amounts. A second option, which carries a $37 fee, is Courtesy Pay, in which the credit union will pay your overdrafts for you. A final option is automatic transfer, which moves money from a linked savings account to cover checking account overdrafts, for a reduced fee of $20

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on Quorum Federal Credit Union’s secure website

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How Quorum Federal Credit Union’s checking accounts compare

For customers who can maintain a minimum average balance of at least $5,000 per month or have a direct deposit of $1,000 hit their account on a monthly basis, the QChoice checking account is a superior option to the QClassic account. Overdraft fees are nonexistent with QChoice, as long as you link a savings account, avoiding the $20 or greater fee attached to the QClassic account. You can also entirely avoid ATM fees and get a monthly $15 fee rebate. Unlike the QClassic account, the QChoice account also pays interest. Rates in the $20,000-plus tier are above the national average, but smaller deposits earn a below-average rate. Rates earned are far below the best available checking account rates.

Quorum Federal Credit Union’s savings accounts

Basic Savings

Quorum Federal Credit Union’s Basic Savings account is a basic membership account, with low rates and limited features.
APYMinimum Opening Deposit
0.05%$5
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for first 10 per month; $2 each thereafter
  • ATM fee refund: None.
  • Overdraft fee: $37, no overdraft protection

Quorum Federal Credit Union’s Basic Savings account is also known as a core account, and it’s necessary to obtain and maintain membership in the credit union. Although there is a $5 account minimum, the credit union will fund the account on your behalf when you first sign up. For most customers, this account is just a membership account, as the credit union’s primary savings account has no minimum balance and pays a much higher APY.

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on Quorum Federal Credit Union’s secure website

NCUA Insured

HighQ Savings

The HighQ Savings account is Quorum Federal Credit Union’s primary savings account, with low fees and high interest.
APYMinimum Balance Amount
0.75%$0+
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $10; free with eStatements
  • ATM fee: $0 for first 10 per month; $2 each thereafter
  • ATM fee refund: None
  • Overdraft fee: $37, no overdraft protection

Quorum Federal Credit Union’s HighQ Savings account is a straightforward savings option. There’s no minimum balance requirement to open the account, and the monthly fee can be waived simply with the addition of eStatements. No additional balance requirement is imposed to avoid the monthly fee. ATMs are free for the first 10 withdrawals of the month, and impose a $2 fee thereafter. All balances earn the same high interest rate. There is no tiered interest structure.

SEE DETAILS Secured

on Quorum Federal Credit Union’s secure website

NCUA Insured

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How Quorum Federal Credit Union’s savings accounts compare

Quorum Federal Credit Union’s Basic Savings account is mandatory for membership in the credit union. Beyond that, customers are better served in the credit union’s HighQ Savings account, which has no minimum balance, no monthly fee with the simple enrollment in eStatements, and a very high interest rate. The rate is among the highest available savings account rates you can get across the country, and dwarfs the national average for similar accounts.

Quorum Federal Credit Union’s CD rates

Quorum Federal Credit Union has a single line of CD products, known as term savings.
TermAPY
3 months0.25%
6 months0.50%
11 months2.25%
12 months0.95%
18 months0.95%
24 months1.10%
25 months2.35%
30 months3.00%
36 months1.15%
48 months1.20%
60 months1.35%
*An additional 0.10% APY can be earned on balances of $100,000 or more, excluding the 11, 25, 30, and 60 month term*
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For maturities of 2 to 11 months, dividends earned, not to exceed 90 days; for maturities of 12 to 60 months, dividends earned, not to exceed 180 days

Quorum Federal Credit Union offers a wide range of CD maturities for investors, ranging from 3 months to 5 years. Rates for most maturities have two tiers, with jumbo CDs, on deposits of $100,000 or more, earning an additional 0.10 percent APY. Quorum Federal Credit Union also offers promotional rates for four maturities. These rates are for all deposits of $1,000 or more and pay a higher APY.

SEE DETAILS Secured

on Quorum Federal Credit Union’s secure website

NCUA Insured

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How Quorum Federal Credit Union’s CD rates compare

Quorum Federal Credit Union’s standard CD rates are fairly pedestrian, with many falling below the national average. The credit union does offer attractive rates on its promotional maturities, which come in at 11, 25, 30 and 60 months. These rates put the credit union on par with some of the best CD rates available in the country.

Quorum Federal Credit Union’s money market account

Money Management

APYMinimum Balance Amount
0.05%$0 - $2,499
0.10%$2,500 - $9,999
0.20%$10,000 - $24,999
0.30%$25,000 - $99,999
0.40%$100,000 -$249,999
0.50%$250,000 and over
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for first 10, $2.50 thereafter
  • ATM fee refund: None
  • Overdraft fee: $37, no overdraft protection

Quorum Federal Credit Union’s Money Management account has a tiered interest rate structure. Interest is paid any balance amount, but the highest rates are offered for balances of $250,000 or more. ATM access is granted, but it is limited; ATM fees kick in after 10 withdrawals per month. While there are no opening deposit or monthly account maintenance fees, there is also no overdraft protection available on this account.

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on Quorum Federal Credit Union’s secure website

NCUA Insured

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How Quorum Federal Credit Union’s money market account compares

The tiered structure helps, but Quorum Federal Credit Union’s money market rates are not competitive when compared with the best available money market rates. However, Quorum’s rates for $25,000 to $100,000 deposits are more than double the national average, and its best rates are more than triple the national average rate. However, the overdraft fee is significant, and it cannot be avoided through any type of overdraft protection program.

How to get Quorum Federal Credit Union’s checking, savings, CDs, and money market accounts

The process for opening accounts at Quorum Federal Credit Union is the same for all non-IRA accounts. However, there are variations depending on whether or not you are already a member of the credit union.

Existing members follow a three-step process to open new accounts:

  1. Log into online banking
  2. Under Quick Links, click on the option to open a checking or savings account
  3. Choose the account you want to open, the follow the steps as prompted

For new customers, an entire new application must be completed. If you’re over 18, you can complete an account application online. If not, you must download an application and mail or fax it in. The online process typically takes 10 to 15 minutes, and you’ll need to provide the following information:

  • Email address
  • Home address for the past two years
  • Social Security number
  • Valid ID, such as a driver’s license, state ID or passport
  • Employment information

You should gather this information in advance, as the application will automatically time out after 20 minutes of inactivity.

The first step for new customers is to establish a Basic Savings account, with a deposit of at least $5. However, the credit union automatically funds this account for new members. From there, you can choose the types of additional accounts you want to open from a drop-down menu. The next step is the product funding page, where you choose whether you want to transfer funds from another financial institution, use a credit or debit card, or defer this decision to a later date. After entering the standard personal and financial information as outlined above, you’ll have to indicate how you qualify for membership in the credit union. The options for membership include having a relative who is already a member, being affiliated with one of the organizations Quorum Federal Credit Union serves or through a vacation ownership property, or by joining through an association. The final step is reading and accepting the credit union’s disclosures.

Quorum Federal Credit Union’s IRA options

IRA Term Deposits

Quorum Federal Credit Union dubs its IRA CDs “IRA term deposits.”
TermAPY
3 months0.25%
6 months0.50%
11 months2.25%
12 months0.95%
18 months0.95%
24 months1.10%
25 months2.35%
30 months3.00%
36 months1.15%
48 months1.20%
60 months1.35%
*An additional 0.10% APY can be earned on balances of $100,000 or more, excluding the 11, 25, 30, and 60 month IRA accounts*
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $1,000
  • Early withdrawal penalty: For maturities of 2 to 11 months, dividends earned, not to exceed 90 days; for maturities of 12 to 60 months, dividends earned, not to exceed 180 days

Quorum Federal Credit Union’s IRA term deposits cover a good range of maturities, from 3 months up to 5 years. Deposits of $100,000 or more earn an additional 0.10 percent APY of interest for standard maturities. Promotional maturities, with much higher rates, are available for maturities of 11, 25, 30, and 60 months.

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on Quorum Federal Credit Union’s secure website

NCUA Insured

IRA Savings

The IRA savings account is a basic savings account where uninvested money resides.
APYMinimum Balance Amount
0.05%$0 - $2,499
0.10%$2,500 - $9,999
0.15%$10,000 - $24,999
0.20%$25,000 - $99,999
0.25%$100,000 -$249,999
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: n/a

Quorum Federal Credit Union’s IRA savings account pays less interest than its term deposits and is typically used as a holding account for dividends and interest until that money can be invested at higher rates elsewhere. Rates do increase according to a tiered structure, with deposits of $100,000 or more earning the highest rates.

How to get Quorum Federal Credit Union’s IRA accounts

To open a Quorum Federal Credit Union IRA, you’ll need to have a form known as an IRA Simplifier on file. If you don’t have one, you can contact the credit union in one of four ways:

  • Email the credit union via the website link
  • Call (800) 874-5544 Monday through Friday from 8:30 a.m. to 7 p.m. ET; if you are overseas, you can call 001-914-641-3700
  • By mail at 2500 Westchester Avenue, Suite 411, Purchase, NY, 10577
  • Fax the credit union at (914) 641-3730

Once you have your IRA Simplifier on file, you must download the IRA Option form from the credit union’s website, complete it, and then mail or fax it in. The IRA Option form has three sections. In the first section, you’ll provide personal information, such as your name, address, date of birth and Social Security number. In the next section, you’ll make your account selection, either IRA Savings or IRA Term Savings. In the final section, you’ll indicate how you will fund the account, either via a transfer from an existing Quorum Federal Credit Union account or by mailing in a check.

SEE DETAILS Secured

on Quorum Federal Credit Union’s secure website

NCUA Insured

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How Quorum Federal Credit Union’s IRA accounts compare

Most investors will only keep money in the IRA savings account if they do not have enough to invest in the higher-paying IRA term deposits. However, the IRA savings account does provide immediate liquidity, if that is a concern. At the highest tier level, for deposits of $100,000 or more, the IRA savings account actually pays a higher rate than the 3 month CD, so investors should always cross-reference current rates.

Compared with national rates, many of Quorum Federal Credit Union’s standard CD rates are below average. The comparison dims further when the standard IRA CD rates are compared with the best available IRA CD rates nationwide. However, rates for the promotional CD terms are well above average and become competitive on a national basis. If possible, customers are better served focusing on the promotional maturities and avoiding the standard rates.

Overall review of Quorum Federal Credit Union’s accounts

The overall roster of Quorum Federal Credit Union’s accounts is broad, with notable highs and lows. Checking accounts, for example, come in standard basic and enhanced flavors. Extensive free services are offered, but interest rates paid are not very high. In the savings account realm, however, you can earn one of the highest rates available on the credit union’s HighQ Savings account. CD rates are especially impressive, both within and without IRA accounts. The promotional rates available on Quorum Federal Credit Union’s CDs are among the very best available in the entire country.

Overall, Quorum Federal Credit Union has many attractive offerings, but customers will have to pick and choose to get the best options. Members must also be careful to avoid triggering ATM fees or overdraft fees, which can be significant.

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