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Overall bank rating
Advantages and disadvantages
Savings
Annual percentage return (APY)
0.15% APY
Advantages
- Minimum opening deposit of $ 50
- No monthly service fees
The inconvenients
- Low interest rate
- Interest compounded monthly, not daily
- Hispanic-American led credit union with 1 branch in Washington, DC
- Membership is available to current or past employees of IDB or IDB Invest, or individuals with immediate family members who are members of IDB Global FCU
- Interest compounded monthly, paid monthly
- Federal Insurance by NCUA
The IDB Global Federal Credit Union Savings Account is an affordable option, with a minimum opening deposit of $ 50 and no monthly fees. The interest rate is relatively low, however, and you can earn a much higher rate with a high yield online savings account.
Verification
Annual percentage return (APY)
Nothing
Advantages
- No minimum opening deposit
- No monthly service fees
- Free overdraft protection when you save money
- No out-of-network ATM fees, including internationally
- Unlimited check writing
- No incoming bank transfer fees
The inconvenients
- $ 25 overdraft fee, plus $ 15 fee each day your account is overdrawn
- Does not reimburse fees charged by off-network ATM providers
- Hispanic-American led credit union with 1 branch in Washington, DC
- Membership is available to current or past employees of IDB or IDB Invest, or individuals with immediate family members who are members of IDB Global FCU
- 28,000 free ATMs across the country in the CO-OP and Alliance One networks
- Federal Insurance by NCUA
The IDB Global Federal Credit Union Chequing Account is a solid and inexpensive verification option. There are no monthly fees and the credit union has free overdraft protection. It doesn’t charge you for using an off-network ATM, but the ATM provider can.
Share certificate
Annual percentage return (APY)
0.35% to 1.26% APY
Advantages
- Minimum deposit of $ 250 for most terms
- High interest rates
- Duration up to 7 years
The inconvenients
- Minimum deposit of $ 2,500 for a period of 6 months
- Interest compounded monthly, not daily
- Must contact IDB Global FCU to inquire about early withdrawal penalties
- Hispanic-American led credit union with 1 branch in Washington, DC
- Membership is available to current or past employees of IDB or IDB Invest, or individuals with immediate family members who are members of IDB Global FCU
- The terms range from 6 months to 7 years
- Tiered Interest Rate System: Earn more with a balance of $ 100,000 or $ 250,000
- Interest compounded monthly, paid monthly
- Federal Insurance by NCUA
Most banks only have certificate terms of up to five years, but IDB Global Federal Credit Union offers terms of up to seven years. It also pays high interest rates and only requires $ 250 to open an account.
How the IDB Global Federal Credit Union Works
IDB Global Federal Credit Union is a Hispanic-American led institution with a branch in Washington, DC. You have free access to 28,000 ATMs in the CO-OP and Alliance One networks in the United States.
Call or visit a branch, Monday to Friday, 9 a.m. to 5 p.m.
The IDB Global FCU mobile app has 4.8 out of 5 stars in the Apple Store and 4.6 out of 5 stars in the Google Play Store.
Your deposits are federally insured by the NCUA up to $ 250,000, or up to $ 500,000 for a joint account.
How to join the IDB Global Federal Credit Union
IDB Global Federal Credit Union is a credit union, not a bank, so only certain people can become members. You are eligible if you are:
- An employee or retiree of the Inter-American Development Bank (IDB) or IDB Invest
- An immediate family member of a person who works for the IDB or IDB Invest
- An IDB or IDB Invest consultant with a minimum contract of six months
- An Executive / Alternate Director at IDB or IDB Invest
- An intern at the IDB or IDB Invest
- An immediate family member of a person who is already a member of IDB Global FCU
You will need to open an IDB Global FCU savings account and pay a one-time membership fee of $ 2 when you join.
Is the IDB Global Federal Credit Union Trustworthy?
The IDB Global Federal Credit Union has no recent public controversies.
The Better Business Bureau gives IDB Global FCU an A + for reliability. A high BBB rating indicates that a business responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
A good BBB score, however, does not guarantee that you will have a solid relationship with a financial institution. You can always ask friends and family about their experiences with IDB Global FCU or read customer reviews online.
The role of Hispanic-American-led institutions
Many Spanish-American banks and credit unions offer services in English and Spanish. There is a history of racial prejudice in banking and lending, especially among Hispanics, so working with a Hispanic institution can help eliminate unfair prejudice.
Some of these institutions allow you to open accounts if you are an immigrant or non-US citizen. IDB Global Federal Credit Union requires a US ID to open an account, but you can see a full list of banks that accept applications from immigrants and non-citizens without an SSN here.
How the IDB Global Federal Credit Union Stacks Up
IDB Global Federal Credit Union is the only Hispanic American institution in Washington, DC. But we compared it to two banks with a strong presence in the Washington area: Wells Fargo and Bank of America.
You might like Wells Fargo or Bank of America as they have more branches around Washington, DC. You also don’t need to be an IDB / IDB Invest employee to do banking with them. But you will probably prefer IDB Global FCU if you qualify for membership and want to use a business run by Hispanics.
It should be noted that Wells Fargo and Bank of America have recently been the subject of controversies regarding racial discrimination. In 2019, Wells Fargo paid the city of Philadelphia $ 10 million in response to the city’s claims the bank had engaged in predatory racial minority mortgages. The Department of Labor asked the Bank of America to pay $ 4.2 million in 2019 to people who say the bank discriminated against women, black and Hispanic applicants in the process. hiring.
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