In many cases finding a checking account that doesn’t charge a monthly fee can be difficult. The ABCO Federal Credit Union High Yield Rewards Checking account is one of the few accounts that does not charge a monthly fee for normal use. These checking accounts are designed to provide a larger APY for balances over $25,000. In order to acquire the advertised 2.52% APY you will need to meet the following stipulations:
- 1 direct deposit or direct debit post
- 10 debit card purchases
- 1 financial transition such as a online bill payment request
- Agreement to electronic statements
Account Protection
All accounts are protected by the National Credit Union Association (NCUA) for up to $250,000, unless you have a joint account, then you are protected for up to $500,000. All information collected by ABCO may be shared with affiliate organizations, typically those associated with financial products and services. When you sign up for an account via fax or mail, you will receive a phone call to verify your information. ABCO also reserves the right to access your credit report information and other financial information that is deemed necessary to open the account.
Account Options
There are several checking account types you can choose from including:
- Premier Checking Account
- Classic Checking Account
- Business Checking Account
The Premier Checking account offers a 2.52% APY on balances up to $25,000. There is no minimum balance required to maintain the account and you will be given your first 50 boxes of checks for free. You are given overdraft protection as long as you meet the pre-approved line-of-credit from ABCO. The other accounts offer some of the same features (like free checks) but they do not have as high of an APY. To maintain the account you must meet the monthly requirements or there may be a fee implied for inactive use.
How to Sign Up
In order to open an account you will need to be a member of a select employers group or you can join an association in order to sign up. Click on the “who can join” page in order to read the terms and agreements and to sign up for the American Consumer Council. Once you have joined you will need to select ACC on the application and you are ready to get open up your account. If you join the ACC through ABCO FCU you will not need to pay any fees for being a member.
After completing the application you must fax or mail the forms to ABCO FCU or you may come to a branch location to open your account. You must then pay a $10 fee to join the credit union and an additional $10 for a savings account. If you have one month of non-use of the Bill Pay program you will be charged $4.95 a month.
Compare Your Rates
With any checking account or investment account it is a wise idea to compare savings account and money market rates with other banks and credit union. There are other banks that do offer high yield returns for individuals holding more than $25,000 in their checking account.
