Union Yes Federal Credit Union review: Hispanic American-led institution, variety of CD terms
Union Yes Credit Union; Insider
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Overall credit union rating
| Feature | Insider rating (out of 5) |
| Checking | 2.75 |
| Savings | 2.75 |
| CD | 3 |
| Money market account | 2.5 |
| Trustworthiness | 5 |
| Total | 3.25 |
Pros and cons
| Pros | Cons |
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UYFCU Apprentice Checking Account
The
If you're searching for a free checking account that doesn't have minimum balance requirements, you might want to look through our best checking accounts guide.
UYFCU Regular Share Account
To become a Union Yes Federal Credit Union member, you must open the
This account might be a decent option if you regularly maintain at least $25 in your account. Otherwise, you'll have to pay a $15 monthly service fee for not meeting the minimum balance requirement.
UYFCU Certificate of Deposit
The credit union's strongest product is probably its
UYFCU Money Market Account
The
If you're searching for a money market account that pays a higher interest rate or doesn't charge monthly service fees, you might find more suitable options in our best money market accounts guide.
How Union Yes Federal Credit Union works
Union Yes Federal Credit Union is a local financial institution in Southern California that's part of the National Credit Union Administration's list of minority depository institutions (MDIs). It's considered to be an MDI because a majority of its current members, board of directors, and community are Hispanic American.
To become a member Union Yes Federal Credit Union, you or a family member must be part of a union or work in a union shop in Southern California. To join Union Yes Federal Credit Union, you'll have to visit the branch, pay a one-time $15 membership fee, and open an account with at least $25.
The credit union has one branch and three UYFCU ATMs. Union Yes Federal Credit Union is also part of the Co-Op shared branch and ATM network, so you'll have access to over 5,000 shared locations and 50,000 surcharge-free ATMs.
Customer service is available by phone Monday through Thursday from 9:30 a.m. to 5 p.m. PT, Friday from 9:30 a.m. to 6 p.m. PT, and Saturday from 9 a.m. to 1 p.m. PT.
Union Yes Federal Credit Union is federally insured by the NCUA. Your deposits are insured for up to $250,000 in individual bank accounts and $500,000 in joint bank accounts.
The role of Hispanic American-led institutions
Hispanic American financial institutions often address the banking gaps in underserved communities. These institutions are vital for Hispanic American communities that have been historically affected by discriminatory banking practices like redlining.
Hispanic American-led financial institutions also provide local services and products to largely populated Hispanic American and underserved communities. Union Yes Federal Credit Union is based in the state of California, which has a large Hispanic and Latino population. According to the US Census, over 38% of the people living in the city of Orange are of Hispanic or Latino origin, which is one of the largest race and ethnic groups in the area.
Union Yes Federal Credit Union trustworthiness and BBB rating
Union Yes Federal Credit Union has no recent public controversies, and the bank has an A+ rating from the Better Business Bureau.
A high BBB rating indicates that a company efficiently responds to customer issues and has transparent business practices. However, a BBB rating won't guarantee a smooth relationship with a bank. To see if a financial institution is right for you, talk to current members or read online customer reviews.
Union Yes Federal Credit Union vs. Orange County's Credit Union
To open an account at a credit union, you'll have to be eligible for membership first.
Union Yes Federal Credit Union lets you join if you or a family member are part of a union or work in a union shop in Southern California.
Orange County's Credit Union has more lenient membership requirements. Anyone who lives or works in Orange, Los Angeles, Riverside, or San Bernardino Counties may be eligible for membership.
If you meet the requirements to join both credit unions, you'll also want to consider which accounts stand out the most to you.
For example, Orange County Credit Union pays higher interest rates on
Union Yes Federal Credit Union vs. Chase
Union Yes Federal Credit Union and Chase pay similar interest rates on traditional savings accounts, but Union Yes Federal Credit Union offers higher interest rates on CDs. If you're looking for a money market account, Union Yes Federal Credit Union will also be your go-to option, because Chase doesn't offer one.
Chase may be better if you're interested in opening a variety of bank accounts. Chase has bank accounts for
Frequently asked questions
Where is Union Yes Federal Credit Union located?
Union Yes Federal Credit Union has one branch in Orange, California.
Is Union Yes Federal Credit Union NCUA insured?
Yes, Union Yes Federal Credit Union is federally insured. Up to $250,000 is secure in individual bank accounts, and $500,000 is secure in joint bank accounts.