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Overall bank rating
| 4 |
| 4 |
| 3.75 |
| 3.75 |
| 5 |
| 4.1 |
Pros and cons
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Checking
0% to 0.10% APY $20 0% to 0.10% APY $20- Pros & Cons
- Details
- $20 minimum opening deposit
- No monthly service fees
- Connects to Zelle
- No out-of-network ATM fees
- Free overdraft protection when you sweep money from savings
- Does not refund any fees charged by out-of-network ATM providers
- No interest earned for months that your average daily balance is under $2,500
- No paper checks
- $29.50 overdraft fee
- Credit union that serves a Hispanic American community
- 12 branches in El Paso, Texas, and part of the Co-Op Shared network
- 32,000 free ATMs in the GECU and CO-OP shared networks
- To become a member, you or a family member need to work or live in El Paso County, Dona Ana County, or Hudspeth County
- To earn APY, you need to maintain a $2,500 average daily balance
- Interest compounded monthly
- Federally insured by the NCUA
- Pros & Cons
- Details
- $20 minimum opening deposit
- No monthly service fees
- Need $100 in your account daily to earn APY
- Interest compounded quarterly, not daily
- Low APY compared to online banks
- Only 4 free transactions per month, then $3 per transaction
- Credit union that serves a Hispanic American community
- 12 branches in El Paso, Texas, and part of the CO-OP Shared network
- To become a member, you or a family member need to work or live in El Paso County, Dona Ana County, or Hudspeth County
- To earn APY, you need to maintain $100 in your account daily
- Interest compounded and deposited quarterly
- Federally insured by the NCUA
- Pros & Cons
- Details
- High interest rates
- Minimum deposits range from $1,000 to $2,500
- Interest does not compound on 3-month and 6-month terms; interest compounds monthly on longer terms, not daily
- Standard-to-high early withdrawal penalties
- Credit union that serves a Hispanic American community
- 12 branches in El Paso, Texas, and part of the CO-OP Shared network
- To become a member, you or a family member need to work or live in El Paso County, Dona Ana County, or Hudspeth County
- Terms range from 3 months to 5 years
- $2,500 minimum deposit for 3-month and 6-month terms; $1,000 minimum deposit for longer terms
- Early withdrawal penalties: 30 days interest for 3-month and 6-month terms; 90 days interest for 12-month terms; 150 days interest for 18-month and 24-month terms; 240 days interest for 30-month, 36-month, and 48 month terms; 300 days interest for 60-month terms
- Interest compounds quarterly on longer terms; interest does not compound on 3-month or 6-month terms
- Federally insured by the NCUA
- Pros & Cons
- Details
- Competitive interest rates on higher balances
- Possible to waive $10 monthly service fee
- Request a debit card and paper checks
- No out-of-network ATM fees
- $10 monthly service fee
- $2,500 minimum opening deposit
- No interest earned on balances under $2,500, and low balances earn low interest rates
- Interest compounds monthly, not daily
- Does not reimburse any fees charged by out-of-network ATM providers
- Credit union that serves a Hispanic American community
- 12 branches in El Paso, Texas, and part of the CO-OP Shared network
- To become a member, you or a family member need to work or live in El Paso County, Dona Ana County, or Hudspeth County
- To earn APY, you need to maintain $2,500 in your account daily
- Maintain an average daily balance of $2,500 to waive $10 monthly service fee
- Interest compounded and deposited monthly
- Federally insured by the NCUA
- Live or work in the counties of El Paso or Hudspeth, TX, or Dona Ana County, NM
- Work for the US government, Federal Reserve, or similar organizations that have locations in the El Paso area
- Used to work for a company that would make you eligible for membership and are now receiving retirement, pension, or other benefits as a result
- Are the surviving spouse of a GECU member who died
- Are a business whose employees qualify for membership
- Are a family member of someone who qualifies for membership
Pros
Cons
The GECU Personal Checking Account is a good free checking account with no overdraft or ATM fees. The credit union also has checking accounts for teens, seniors, and people with poor credit who may have trouble qualifying to bank elsewhere.
Savings
0.15% APY $20 0.15% APY $20Pros
Cons
The GECU Savings Account has a low minimum opening deposit and no monthly fees. However, it pays a relatively low interest rate and only compounds interest quarterly rather than daily or monthly. You're also limited to four free monthly transactions, while many banks let you make six withdrawals per month.
CD
0.10% to 0.85% APY $1,000 to $2,500 0.10% to 0.85% APY $1,000 to $2,500Pros
Cons
GECU pays competitive rates on CDs , especially compared to other brick-and-mortar institutions, but it only compounds interest quarterly. The credit union offers a variety of CDs — along with its standard options, it has variable-rate CDs, accounts that let you deposit more money later, and ones that pay more to senior citizens.
Money market account
0% to 0.50% APY $2,500 0% to 0.50% APY $2,500Pros
Cons
You may like the GECU Money Market Account if you can maintain a $2,500 balance, because then you'll earn interest and waive the $10 monthly service fee. The account allows six withdrawals per month and includes paper checks and a debit card, so it may be a better place to store your emergency fund than the regular savings account.
How GECU works
GECU , formerly Government Employees Credit Union, is a Hispanic American-led credit union with 12 branches in the El Paso, Texas, area.
It's also part of the CO-OP shared network, so you have access to 5,000 shared branches and over 32,000 free ATMs in the US. You can walk in and receive assistance at a shared branch, but you can't open an account there.
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Exact lobby and customer service hours by branch, but all locations are open Monday through Friday and part of the day on Saturday.
The GECU mobile app has 4.9 out of 5 stars in the Apple store and 4.7 out of 5 stars in the Google Play store.
GECU is federally insured by the NCUA, so your deposits are secured for up to $250,000, or up to $500,000 for joint accounts.
How to join GECU
GECU is a credit union , not a bank, so you have to become a member to open a bank account. Membership is available to anyone who falls into one of the following categories:
To become a member, you must open a GECU Savings Account with $20. You do not have to be a US citizen to join — GECU lets you show a permanent resident card, foreign passport, or Matricula Consular as a photo ID, and you'll need to show your ITIN and proof of address.
The role of Hispanic American-led institutions
Many Hispanic American banks and credit unions provide services in both English and Spanish. Some also let immigrants and noncitizens open accounts — and GECU is one of those institutions. Instead of showing a social security card and driver's license, you can use an ITIN and permanent resident card, foreign passport, or Matricular Consular.
There is a history of racial prejudice in banking and lending, specifically among Hispanic Americans , so working with a Hispanic American institution can help eliminate unfair bias.
Many are also involved in their local communities. For example, GECU has created the GECU Foundation , which focuses on issues like education, housing, and access to credit in El Paso.
Is GECU trustworthy?
GECU does not have any recent public controversies.
The Better Business Bureau gives GECU an A+ in trustworthiness . A strong BBB grade indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
A good BBB score doesn't guarantee that you'll have a smooth relationship with a business, though. You may want to ask friends and family about their experiences with GECU, or read online customer reviews.
How GECU compares
We've compared GECU to two other Hispanic American institutions in El Paso: United Bank of El Paso del Norte and evolve Federal Credit Union .
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El Paso branches 3 |
El Paso branches 4 |
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Standout feature Low minimum opening deposits |
Standout feature High-yield checking account |
GECU may be the most convenient option of all three institutions, because it has the most branches around El Paso. It's also the only one of the three that doesn't require a social security number for you to open an account.
GECU has free checking and savings accounts, while United Bank of El Paso del Norte and evolve FCU charge monthly fees if you don't qualify to waive them.
United Bank of El Paso del Norte only requires $500 to open a CD, while GECU asks for $1,000 to $2,500 depending on the term length. And evolve offers a high-yield checking account that pays an excellent rate on balances up to $10,000.
Via PakApNews