Service Credit Union

Service Credit Union Reviews

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About Service Credit Union

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Service Credit Union is a financial cooperative that provides banking services to members in New Hampshire and beyond. It was founded in 1957 to serve military personnel and their families and has since expanded to serve U.S. residents nationwide. As a full-service institution, it provides a variety of banking products, including loans, checking and savings accounts, investment services and credit cards.

Pros & Cons

Pros
  • Competitive interest rates
  • Free checking accounts
  • Specialized services for military members
Cons
  • Expensive overdraft fees
  • Some monthly fees
  • Membership required

What is Service Credit Union?

Service Credit Union is a not-for-profit financial institution with over $5 billion in assets and more than 300,000 members worldwide. It provides a range of banking services, including loans, checking and savings accounts, investment services and credit cards. It has over 50 branch locations, including in New Hampshire, North Dakota and Massachusetts and on military bases in Germany.

Service Credit Union is regulated by the National Credit Union Administration (NCUA) and offers competitive interest rates, free checking accounts and 24/7 online banking.

How does Service Credit Union work?

Service Credit Union operates similarly to a bank, except it’s not-for-profit instead of for-profit. Members can open accounts, apply for loans and access a range of financial products and services.

The easiest way to establish Service Credit Union membership is by joining the American Consumer Council for free. However, Service Credit Union membership is also open to:

  • Military members, veterans or their family members
  • Anyone who currently works or has worked for the Department of Defense or their family members
  • Employees of one of Service Credit Union’s select employer groups

Once you become a member, you can access Service Credit Union's online banking platform or visit one of its physical branches or ATMs to manage your accounts and conduct transactions.

Service Credit Union products and services

Service Credit Union offers a variety of financial products, including checking and savings accounts, loans, credit cards, investment services and insurance options.

Members can also earn rewards and discounts based on their account activity and use of certain products and services.

Checking accounts
Service Credit Union’s Everyday Checking is a free account that has varying benefits levels, depending on your account activity:
  • Everyday Checking Basic has free identity theft recovery resources and debit card rewards. It’s available to anyone without direct deposit.
  • Everyday Checking Direct Deposit comes with a 0.50% annual percentage rate (APR) discount on loans and up to $15 in monthly ATM and foreign transaction fee rebates. It’s open to anyone who sets up direct deposit.
  • Everyday Checking Direct Deposit+ comes with a 0.75% APR discount on loans and up to $30 in monthly rebates for ATM usage and foreign transactions. It’s open to anyone who sets up direct deposit and has at least five account transactions a month.

With the Dividend Checking account, you can earn 0.15% annual percentage yield (APY) on your total balance and get access to the same benefits as Everyday Checking. But you must maintain a $1,500 minimum balance to avoid the monthly fee.

Savings accounts
Service Credit Union has all types of savings accounts designed to suit different needs:
  • Primary Savings has no monthly fee and a $5 minimum balance requirement. It earns 5% APY on the first $500 in the account, and 0.25% after that. All members are required to maintain a Primary Savings account.
  • Youth Savings Club is designed for children and teens to learn about money management and earn rewards.
  • Military Savings Benefits has exclusive benefits for military members, including higher interest rates and waived fees.
  • Holiday Savings Club is designed to help members save for holiday expenses throughout the year.
  • Certificates have fixed interest rates ranging from 0.80% to 5% APY and terms ranging from three months to five years.
  • Money Market has tiered rates that go up to 1.70%, depending on your balance. This account also comes with check-writing capabilities.
  • Trusts are designed for estate planning and managing assets for beneficiaries.
Loans
With Service Credit Union, members can choose from over a dozen different types of loans:
  • Vehicle loans, including auto refinancing loans
  • Personal loans
  • Mortgages, including first-time homebuyer, jumbo, VA loans and home construction
  • Home equity loans
  • Military loans
  • iBOT personal mobility device loans
  • Share secured loans
  • Student loans, including student loan refinancing
  • Business and commercial loans, including commercial mortgages, business lines of credit, SBA loans, commercial vehicles loans and equipment financing
Credit cards
Service Credit Union offers three credit cards with no annual fees, EMV chip technology and benefits such as travel and emergency assistance services, purchase security and extended warranty protection.

The three credit cards are the Visa Everyday Card, Visa Signature Everyday Elite Card and Visa Everyday Preferred Card, each with different APRs, rewards and features. It also has a lineup of business credit cards.

Investment services
Service Credit Union offers investment services through LPL Financial. The program provides investment plans for members to save for long-term goals such as retirement or their child's college costs. The plans include traditional or Roth individual retirement accounts, trust accounts, 529 college savings accounts, annuities, life insurance, long-term care insurance and small business retirement plans.
Insurance
Service Credit Union offers a variety of insurance options for its members in the U.S. and overseas:
  • Homeowners, renters, condo, car, boat, landlord and umbrella coverage through Travelers
  • Auto, home and life insurance through TruStage
  • No-cost TruStage Accidental Death and Dismemberment Insurance with the option to add more coverage for a fee

Service Credit Union fees

There are no monthly maintenance fees for most checking and savings accounts with Service Credit Union. However, the Dividend Checking account has a $10 monthly fee that’s waived when you maintain a $1,500 minimum balance. The Money Market account has a $5 monthly fee that’s waived when you maintain a $2,500 minimum balance.

Service Credit Union provides free overdraft protection from a linked savings account. In addition, you may pay these fees:

  • $25 for courtesy pay overdrafts, up to 12 times per day
  • $25 for returned items
  • $5 for cashier’s checks
  • $9 for debit card replacements
  • $40 for expedited rush debit card replacements
  • Up to 1% for foreign transaction fees
  • $2 for paper statements
  • $10 per month for inactive accounts that haven’t had activity for 12 months
  • $20 for domestic outgoing wire transfers
  • $40 for international outgoing wire transfers

Service Credit Union FAQ

Does Service Credit Union use Zelle?

Yes, Service Credit Union uses Zelle for person-to-person payments. Members can access Zelle through the Service Credit Union mobile app or online banking platform. With Zelle, members can send and receive money quickly and securely using just their email address or mobile phone number.

Where is Service Credit Union available?

Service Credit Union is available to anyone who meets the membership eligibility requirements. The easiest way to establish membership is by joining the American Consumer Council (ACC) for free, using the code “Service.”. You can also join by paying a yearly $8 fee to the Financial Fitness Association (FFA).

How much cash can I withdraw from a Service Credit Union ATM?

You can withdraw up to $1,000 per day from a Service Credit Union ATM.

What is the routing number for Service Credit Union?

Service Credit Union’s U.S. routing number is 211489656. Its German routing number is 54030011.

Is Service Credit Union legit?

Service Credit Union is a legitimate financial institution that offers a variety of banking services to its members, including checking and savings accounts, loans, credit cards, investment services and insurance options.

Some benefits of Service Credit Union include competitive interest rates, free checking accounts and a wide range of financial products — especially for military members. However, there are also some drawbacks to consider, such as limited physical branches and expensive overdraft fees if you don’t have a linked savings account.

Overall, Service Credit Union is a good fit for military members, those who want to earn higher interest rates on their savings and those who are looking for a wide range of financial products from a not-for-profit institution.

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Service Credit Union Company Information

Company Name:
Service Credit Union
Website:
servicecu.org