Teachers Federal Credit Union Reviews
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About Teachers Federal Credit Union
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Teachers Federal Credit Union is a not-for-profit financial institution with membership that’s open to everyone across the nation. The full-service credit union offers many savings and checking account options, along with lending services and business banking options. It is headquartered in New York, with most of its 33 branches located there.
- Youth savings accounts
- Open to everyone
- In-person branches mostly in New York
- Limited CD terms
What is Teachers Federal Credit Union?
Originally started as a credit union for Long Island, New York, educators 70 years ago, Teachers Federal Credit Union is now a full-service financial institution open to all. Individuals can pursue membership no matter which state they live in.
Most of its branches are located in New York, but members can use one of the 5,400 Credit Union Service Centers nationwide for select services. Additionally, there are over 55,000 Allpoint surcharge-free ATMs available.
How does Teachers Federal Credit Union work?
Teachers Federal Credit Union has an open charter, which means everyone can join regardless of their job, location or group affiliation.
To join, fill out an online application for a savings or checking account. You will need your driver’s license or government-issued ID and your Social Security number or Individual Taxpayer Identification Number (ITIN). The application should take about five minutes to complete.
Teachers Federal Credit Union products
Teachers offers several different savings and checking options, as well as investment and financing options. Here are just a few of the products available to members.
Savings accounts
Teachers also offers a youth savings account for members up to 21 years of age. This account earns 3% annual percentage yield (APY) on the first $1,000 deposited, as of publication.
Checking accounts
For customers who qualify, Teachers’ Smart Checking account offers 2% APY on balances up to $15,000 as of publication. To qualify, you need to meet one of three requirements: carry an average monthly balance of $5,000, have $20,000 in combined end-of-month deposit balances or establish monthly direct deposits of at least $500 and complete 10 debit card purchases each month.
Certificates of deposit
Regular CD rates span from 1.65% to 4.25% APY as of publication.
Money market accounts
Teachers Federal Credit Union fees
Some typical fees to expect as a member of Teachers include:
- $32 for overdraft/insufficient funds; $8 if you have overdraft protection
- $10 monthly for inactive account
- $10 for ATM/debit card replacement
- $10 to $50 for wire transfers
- $25 for stop payment
Teachers Federal Credit Union FAQ
Does Teachers Federal Credit Union offer credit cards?
Along with offering banking and loan products, Teachers offers a cash-back credit card, as well as a low-rate card, student card and secured card. Teachers’ credit cards do not have annual fees and have annual percentage rates (APRs) between 13% and 18% as of publication.
Does Teachers offer mobile pay?
Yes, you can connect your Teachers debit or credit card to your digital wallet and pay wherever Google Pay, Apple Pay or Samsung Pay is accepted.
How do I use Zelle with Teachers Federal Credit Union?
Teachers Federal Credit Union does not use Zelle. However, it does use Popmoney to facilitate person-to-person payments.
What types of loans does Teachers offer?
Along with personal loans and mortgage options, Teachers also offers student loans. One special feature of the credit union is that it has loans designed for individuals who want to attend trade school.
Is Teachers Federal Credit Union legit?
For 70 years, Teachers Federal Credit Union has been a reputable financial institution serving over 440,000 members nationwide. It has over $9 billion in assets and 33 branch locations.
Teachers Federal Credit Union Reviews
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- 4,648,778 reviews on ConsumerAffairs are verified.
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Reviewed Jan. 19, 2025
From the start of Applying for this CU it was complete chaos and unprofessional. I ended up applying for this CU because I was approved for a 10k credit card. Right approval I was advised to apply for a bank account to receive this. I applied for an account but was declined due to a Chexsystem issue (security freeze). I cleared this issue up same day with chexsystem, then applied again with Teachers and it went through this time. For the next 2 plus weeks I called daily trying to figure out why my account wasn't set up yet, as account setups generally only take a day at the most to set up. Each time I called it took 40 min to an hour to speak to someone. When speaking to employees; each time they were completely lost and clueless.
Out of the multiple times I called 80% of the time I requested to speak with a supervisor and each time was placed on hold for substantial amounts of time just to be told minimal information (nothing) and also told each and every time that a supervisor would reach out to me. Well this never happened, not even once. The second to last date while dealing with their madness, I received an email stating that they needed my bank account information for verification. I scratched out my acct # and provided this. Next day I called to check on the process once again and was told I have to come in a branch to open a acct. 😑 I'm in WI and they're in NY. It took over 2 weeks to tell me this? Still no one has any clue why I have to proceed in this manner, so now I will be making multiple complaints as well as letting potential customers on all my platforms know about Teachers and their unprofessional practices.
Teachers Federal Credit Union Company Information
- Company Name:
- Teachers Federal Credit Union
- Website:
- www.teachersfcu.org