Teachers Federal Credit Union
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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.
Pros & Cons
- Youth savings accounts
- Open to everyone
- In-person branches mostly in New York
- Limited CD terms
It is easy to become a member of Teachers Federal Credit Union and enjoy the perks of higher rates on savings accounts and certificates of deposit (CDs). In-person services are limited, but it offers online and mobile banking.
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
- The minimum balance for a Teachers personal savings account is $1, but you will need a minimum of $50 in your account to start earning interest.
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
- Teachers Federal Credit Union's personal checking account has no deposit or balance requirements, and no check charges or monthly fees. Customers can link a Teachers savings or money market account for automatic overdraft protection, but it does cost $8 per transfer.
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
- Teachers offers CDs ranging in terms from 90 days to 60 months, with a minimum deposit requirement of $1,000. Jumbo CDs are also available for balances of $100,000 or more.
Regular CD rates span from 1.65% to 4.25% APY as of publication.
- Money market accounts
- Teachers Federal Credit Union offers money market accounts with a minimum balance requirement of $2,500. A $5 monthly fee is charged if your account balance falls below $500.
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.
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Teachers Federal Credit Union Company Information
- Company Name:
- Teachers Federal Credit Union
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