DCU Checking

[Wavester64]

While on the phone with DCU yesterday, the CSR noticed I didn't have a checking account with them and asked if I wanted to open one to which I know I have more checking accounts than I need already so I quickly said no.

I noticed today while online with my DCU account that an advertisement scrolled by saying that their checking account offers 0.50% APR on the first $25K, which for checking which isn't bad.

My question is - is there any downside to opening a checking account with them? Minimum balance too high? Fees?

I mean I am not totally up on ChexSystems but I know its not a good thing LOL - does DCU use ChexSystems? 

[CYBERSAM]

I use DCU as my main checking account. No minimum, no fees really! Even if you over draw from checking, they can move the balance out of your saving account for 5$. Also their ATM network is huge and they reimburse you for 3-5 ATM fees per month.

DCU uses ChexSystems for membership. But if you are already in then you should be good I think.

[Wavester64]

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@CYBERSAM wrote:

I use DCU as my main checking account. No minimum, no fees really! Even if you over draw from checking, they can move the balance out of your saving account for 5$. Also their ATM network is huge and they reimburse you for 3-5 ATM fees per month.

DCU uses ChexSystems for membership. But if you are already in then you should be good I think.

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Thanks @CYBERSAM . I see from my files I did order a ChexSystems report earlier this year and it has DCU on it.

Is it safe to assume that if I opted to get a DCU checking account they would run my ChexSystems again and then there would be another inquiry on there from DCU? I wouldn't know what is good or bad with ChexSystems. I noticed the report didn't provide a score either.

[SouthJamaica]

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@Wavester64 wrote:

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@CYBERSAM wrote:

I use DCU as my main checking account. No minimum, no fees really! Even if you over draw from checking, they can move the balance out of your saving account for 5$. Also their ATM network is huge and they reimburse you for 3-5 ATM fees per month.

DCU uses ChexSystems for membership. But if you are already in then you should be good I think.

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Thanks @CYBERSAM . I see from my files I did order a ChexSystems report earlier this year and it has DCU on it.

Is it safe to assume that if I opted to get a DCU checking account they would run my ChexSystems again and then there would be another inquiry on there from DCU? I wouldn't know what is good or bad with ChexSystems. I noticed the report didn't provide a score either.

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If you already have a deposit account with them I don't think they would run ChexSystems again.

And no, I don't know anything bad about the checking account. It's fine in my book. Early direct deposit (often 2 days early).  No minimums. No maintenance fees. Any internet functionality you could want. If you elect, they will use your credit card as an overdraft line of credit on the checking account. You can do online cash advances from your credit card into your checking account. To me it's as good as checking accounts get.

[CYBERSAM]

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@Wavester64 wrote:

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@CYBERSAM wrote:

I use DCU as my main checking account. No minimum, no fees really! Even if you over draw from checking, they can move the balance out of your saving account for 5$. Also their ATM network is huge and they reimburse you for 3-5 ATM fees per month.

DCU uses ChexSystems for membership. But if you are already in then you should be good I think.

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Thanks @CYBERSAM . I see from my files I did order a ChexSystems report earlier this year and it has DCU on it.

Is it safe to assume that if I opted to get a DCU checking account they would run my ChexSystems again and then there would be another inquiry on there from DCU? I wouldn't know what is good or bad with ChexSystems. I noticed the report didn't provide a score either.

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ChexSystems inqs are not that big of a deal, especially if you already in with DCU. As long as you don't owe any money on other banks that have reported to ChexSystems in past few months, then you should be fine.

[Anonymous]

Surely there are better rates out there though, rather than opening another checking account, if you don't really need it? I mean it's your call of course but what could .50% earn you on up to $25K? This is aside from the fact you'd be keeping that much in a checking to begin with. Personally i would never keep that much in a regular checking let alone one account, but that's just me.

That said .50% is actually pretty competitive with HYSA of late now that Amex Disco all have lowered their rates due to the pandemic. 

[iced]

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@Wavester64 wrote:

While on the phone with DCU yesterday, the CSR noticed I didn't have a checking account with them and asked if I wanted to open one to which I know I have more checking accounts than I need already so I quickly said no.

I noticed today while online with my DCU account that an advertisement scrolled by saying that their checking account offers 0.50% APR on the first $25K, which for checking which isn't bad.

My question is - is there any downside to opening a checking account with them? Minimum balance too high? Fees?

I mean I am not totally up on ChexSystems but I know its not a good thing LOL - does DCU use ChexSystems? 

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I use the dividend checking (or whatever it's called). Acts just like a regular checking account with a monthly dividend. Good for short-term cash storage, as all checking accounts are.

I've never been charged a fee.

No idea on ChexSystems. Never even bothered to look at mine since I open one checking account per decade and write one check per year.

[DaveInAZ]

Yeah, the DCU checking account if pretty good, and they call it "Free Checking" for a reason, never had any fee. They do charge a $5 fee to push an ACH out, annoying as it's the only CU account I have that charges a fee to send an ACH transfer, but easy too avoid by pulling funds out from another bank. And better, as DCU takes a full 3 biz days to transfer funds via ACH. That .5% interest is pretty competitive with .6% for my savings with my Amex & Marcus savings. I just had a partial payroll DD going into it to cover my car loan payment, but I just refi'd my car loan away from DCU with a local CU, .5% lower rate (2.49%) plus they let me pull $3k equity out.

So I plan to keep more funds in my DCU checking and have CCs pull payments out.

[Anonymous]

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@DaveInAZ wrote:

Yeah, the DCU checking account if pretty good, and they call it "Free Checking" for a reason, never had any fee. They do charge a $5 fee to push an ACH out, annoying as it's the only CU account I have that charges a fee to send an ACH transfer, but easy too avoid by pulling funds out from another bank. And better, as DCU takes a full 3 biz days to transfer funds via ACH. That .5% interest is pretty competitive with .6% for my savings with my Amex & Marcus savings. I just had a partial payroll DD going into it to cover my car loan payment, but I just refi'd my car loan away from DCU with a local CU, .5% lower rate (2.49%) plus they let me pull $3k equity out.

So I plan to keep more funds in my DCU checking and have CCs pull payments out.

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DCU processed a pull initiated from 1stBank the very day that 1stBank initiated it this week. I was shocked. I requested it on Monday morning and Tuesday morning when 1stBank processed the day's transactions I got the text from 1stBank that the funds were there and about an hour later I got the text from DCU for the withdrawal. Maybe they're working on that speed issue lol. 

DCU is not going to be an option to be my primary until they get customer service to a point where it doesn't take over an hour to get ahold of someone. I have no complaints with them until I have to reach them. 

Beware that checking account interest option is a sweep account. The money gets moved from DCU and transferred to a holding bank and there are all kinds of terms that apply in regards to access to funds and insurance on your deposits since DCU is under the NCUA and the banks the money moves to are all FDIC. 

[iced]

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@Anonymous wrote:

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DCU processed a pull initiated from 1stBank the very day that 1stBank initiated it this week. I was shocked. I requested it on Monday morning and Tuesday morning when 1stBank processed the day's transactions I got the text from 1stBank that the funds were there and about an hour later I got the text from DCU for the withdrawal. Maybe they're working on that speed issue lol. 

DCU is not going to be an option to be my primary until they get customer service to a point where it doesn't take over an hour to get ahold of someone. I have no complaints with them until I have to reach them. 

Beware that checking account interest option is a sweep account. The money gets moved from DCU and transferred to a holding bank and there are all kinds of terms that apply in regards to access to funds and insurance on your deposits since DCU is under the NCUA and the banks the money moves to are all FDIC. 

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Appointments are by far the easiest and fastest way to a live person at DCU these days. I've had occasion to work with a live person twice recently (once to send a wire, and another to deposit a large sum of cash) and both times was easily able to schedule a same-day appointment at a branch. On one of the visits, there was a line of cars for the window teller about 30 cars deep but I was able to walk right in and be out in under 5 minutes. I don't even think one car moved in that time.

Even factoring in the time to drive out to a branch and back home, it came in at (just) under an hour, though I stacked on some other errands so it just became a day to knock things off my to-do list.

This approach might not work for everyone depending on their schedule (or those who don't live in MA but have a DCU account for some reason), but for those who can go to a branch, online reservation is without a day the way to do it these days.