Pros: Excellent Rates!
Cons: Very few ATM's.
With all the credit unions in Hawaii, one must look at each a little more than most places. One thing you should look at is the rates. How much are they going to pay you for your money and how much are you going to pay them for theirs? Well, as of Oct 1, 2002 (they just cut the rate .5% on most accounts) They are paying an amazing 1.51% APY on checking (Share Draft) and 2.02% APY on regular savings. Now, if you look at the banks, you're lucky to get 1% now on savings. You're getting 1.5 times that on just your checking! Another rate to look at are the loan rates. Hickam just started something called "Risk based pricing" for their loans. What is that? That means not only do they look at the type of loan, they factor in your credit score. If you have a good score, they congratulate you by giving you a lower rate. That great for those with perfect credit. And then if you don't have good credit, the rate is still much better than you'd find at any bank. Next thing you want to look at are fees. Are there per check fees? Monthly fees? Hidden charges? Hickam has very few fees. The fees they charge make sense. They will charge you overdraft fees. They don't charge per check. They don't have minimum balances in checking accounts where if you go below you're charged. Actually, the only minimum balance is the $100 you need to be a member. I'd think of that as more of an automatic savings plan. :) The service at Hickam is exceptional. I have never had any problems with anyone there. They never hesitate to help me. Even now that I no longer live in Hawaii. I kept my account there because I know I'll be taken care of. The only cons of banking with Hickam is convenience. They do have 4 branches (Well, the 4th is opening in less than a week). They have a call center answering any questions you have. Thats all good. But they have few ATM's unless you can get on Hickam AFB. If you're in the military you can get to twice the ATMs than anyone else. They make up for this by not charging you to use other ATMs. Another thing is the call center is only open Monday-Saturdays 8:30-6. Makes it hard if you need help at 3am.
Overall if you don't mind limited branches and ATMs and are in it for the rates, Hickam is a great credit union. If you like the convenience, see my review for Bank of Hawaii.