Pros:Great Rates, personal service, "home-town bank" experience
Cons:No Check Card offered, only 3 credit union owned ATMs (but use of all other ATMs costs $0.75 per transaction)
I have been an IFCU member since birth, as far as I know, and continue to use this credit union event after moving away from Long Island.
Recommend this product?
My dad, a long time LILCO/KeySpan employee, opened an account for me when I was very young. He was able to deposit a designated amount directly from his monthly paycheck into my savings account. The deposits, made in lieu of an allowance, allowed my savings account to grow slowly but surely. This is one of the many benefits of IFCU membership.
I went away to college, lived in IA, MT, AK, and CA, and always kept my IFCU account. Why? Because you can't get better rates! I've had personal loans, car loans, checking, savings and vacation accounts and they always beat any bank when it comes to dividends and transaction fees.
I recently opened a Money Market account (even though I'm living 3000 miles away) and it has a dividend rate of almost 6%. Great for emergency cash or general liquidity.
Here's a bullet list of benefits:
1. I traveled in Europe for 3 months and ONLY used my IFCU CU Anytime ATM card for local currency (NO Travelers Checks!). The charge per transaction was only $0.75!!!
2. My car loan APR is 6.9%
3. The minimum balance in your savings account is only $25!
4. Real people answer the phone and resolve any problems promptly.
5. Money Market rates are the BEST.
6. The OnLine account service is always up to date and very detailed. I have a Wells Fargo account that takes 3-4 days to update. IFCU is always up to date.
I recommend this service to ANYONE who is eligible to become a member. You can call them to find out more info: 631 851 1111.
The only draw back to IFCU is they don't have a Check Card. They have determined that since the Check Card does not required a PIN number for use that it would be a security risk for their members. I happen to disagree with them, so I got a Check Card elsewhere.