# altcoin / # bitcoin / # blockchain / # exchange / # events / # ICO / # trends / # finance / # Russian news

Border Federal Credit Union review: Hispanic American-led credit union, competitive share certificate rates

Border Federal Credit Union logo on Personal Finance pattern background 2x1
Border Federal Credit Union has five branches in Texas.

Border Federal Credit Union; Rachel Mendelson/Insider

Table of Contents: Masthead Sticky

Overall bank rating

FeatureInsider rating (out of 5)
Money market account3.5
Share certificate3.75

Pros and cons

  • Juntos Avanzamos designated credit union that serves a Hispanic American community
  • Immigrants and non-US citizens can open an account regardless of immigration status
  • Competitive interest rates on certificates
  • No monthly service fees on savings or checking accounts
  • Only available to Texas residents
  • Won't be able to earn interest if you have a low daily balance in your savings or money market accounts
  • Monthly service fees for money market account (unless you can waive them)


Border Federal Credit Union Regular Savings Account

The Border Federal Credit Union Regular Savings Account works best if you can maintain at least $500 in the account daily, so you'll be able to earn a bit of interest. If you'd prefer to get a higher interest rate on your account, you may want to read our best high-yield savings account guide.


Border Federal Credit Union Simple Checking Account

The Border Federal Credit Union Simple Checking Account is a great free checking account option with no minimum opening deposit and free overdraft protection.

If you frequently travel outside of the state, you'll want to watch out for out-of-network ATM fees since most of the credit union's free ATMs are in Texas.

Share certificate

Border Federal Credit Union Share Certificate

Border's strongest accounts are its Border Federal Credit Union Share Certificate. You can earn a competitive interest rate, especially on short-term share certificates.

Higher interest rates are also available for 6-month, 2-year, and 4-year share certificates if you deposit more than $10,000.

Money market account

Border Federal Credit Union Money Market Account

The Border Federal Credit Union Money Market Account has a tiered interest rate, so you'll benefit most if you can maintain an account balance over $100,000. It's still a decent option if you can keep at least $1,000 in your account - that way, you can waive the monthly service fee.

How Border Federal Credit Union works

Border Federal Credit Union has five branches in Texas and serves local Hispanic American communities. You can find branches local in the following cities: Del Rio, Eagle Pass, and Crystal City.

The credit union has 11 free ATMs in the cities that it serves. Members also have access to over 50 free ATMs in Texas and Louisiana through the Stripes Stores ATM network.

For customer service, you can reach one of the credit union's Call Centers. Call Monday through Thursday from 9:00 a.m. to 4:30 p.m. or Friday from 9:00 a.m. to 5:00 p.m.

If you prioritize mobile banking, Border's mobile app may not be up to par. Its mobile app has 3.7 out of 5 stars in the Google Play Store and 2.6 out of 5 stars in the Apple Store.

Border is federally insured by the NCUA. Your deposits will be protected up to $250,000.

How to join Border Federal Credit Union

You are eligible to join Border Federal Credit Union if you or a family member work or live in any of the following counties in Texas:

  • Crockett
  • Dimmit
  • Edwards
  • Frio
  • Kinney
  • LaSalle
  • Maverick
  • Real
  • Sutton
  • Terrell
  • Uvalde
  • Val Verde
  • Zavala

To become a member, you'll need to open a savings account with at least $25. You should also bring proof that you live in an eligible county.

The role of Hispanic American financial institutions

Historically, Hispanic Americans have been limited by discriminatory lending practices, which have affected their opportunities to build wealth. Hispanic American-owned financial institutions address this gap, as well as serve other underserved communities.

Border is a Juntos Avanzamos designated credit union, so you can use alternative forms of ID if you don't have a social security number or US ID. You ,ay use a permanent resident card, foreign passport, or Matricular Constrular as a photo ID. Instead of a Social Security number, you can provide an ITIN.

Additionally, you can change Border's website from English to Spanish and receive bilingual customer service.

Border is also involved with its local community. It is partnered with Junior Achievement and NEFE High School to provide financial education to students.

Is Border Federal Credit Union trustworthy?

Border Federal Credit Union hasn't gone through any recent public controversies.

The Better Bureau Bureau rates businesses according to how they handle customer complaints and whether they have transparent business practices. Border Federal Credit Union has an NR rating because the BBB says it doesn't have enough information to rate it.

To see if Border might be an ideal match, read online customer reviews or talk to friends and family about their perspectives.

How Border Federal Credit Union compares

We compared Border Federal Credit Union to two other Hispanic American financial institutions in nearby regions in Texas: Falcon International Bank and International Bank of Commerce.

Border Federal Credit Union logo

Border Federal Credit Union

Falcon Bank

Falcon Bank

IBC logo



5 (Del Rio, Eagle Pass, Crystal City)


18 (Laredo, Del Rio, Eagle Pass, San Antonio, Brownsville, Buda, McAllen, Zapata)


186 (Texas and Oklahoma, see the full list here)

Standout feature

Competitive interest rates on certificate

Standout feature

Variety of certificates

Standout feature

Free checking account

Border Federal Credit Union Regular Savings AccountFalcon International Bank Statement Savings AccountInternational Bank of Commerce Personal Savings Account

Hispanic American financial institutions tend to focus on serving their local communities, so you'll have to see which are closest to your home to gauge what your options are. Of the three, the International Bank of Commerce has the most branches, so it may be your best bet if a nearby branch location is a priority for you.

If all three happen to be close by, your decision may rest on which accounts you want to open.

Border Federal Credit Union and International Bank of Commerce both have appealing free checking options. The Border Federal Credit Union Simple Checking Account requires no minimum opening deposit. Meanwhile, International Bank of Commerce Free Checking Account has the biggest free ATM network of the three financial institutions.

With certificates, it's more of a toss-up between Border Federal Credit Union and Falcon International Bank. Border Federal Credit Union has more competitive interest rates, especially on short terms. Falcon International Bank has a greater variety of term lengths, though.

Related Content Module: More Savings Coverage
Read the original article on Business Insider