Checking Accounts - Patriot Federal Credit Union (2024)

FAQs

What is the minimum balance for Patriot Bank? ›

A Patriot Checking Account from Patriot Bank offers paper checks, a debit or ATM card upon approval and online bill-pay options. This type of checking account requires a minimum average daily balance of $1,000 or direct deposit to avoid a $12 monthly maintenance fee.

Credit unions tend to offer lower rates and fees as well as more personalized customer service. However, banks may offer more variety in loans and other financial products and may have larger networks that can make banking more convenient.

If you do, opening an account at a bank or credit union is straightforward. The interest they pay for savings accounts You usually need to make an initial deposit between $25 and $100 to open a savings or checking account. Find out how much you must keep in the account at all times to avoid or reduce fees.

Established in 1965, Patriot Federal Credit Union is a not-for-profit financial cooperative, democratically owned and run by its members. The credit union is governed by a volunteer Board of Directors, elected by the membership.

Most traditional banks require you to maintain a minimum account balance to avoid monthly service charges. These typically range from $100 to $2,500, though most are much closer to the lower end.

The standard card limit for ATM withdrawals is $400 a day and 10 ATM transactions. The standard Point-Of-Sale (POS) limit is $3,000 a day and 20 POS transactions. The limit for the combined number of ATM and POS transactions is 25 transactions per day.

Credit unions tend to have fewer branches than traditional banks. A credit union may not be close to where you live or work, which could be a problem unless your credit union is part of a shared branch network and/or a large ATM network such as Allpoint or MoneyPass. May offer fewer products and services.

People choose banks primarily because of the convenience of multiple branches across the country, along with better technology. On the flip side, people choose credit unions primarily because of discounted loan rates, higher interest rates and better customer service.

However, because credit unions serve mostly individuals and small businesses (rather than large investors) and are known to take fewer risks, credit unions are generally viewed as safer than banks in the event of a collapse. Regardless, both types of financial institutions are equally protected.

Alliant Credit Union is fully digital and has the best APY across all accounts compared to other credit unions on our list. With a $100 minimum balance, Alliant's high-yield savings account earns 3.10% APY. Its share certificates also earn excellent rates as high as 5.20% on a 12-month jumbo certificate.

Do credit unions pull credit to open a checking account? ›

A bank or credit union may make a soft inquiry on your credit when you open a new checking account to check for a history of fraud. These soft checks do not affect your credit score. However, in some cases, a bank may perform a hard credit check, which does affect your credit score.

Banks usually charge penalty fees if the minimum balance requirement is not met. These charges vary from bank to bank and may be deducted directly from the account balance. The bank may notify the account holder through SMS, email, or physical mail if the account falls below the minimum balance threshold.

Disclosures. This credit union is federally insured by the National Credit Union Administration.

The NCUA and FDIC are very similar; they provide government-backed deposit account insurance. While the NCUA applies to federally insured credit unions, the FDIC insures bank deposits.

Established in 1965, Patriot Federal Credit Union is a not-for-profit, member-owned, financial cooperative. We now have in excess of $1 billion in assets and nine branch offices serving more than 80,000 members. Website http://www.patriotfcu.org.

With $100, you typically meet the opening balance qualifications for a broad range of institutions. Note that some savings accounts might let you open an account for as little as $100, but will require a much higher minimum balance, such as $5,000, to earn the best rate or a higher monthly balance to avoid a fee.

A Minimum Balance is the minimum amount of money needed in a bank account to avoid any fees. Talk to the loan lender for specifics on what the agreed upon mimimum balance due during each pay period.

The Axos Bank Rewards Checking account offers a winning combination of features. There's no monthly maintenance fee or minimum balance requirement. and the bank provides unlimited reimbursem*nts for domestic out-of-network ATM charges. Axos doesn't charge a non-sufficient funds fee either.