Business

CommunityWide Federal Credit Union Review of Checking, Savings, CD and IRA Accounts

Posted August 22, 2018 2:56 p.m. EDT
Updated August 23, 2018 6:00 a.m. EDT

Year Established1967 Total Assets$0.4BLEARN MORE on Communitywide Federal Credit Union’s secure website

CommunityWide Federal Credit Union is a regional institution with 11 full-service branches located in Northern Indiana. Originally founded in 1967 as the West Washington Association Federal Credit Union, the community-based institution has grown through mergers with other local institutions. Operating under the CommunityWide name since 1985, it currently has more than $400 million in assets.

Customers must join the credit union via an association with more than three dozen local employers and community groups. Once you’re a member, you can choose from a straightforward lineup of checking, savings, CDs and IRA accounts at the institution.

Communitywide Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.30%

Savings

Communitywide Federal Credit Union Savings Account

1.85%

Goldman Sachs Bank USA High-yield Online Savings Account

LEARN MORE Secured

on Goldman Sachs Bank USA’s secure website

2.50%

CD Rates

Communitywide Federal Credit Union 12 Month Share Certificate

2.45%

Synchrony Bank 12 Month CD

LEARN MORE Secured

on Synchrony Bank’s secure website

3.00%

CD Rates

Communitywide Federal Credit Union 36 Month Share Certificate

2.55%

Ally Bank High Yield 3 Year CD

LEARN MORE Secured

on Ally Bank’s secure website

3.30%

CD Rates

Communitywide Federal Credit Union 60 Month Share Certificate

3.00%

Barclays 60 Month Online CD

LEARN MORE Secured

on Barclays’s secure website

In this article, we’ll cover:

CommunityWide Federal Credit Union’s checking account options

CommunityWide Federal Credit Union’s savings account options

CommunityWide Federal Credit Union’s CD rates

CommunityWide Federal Credit Union’s IRA account options

Overall review of CommunityWide Federal Credit Union’s banking products

CommunityWide Federal Credit Union’s checking account options

[CommunitywidefcuChecking]CW Checking Account[/CommunitywidefcuChecking]

The CW Checking Account is the only checking option offered by the credit union.

Average Daily Balance

APY

$500 - $999

0.30%

$1,000 - $1,999

0.30%

$2,000 - $9,999

0.30%

$10,000+

0.30%

  • Minimum opening deposit: $15
  • Monthly account maintenance fee: $2.95, waived with direct payroll deposit or average daily balance greater than $5,000
  • ATM fee: $0 for all ATMs; out-of-network ATMs may charge their own fees
  • ATM fee refund: None
  • Overdraft fee: $0.0033 per $1 per day overdrawn

CommunityWide Federal Credit Union doesn’t offer a wide range of checking accounts, but it packs a lot of features and benefits into its single account. With a CW Checking account, you’ll receive all of the following:

  • Free online and mobile banking
  • Free bill pay
  • Visa debit/ATM cards
  • Over 30,000 surcharge-free ATMs nationwide
  • Remote deposit capture
  • Special Overdraft Service (S.O.S.)
  • Courtesy overdraft notifications, via text, email or phone call
  • ID Protect
  • Direct payroll and other recurring deposits
  • eStatements
  • Text alerts
  • Free professional counseling and education
  • Interest payments
  • Shared branch access with over 5,500 CO-OP office locations nationwide

One of the unique features offered by the CW Checking account is ID Protect. This service offers comprehensive identity theft protection via education, tools and active monitoring. When you open a CW Checking account and register for ID Protect, you’ll enjoy these services:

  • Credit file monitoring, where you will be notified of changes to your credit report
  • 3-in-1 credit reporting, which entitles you to a free 3-in-1 credit report every 90 days
  • Total identity monitoring, with monitoring of more than 1,000 databases for changes to your credit file or use of your personal information
  • Debit and credit card registration, which facilitates replacement in the event of loss or theft
  • Fully managed identity theft resolution service, which provides you with a dedicated consumer fraud specialist in the event of identity theft
  • Fraud expense reimbursement coverage, which covers all costs, from legal to lost wages, if you have to resolve an identity theft case

The account also features an exceptionally low overdraft fee, courtesy of the bank’s Special Overdraft Service (SOS). Under this protection, which comes free with the CW Checking account, overdraft fees are limited to $0.0033 per day per $1 overdrawn, which amounts to $0.99 per $300.

How to open a CommunityWide Federal Credit Union checking account

To open a CommunityWide Federal Credit Union checking account, you must first join the credit union. You’ll need your current driver’s license, current email address, Social Security number and a funding method, such as a debit card, to start the process.

To join the credit union online, you’ll have to acknowledge the following:

  • That you are 18 years of age or older
  • That your account will be used for personal use only
  • That you are not subject to backup withholding
  • That you are not currently under an ID theft alert

If you can’t acknowledge all of the above, you will not be able to open an account online. In that case, or if you aren’t comfortable with joining the credit union online for any other reason, you can visit one of the bank’s 11 branches in Northern Indiana. You can also call the Member Contact Center.

Once you’re a member of the credit union, opening an account online is the same regardless of the type of account you’d like. To open a CW Checking account, simply select that account online as the type of account you’d like to open when the application reaches that point.

LEARN MORE Secured

on Communitywide Federal Credit Union’s secure website

Back to Top

magnifying glass

How CommunityWide Federal Credit Union’s checking account compares

The extensive features on CommunityWide Federal Credit Union’s only checking account belie its status as a small, regional credit union. The CW Checking account provides a long list of free benefits that are common on other checking accounts, such as free mobile and online access and free bill pay services. However, beyond that, there are some other features of real value that come with the account. For example, the extensive identity theft protection that comes with the ID Protect service are rarely seen in a free account. SOS limits overdraft charges to an exceedingly low level, in an era when many competitors continue to raise those fees.

On the interest side, the CW Checking account pays the same rate for deposits of all sizes, much to the benefit of smaller depositors, as they receive the bank’s same rate starting with dollar one. The CW Checking account pays roughly twice the national average interest on checking accounts, which is a generous rate on accounts with small balances. However, compared to top checking account rates available nationwide, CommunityWide Federal Credit Union falls short.

Back to Top

CommunityWide Federal Credit Union’s savings account options

[CommunitywidefcuSavings]CW Savings Account[/CommunitywidefcuSavings]

Average Daily Balance

APY

$500 - $999

0.30%

$1,000 - $1,999

0.30%

$2,000 - $9,999

0.30%

$10,000+

0.30%

  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for all ATMs; out-of-network ATMs may charge their own fees
  • ATM fee refund: None
  • Overdraft fee: $0.0033 per $1 per day overdrawn

Like the CW Checking account, the CW Savings account is the only offering of its kind at the bank, but it comes packed with features, including the following:

  • Free online and mobile banking
  • Visa debit/ATM cards
  • Over 30,000 surcharge-free ATMs nationwide
  • Deposit checks remotely use Remote Deposit Capture
  • Direct payroll and other recurring deposits
  • eStatements
  • Free professional financial counseling and education
  • Over 5,500 office locations nationwide via the CO-OP shared branching access system

CommunityWide Federal Credit Union has partnered with Greenpath Financial, a non-profit financial counseling and education organization. Customers can avail themselves of debt management services, financial education tools and one-on-one financial counseling, all free of charge to checking and savings customers.

How to open a CommunityWide Federal Credit Union savings account

CommunityWide Federal Credit Union has one standard online application for all types of accounts, so opening a savings account requires the same steps as opening a checking account.

The first step is to become a member of the CommunityWide Federal Credit Union. Here’s the information you’ll need:

  • Your current driver’s license
  • Your current email address
  • Your Social Security number
  • A funding method, such as a debit card

If you plan to open your account online, you’ll also have to acknowledge that you are 18 years of age or older, that your account will be used for personal use only, that you are not subject to backup withholding and that you are not currently under an ID theft alert.

If you’d prefer not to open your account online, you can visit one of the bank’s 11 branches in Northern Indiana or call the Member Contact Center.

If you’re completing your application online, simply select CW Savings during the process to open the correct type of account.

LEARN MORE Secured

on Communitywide Federal Credit Union’s secure website

Back to Top

magnifying glass

How CommunityWide Federal Credit Union’s savings account compares

The CW Savings account has a low minimum opening balance requirement, but interest is not earned until the $500 level. At that point, the account pays the same rate on any deposit amount. This rate is slightly above the national average, which is a good starting rate for smaller deposits. However, as the rate doesn’t increase if more money is deposited, there are much higher rates to be had at the highest-paying online savings accounts.

Overall, however, the account is chock-full of features. On top of typical offerings, such as eStatements and remote deposit capture, and the no-fee, one-on-one financial counseling services offered through its partner Greenpath Financial are a significant benefit not offered in many other institutions.

Back to Top

[CommunitywidefcuCDRates]CommunityWide Federal Credit Union’s CD rates[/CommunitywidefcuCDRates]

CommunityWide Federal Credit Union offers one type of CD, known as a certificate account.

Term

APY

6 months

2.15%

12 months

2.50%

18 months

2.65%

24 months

2.90%

30 months

2.95%

36 months

3.00%

48 months

3.20%

60 months

3.30%

  • Minimum opening deposit: $2,000
  • Minimum balance amount to earn APY: $2,000
  • Early withdrawal penalty: The amount of the withdrawal times the remaining term (in days) of the certificate, at the rate of 2 times the current APR (divided by 365) paid on the certificate.

Upon maturity, you have the option to renew your CD into a term of your choice, or the money will be deposited into your account. CommunityWide Federal Credit Union does not automatically renew maturing CDs, unlike many other banks, preferring instead to allow customers to choose how and when they would like to invest their savings. NCUA insurance, which is backed by the full faith and credit of the United States government, is provided on deposits up to $250,000.

How to get CommunityWide Federal Credit Union’s CDs

To get a CommunityWide CD, you must join the credit union first. This is a simple process that requires a current driver’s license, current email address, Social Security number and a funding method, such as a debit card.

Credit union membership is via an association with more than three dozen local employers and community groups.

Online applications require acknowledgement that you are 18 years of age or older, that you are not subject to backup withholding, that your account will be used for personal use only and that you are not currently under an ID theft alert. This procedure is the same no matter what type of account you’re opening at CommunityWide Federal Credit Union.

If you’re unable to complete an online application for any reason, you can call the bank’s service center. If you’re in Northern Indiana, you can also visit one of the credit union’s 11 local branches.

LEARN MORE Secured

on Communitywide Federal Credit Union’s secure website

Back to Top

magnifying glass

How CommunityWide Federal Credit Union’s CD rates compare

The minimum investment amount for CommunityWide Federal Credit Union’s CDs is comparatively high, as some banks offer account minimums of $1,000 or even lower. However, the CD rates paid at CommunityWide are off the charts. Not only do the credit union’s rates top the national averages for all maturities, they are among the the very best CD rates you can get anywhere.

Terms for CommunityWide Federal Credit Union’s CDs are fairly limited, with just eight specific maturities available. Terms cover a standard span of six to 60 months, with higher rates paid on longer maturities.

Back to Top

CommunityWide Federal Credit Union’s IRA account options

[CommunitywidefcuIRACD]IRA CD Account[/CommunitywidefcuIRACD]

Mirroring its non-IRA cousin, the CommunityWide Federal Credit Union IRA CD pays outstanding rates over its entire maturity spectrum.

Term

APY

6 months

2.15%

12 months

2.50%

18 months

2.65%

24 months

2.90%

30 months

2.95%

36 months

3.00%

48 months

3.20%

60 months

3.30%

  • Minimum opening deposit: $2,000
  • Minimum balance amount to earn APY: $2,000
  • Early withdrawal penalty: The amount of the withdrawal times the remaining term (in days) of the certificate, at the rate of 2 times the current APR (divided by 365) paid on the certificate
At CommunityWide Federal Credit Union, maturing CDs are never automatically renewed, even in an IRA. After maturity, funds can either remain in the account or be renewed into a CD of the customer’s choice, unlike many other banks. The credit union’s policy is intended to allow customers to choose how and when they would like to invest their savings. All of CommunityWide Federal Credit Union’s CDs carry NCUA insurance of up to $250,000, which is backed by the full faith and credit of the United States government.Bear in mind that CommunityWide Federal Credit Union’s IRA accounts carry the same IRS restrictions as IRA accounts at all other institutions. For example, you typically can’t take penalty-free withdrawals from an IRA until you reach age 59 ½, and with traditional IRAs, distributions are generally taxable. This means that when your CDs mature, you’ll have to keep the proceeds in your account if you’re under age 59 ½ and want to avoid penalties and/or taxes. Of course, you can always reinvest that money into another CD or into CommunityWide Federal Credit Union’s Funds account.

LEARN MORE Secured

on Communitywide Federal Credit Union’s secure website

Back to Top

magnifying glass

How CommunityWide Federal Credit Union’s IRA CD rates compare

CommunityWide Federal Credit Union’s IRA CD rates are the same as those on non-IRA certificates, and as such are spectacular. For every maturity, CommunityWide Federal Credit Union’s IRA CDs exceed the national average, and then some. This credit union’s IRA CD rates are among the top IRA CD rates you can get anywhere.

IRA CD terms are still limited to just eight maturities, ranging from six to 60 months. The highest rates are paid on the longest maturities. The minimum investment amount for CommunityWide Federal Credit Union’s IRA CDs remains somewhat high, compared with other banks that require much smaller minimums. However, the IRA CD rates paid at CommunityWide Federal Credit Union make that extra deposit pay off in a big way.

Back to Top

[CommunitywidefcuIRAFundsAccount]IRA Funds Account[/CommunitywidefcuIRAFundsAccount]

The IRA Funds account at CommunityWide Federal Credit Union functions essentially like a high-rate savings account.

Deposit

APY

$2,000 - $9,999

2.10%

$10,000+

2.10%

  • Minimum opening deposit: $2,000
  • Minimum balance to earn APY: $2,000
  • Early withdrawal penalty: None

If the account balance in your IRA Funds account falls below the minimum opening deposit amount, you no longer earn interest on the balance. However, for amounts at the minimum deposit level and above, rates are the same, regardless of amount deposited. Funds can be withdrawn from the account at any time without penalty. Dividends are earned daily and credited monthly. As with the credit union’s CD accounts, standard IRS regulations regarding IRA withdrawals apply to the Funds account as well.

How to get CommunityWide Federal Credit Union’s IRA Rates

Access to CommunityWide Federal Credit Union’s IRA accounts, whether the Funds account or a CD account, requires credit union membership first. Documents you’ll need include a current driver’s license, Social Security number, current email address and a funding method, such as an ACH transfer or a debit card.

When you apply online, you’ll need to acknowledge that you are 18 years of age or older, that you are not under an ID theft alert, that you’re not subject to backup withholding and that your account will be used for personal use only. The process is the same at CommunityWide Federal Credit Union regardless of what type of account you’re opening.

For customers who don’t want to or are unable to complete an online application, the bank has a contact center. There are also 11 branches in Northern Indiana, if you prefer an in-person application.

LEARN MORE Secured

on Communitywide Federal Credit Union’s secure website

Back to Top

Overall review of CommunityWide Federal Credit Union’s banking products

As a regional credit union, CommunityWide Federal Credit Union’s geographic reach is narrow, with just 11 branches in the Northern Indiana area. However, the bank provides a host of free and beneficial services to its customers. Of particular note is the minuscule overdraft fee attached to the credit union’s checking and savings accounts through its SOS service. The credit union’s ID Protect service provides advanced identity theft services that many customers might otherwise pay for. Similarly, its partnership with Greenpath Financial to provide one-on-one financial counseling and other services is a nice benefit for many members.

Across the board, the credit union’s service fees are low and/or easily avoidable. The true standout comes in the interest rates that the credit union pays on its CD accounts. For every maturity, rates are significantly above the national averages and rival the best available from any other financial institution in the nation. Even without investing in a CD, the credit unions IRA Funds account also pays a significant rate on qualifying deposits.

Overall, the services and rates offered at CommunityWide Federal Credit Union far exceed what you might expect from an 11-branch institution. In most cases, the credit union’s offerings can match those offered by any of its competitors. However, membership is limited to customers affiliated with employers or institutions in or near Northern Indiana or who are a donor member of select organizations such as the Y.M.C.A.

Back to Top

The post CommunityWide Federal Credit Union Review of Checking, Savings, CD and IRA Accounts appeared first on MagnifyMoney.