Overall bank rating
Pros and cons
Savings
Annual Percentage Yield (APY)
0.05% APY
Pros
- $25 opening deposit
- No monthly service fee
Cons
- Low APY
- Need $25 in your account daily to maintain active membership
- Credit union that serves a Hispanic American community
- 3 branches in Laredo, Texas
- Access to 6 free ATMs in Laredo, Texas
- To become a member, you need to live in Webb County
- To maintain active membership, you need to keep $25 in your account daily
- Interest compounded quarterly, deposited quarterly
- Federally insured by the NCUA
The Laredo Federal Credit Union Savings Account is a decent free savings account. There are no monthly fees, but you’ll need to keep at least $25 in your account daily to maintain an active membership with the credit union.
Checking
Annual Percentage Yield (APY)
None
Pros
- No monthly service fees
- $50 opening deposit
- $5 overdraft protection
- First 40 checks free
Cons
- $1.50 out-of-network ATM fee
- $30 overdraft fee
- Credit union that serves a Hispanic American community
- 3 branches in Laredo, Texas
- Access to 6 free ATMs in Laredo, Texas
- To become a member, you need to live in Webb County
- Federally insured by the NCUA
Laredo has a good free checking account with a low minimum deposit and no monthly service fees.
If you frequently travel, you’ll want to look at other no-fee checking accounts — otherwise, ATM fees may stack up. The credit union only has six free ATMs in Laredo, and there’s a $1.50 charge each time you use an out-of-network ATM.
Share certificate
Annual Percentage Yield (APY)
0.10% to 0.40% APY
Pros
- Solid interest rates, compared to brick-and-mortar banks
- Standard term lengths
Cons
- $1,000 minimum opening deposit
- Online banks can offer a higher interest rate
- Contact your nearest branch for information on early withdrawal penalties
- Credit union that serves a Hispanic American community
- 3 branches in Laredo, Texas
- Access to 6 free ATMs in Laredo, Texas
- To become a member, you need to live in Webb County
- Terms range from 6 months to 5 years
- Early withdrawal penalties: Contact your nearest branch for more information; varies on amount deposited and term length
- Interest compounded quarterly, deposited quarterly
- Federally insured by the NCUA
Laredo’s share certificates offer solid interest rates compared to brick-and-mortar financial institutions. But if you’re interested in more competitive rates on time-sensitive accounts, you’ll want to check out our best CD rates guide.
Money market account
Annual Percentage Yield (APY)
0.05% to 0.15% APY
Pros
Cons
- Low APY
- $2,500 opening deposit
- No debit card
- No check writing
- Credit union that serves a Hispanic American community
- 3 branches in Laredo, Texas
- Access to 6 free ATMs in Laredo, Texas
- To become a member, you need to live in Webb County
- Tiered interest rate: Earn 0.05% APY if you have an account balance between $2,500 and $49,999; Earn 0.10% APY if you have an account balance between $50,000 and $99,999; Earn 0.15% APY if you have an account balance over $100,000
- Interest compounded quarterly, deposited quarterly
- Federally insured by the NCUA
The Laredo Federal Credit Union Money Market Account is a decent choice if you don’t like dealing with monthly service fees. However, the money market account doesn’t have a debit card or checks. The only way to access your money is to visit a branch location.
How Laredo Federal Credit Union works
Laredo Federal Credit Union is a Hispanic American-led credit union with three branches in Laredo, Texas. The credit union has a small ATM network with six free ATMs in Laredo.
You can join Laredo Federal Credit Union if you live or work in Webb County. To become a member, you’ll need to open a savings account with at least $25 and pay a $5 membership fee.
Due to COVID-19, Laredo Federal Credit Union has modified branch and customer service hours. Customer service is available over the phone from Monday to Friday from 9:00 a.m. to 5:00 p.m.
The credit union’s mobile app has 3.8 out of 5 stars in the Apple Store and 4.0 out of 5 stars in the Google Play Store.
Laredo Federal Credit Union is federally insured by the NCUA. Individual accounts are secure for up to $250,000 at federally insured
credit unions
.
The role of Hispanic American financial institutions
Throughout history, Hispanic Americans have been affected by discriminatory lending and limited banking opportunities. However, Hispanic American financial institutions are working to address this gap by providing services and products geared toward Hispanic Americans and underserved communities.
At Laredo Federal Credit Union, you can receive customer service in Spanish and English. The credit union also offers free savings and
checking accounts
, which is another perk to banking locally. Local banks often charge fewer fees than national banks.
Is Laredo Federal Credit Union trustworthy?
Laredo Federal Credit Union hasn’t been involved in any recent public scandals. It’s also received an A+ rating from the Better Business Bureau.
BBB ratings help indicate how a credit union deals with customer issues and whether it has transparent business practices. A good BBB rating doesn’t guarantee that your relationship with the business will be perfect, though. You’ll want to read online customer reviews or talk to friends and family to help shape your opinion.
How Laredo Federal Credit Union compares
We compared Laredo Federal Credit Union to two other Hispanic American-led financial institutions in Laredo, Texas: Falcon International Bank and International Bank of Commerce.
Hispanic American financial institutions often serve small local communities.
Of the three, only Laredo Federal Credit Union requires a membership to open a bank account. You’ll need to live in Webb County, open a savings account with at least $25, and pay a $5 membership fee.
If you don’t qualify for membership, Falcon International Bank or International Bank of Commerce may be good choices if you have a nearby branch location.
If all three institutions happen to be nearby, your decision may depend on which accounts you want to open.
Laredo Federal Credit Union and International Bank of Commerce have decent free checking accounts. The International Bank of Commerce Free Checking Account has a $10 minimum opening deposit. Meanwhile, the Laredo Federal Credit Union Free Checking Account has a lower fee if you use overdraft protection.
If you’re looking for CDs, Falcon International Bank has numerous options, from 30 days to 5 years. International Bank of Commerce and Laredo Federal Credit Union offer better interest rates, though.
