If you’re an American Airlines employee or member-owner, American Airlines Federal Credit Union is the banking institution for you! With locations all around the country, AAFCU offers a wide variety of products and services to its customers, as well as lower loan rates and fees than you’ll find at most other banks.
In this article, we’ll take a closer look at what American Airlines Federal Credit Union has to offer its members.
About American Airlines Federal Credit Union
American Airlines Federal Credit Union is a not-for-profit financial institution that was founded in 1936. It’s headquartered in Fort Worth, Texas, and has more than 60 branches located throughout the country.
The credit union has more than 313,000 member-owners and assets of $8.5 billion. It offers a full range of banking products and services, including checking and savings accounts, loans, mortgages, and credit cards. It also offers financial planning services and retirement-planning products.
American Airlines Federal Credit Union is open to anyone who works for American Airlines or one of its affiliates, as well as to members of their families. You can also join if you’re employed in the aviation industry or if you live in a qualifying geographic area.
The credit union has a strong commitment to providing excellent customer service and offers a variety of products and services that are tailored to meet the needs of its members. It also has a low-cost structure, which allows it to offer lower rates and fees than most other banks.
Now let’s take a closer look at some of the products and services that American Airlines Federal Credit Union offers its members.
American Airlines Federal Credit Union offers multiple checking accounts to meet the individual needs of its members. The Priority Checking account is the credit union’s “everyday checking” option, “with the ability to earn additional benefits for doing a few simple things each month,” according to the website. The account charges no monthly service fee and doesn’t require a minimum balance.
Checking Accounts at American Airlines Federal Credit Union
There are several checking account options available to American Airlines employees and member-owners at the American Airlines Federal Credit Union.
Checking accounts do not charge a monthly service fee and provide several options for avoiding one. Accounts are easy to operate because they come with 24/7 access and direct deposit/online statements perks.
You can compare accounts and find the best one for you by using the account comparison tool on the American Airlines Federal Credit Union website.
The account options available are:
- Ascend Checking
- Priority Checking
- Flagship Checking
- Uchecking Account
- Business Checking
Let’s take a look at each account:
#1. Ascend Checking Account
The Ascend Checking account is designed for members who want a simple checking solution with no monthly service fees. The account has a minimum balance requirement of $500, and it offers free checks and a free debit card. It also comes with direct deposit and online statement features.
Here are some of the other features of this account:
- No monthly service fees with direct deposit of $250 or more each month
- Paperless – no paper checks
- Stay in control – no overdraft protection
- Mobile deposit access
However, there are some drawbacks to this account. You will be charged $5.75 per Month without Direct Deposit, there is a $2.00 Out-of-Network ATM Withdrawal Fee, and $2 for ATM Denials.
If you do not want to don’t write checks and want to avoid the possibility of overdraft fees, you go for this account.
#2. Priority Checking Account
The Priority Checking account is the credit union’s “everyday checking” option, “with the ability to earn additional benefits for doing a few simple things each month,” according to the website.
Here are the features of the account:
- No monthly service fee
- No minimum balance requirement
- Monthly dividend
If you meet certain requirements, you also become eligible(After Upgrade) for:
- A higher dividend earned on an account
- Foreign Transaction Fee rebate on purchases
To upgrade your benefits, you must make at least 15 debit card purchases per month, have a direct deposit of $250 or more, and enroll in online statements.
#3. Flagship Checking Account
The Flagship Checking account is designed for members who want all the features of the Priority Checking account, as well as additional benefits. This is a Premium Checking account with a $750 minimum daily balance to waive the monthly service fee.
This account also pays a monthly dividend, offers one Connection Point for every $three (USD) spent when you carry our VISA® Platinum Rewards Credit Card, and has no foreign transaction fees.
Here are some of the other great features:
- Wire funds domestically with no fees – up to two wires a month
- First eight (08) free non-network ATM transactions per month
- Monthly dividend
- Highest debit card spending limits
- Highest mobile deposit limit.
If you are looking for a top-tier checking account experience, the Flagship Checking account is the right choice for you.
However, non-network ATM transactions will still incur a surcharge fee from the ATM provider(After 8 free per month).
#4. Uchecking Account
The Uchecking account is designed for younger members between the ages of 13 and 25. There is no monthly service fee, no minimum balance requirement, and ATM fee rebates are available.
In order to qualify for upgraded benefits, you must have a minimum of fifteen (15) debit card purchases posted per month and enroll in online statements.
#5. Business Checking
Business Checking is a great option for businesses that maintain high balances and make a lot of transactions each month. With this account, you can enjoy waived monthly fees, no per-item fees, and unlimited transactions. You’ll also have access to online banking and bill pay, as well as a variety of other features.
Savings Accounts
savings account with the American Airlines Federal Credit Union is a great way to save money. You can choose to save in a variety of different ways, including through traditional savings accounts, Emergency fund saving, Share Certificate Dream and Dream Plan, or Individual Retirement Accounts (IRAs).
Let’s discuss all of the options in a bit more detail:
(1). Traditional Savings Accounts: This is the most basic type of savings account, and it offers a great way to save money for short-term or long-term goals. You can choose to have your money automatically deposited into your account each month, and you can make withdrawals whenever you need to.
You can open a traditional savings account with a minimum deposit of $5.00 and a one-time $1 membership fee.
The Funds in a traditional savings account are protected by the National Credit Union Share Insurance Fund.
(2). Emergency fund saving: This account is designed to help you save for unexpected expenses. It offers a higher dividend rate than a traditional savings account, and you can make deposits on your own or set up a monthly recurring deposit.
The funds in an emergency fund savings account are protected by the National Credit Union Share Insurance Fund.
(3). Share Certificate Dream and Dream Plan: This account is designed to help you save for your long-term goals. It offers a higher dividend rate than a traditional savings account, and you can choose from a variety of terms ranging from 12 months to 60 months.
However, there is a penalty for early withdrawal.
The funds in a share certificate dream and dream plan account are protected by the National Credit Union Share Insurance Fund.
(4). Individual Retirement Accounts (IRAs): When it comes to retirement planning, one of the best things you can do is open an Individual Retirement Account (IRA). An IRA is a savings account that offers tax advantages, which means you can save more for your retirement.
There are two types of IRAs: traditional and Roth. With a traditional IRA, you contribute money before it’s taxed. This means that your contributions are tax-deductible and you don’t pay taxes on the money until you withdraw it in retirement. With a Roth IRA, you contribute money after taxes. This means that your contributions are not tax-deductible, but you don’t have to pay taxes on the money when you withdraw it in retirement.
The American Airlines Federal Credit Union offers both traditional and Roth IRAs. as well as also offer a Coverdell Education Savings account, which is a tax-deferred plan that lets you save funds for college.
Lets now discuss the Pros and Cons of American Airlines Federal Credit Union
+Pros:
- Offers a variety of savings options
- No monthly fees
- Unlimited transactions
- Online banking and bill pay
- Deposits and fees are only $5 and $1, respectively.
-Cons:
- Must be an American Airlines employee or member to join.
- Account inactivity (accounts with balances less than $250 and no activity for 12 months) is charged $5 a month.
Certificate of Deposit
Certificates of deposit (CDs) are a popular way to save money. They offer a fixed interest rate and a fixed maturity date, making it easy to plan for the future. CDs can be used to save for short-term goals or long-term goals.
American Airlines Federal Credit Union offers several different types of CDs, each with its own features and benefits.
Share Certificate
The Share Certificate is the credit union’s basic CD. It offers a fixed interest rate and a fixed maturity date. The minimum balance for this CD is $1,000, and the maximum balance is $$9,999.99. This CD has a term of six months to five years.
The Share Certificate Ladder
The Share Certificate Ladder is a convenient way to ladder CDs. This option allows members to have several CDs with different maturity dates so that they can access their money as needed. The minimum balance for this CD is $500, and the maximum balance is $50,000. This CD has a term of six months to five years.
Funds from a Share Certificate can be used for a down payment on a home loan through the credit union.
Lets now discuss the Pros and Cons of the American Airlines Federal Credit Union Certificate of Deposit
+Pros:
- Offers a fixed maturity date.
- Share Certificate Ladder gives members a convenient laddering option.
- If you use money from a CD to make a down payment on a home loan from the credit union, you will not have to pay an early withdrawal penalty.
-Cons:
- Do not offer bump-up or no-penalty certificates.
- Rates are not as competitive as some online banks.
Credit Card
American Airlines Federal Credit Union offers a variety of credit cards, each with its features and benefits. Here are some of the credit cards offered by the credit union:
Visa Platinum Rewards credit card: This card offers no foreign transaction fees, and you can earn Connection Points™ for all of your everyday spendings. Plus, there is no annual fee.
Visa Platinum Secured card: This card is perfect for those looking to rebuild their credit history. You can secure as little as $250 or as much as $5000 in a premium dividend-bearing savings account to enjoy this low-rate card.
Visa Platinum Starter Rewards card: This card offers the same benefits as the rewards card with a lower line of the credit limit.
Other Product of American Airlines Federal Credit Union
The American Airlines Federal Credit Union offers a variety of other products, including:
-Auto Loans
-Personal Loans
-Home Loans
-Small Business Banking
-Student Loan
Refinancing
As you can see, the American Airlines Federal Credit Union offers a variety of products and services to its members. This credit union is a great option for those who are looking for a better banking experience. Whether you are looking for a new savings account, a new credit card, or a loan, the American Airlines Federal Credit Union has a product that will fit your needs.
Competitor of American Airlines Federal Credit Union
However, every product has its alternative in the market. So, it is very important to do your research before you decide to join any financial institution. Let’s see the best three alternatives of American Airlines Federal Credit Union in the market.
Best three alternatives of American Airlines Federal Credit Union:
- Capital One
- Navy Federal Credit Union
- Alliant Credit Union
Each bank has its own set of pros and cons, so it is important that you do your research to find the best fit for you.
Let’s compare the three best alternatives of American Airlines Federal Credit Union side by side.
American Airlines Federal Credit Union vs Capital One
When it comes to choosing a financial institution, it is important to do your research and compare the different options available to you. Let’s take a look at American Airlines Federal Credit Union vs Capital One to see which one is the best fit for you.
When it comes to savings rates, American Airlines Federal Credit Union offers a 0.30% rate while Capital One’s rate is 0.40%.
When it comes to checking rates, American Airlines Federal Credit Union offers a 0.40% rate while Capital One’s rate is only 0.15%. Both of these financial institutions are FDIC insured, so you can rest assured that your money is safe.
Mycreditcardclub.com gives American Airlines Federal Credit Union a rating of four out of five stars. Capital One’s rating is four and a half stars out of five.
American Airlines Federal Credit Union Vs Navy Federal Credit Union
Both American Airlines Federal Credit Union (AAFCU) and Navy Federal Credit Union (NFCU) are excellent choices for banking, but they do have some key differences. AAFCU has a higher savings rate and checking rate than NFCU, and both credit unions are FDIC insured.
However, NFCU offers a money market account while AAFCU does not. Additionally, mycreditcardclub.com rates AAFCU at a slightly higher score of four and a half out of five stars, as opposed to NFCU’s four and quarter stars.
So, which credit union is the better choice? It depends on your needs.
If you’re looking for higher savings and checking rates, then AAFCU is the way to go. However, if you want a money market account, NFCU may be a better fit. Ultimately, both credit unions are great options with plenty of benefits for American Airlines employees and member-owners.
American Airlines Federal Credit Union Vs Alliant Credit Union
Alliant Credit Union is another great option when it comes to banking. It offers a 0.65% savings rate, a 0.40% checking rate, and both are FDIC insured. Additionally, mycreditcardclub.com rates Alliant at four and a half out of five stars.
When it comes to choosing a financial institution, it is important to do your research and compare the different options available to you. In this case, American Airlines Federal Credit Union vs Alliant Credit Union.
Both credit unions offer great products and services, but it is important to choose the one that best fits your needs. If you are looking for a higher savings rate, then Alliant Credit Union is the way to go. However, if you want a lower checking rate, American Airlines Federal Credit Union may be a better fit.
No matter which credit union you choose, you can rest assured that you are getting a great product with plenty of benefits.
Bottom-line
If you’re an airline industry member or have a family member who is, American Airlines Federal Credit Union is definitely worth checking out. The credit union offers a wide range of products and services, including some fee-free options with attainable minimum deposit requirements.
Plus, the APYs on its deposit products are quite competitive. Keep in mind that this credit union is limited to certain members, so be sure to check if you qualify before applying.
Have you had a positive experience with American Airlines Federal Credit Union? We’d love to hear about it! Share your thoughts in the comments below.
