Quorum Federal Credit Union Review 2022: Competitive APY and fund management services, but limited customer service hours

Quorum Federal Credit Union is headquartered in Purchase, NY, but serves its members across the United States with a nationwide network of more than 90,000 ATMs and 5,000 shared service centers. Consumers who wish to join this credit union can do so by applying online and joining one of the two associations Quorum has partnered with: the American Consumer Council (ACC) or the Select Savers Club (SCC).

Both organizations charge lifetime membership fees between $5 and $15. Quorum offers a number of banking, credit card and loan products, as well as a learning center to help members manage their accounts more effectively and protect their financial health. This credit union’s deposits are also insured up to $250,000 by the National Credit Union Administration.

All rates and fees are in effect as of October 31 and are subject to change.

Federal Credit Union Quorum Offers

Quorum offers a number of checking and savings account options with low to no fees, competitive APYs, and even ATM cashback. Account fees vary by account type, but Quorum charges a monthly fee of $5 for all members.

Chequing accounts and savings accounts

Quorum offers two different no-fee checking accounts that both include overdraft protection, free bill payment, and other online and mobile banking. In addition to their checking accounts, Quorum customers can also choose from a number of deposit accounts to grow their savings and achieve their goals.

QClassic: This is the basic Quorum checking account. Users are not required to pay any fees and also get a free debit card when they open an account.

  • APY: 0%
  • Minimum deposit: $0
  • Costs: $0

QChoice: This is a step up from the standard Quorum checking account. Customers will earn interest on all account balances, although higher balances are rewarded slightly more. The account also offers up to $15 in ATM cashbacks for using out-of-network ATMs.

  • APY: The APY on this account varies depending on your balance.
    • Balances between $0 and $19,999: 0.01%
    • Balances of $20,000 or more: 0.05%
  • Minimum deposit: $0
  • Costs: Monthly fee of $10 (waived if the account holder’s monthly direct deposit totals at least $1,000, or if they have an account balance of at least $5,000 and sign up for eStatements)

Basic savings account: Quorum’s most basic savings account only requires an opening deposit of $5, which Quorum will fund once your application is approved. The APY is on the lower end, but customers will earn interest on their savings, no matter how low.

  • APY: 0.01%
  • Minimum deposit: $5
  • Costs: $0

Deposit savings account: Members can open an account in the name of a minor (15 and under) and track all of their transactions.

  • APY: 0.01%
  • Minimum deposit: $0
  • Costs: $0

Fund management account: Quorum’s Money Management Account offers a tiered savings model. As your balance increases, your dividend rate also increases. But if your balance takes a hit, you won’t suffer any penalty.

  • APY: The APY on this account is tiered based on your account balance.
    • $0 – $2,499: 0.25%
    • $2,500 – $9,999: 0.25%
    • $10,000 – $24,999: 0.50%
    • $25,000 – $99,999: 1.00%
    • $100,000 – $249,999: 1.25%
    • $250,000 or more: 1.50%
  • Minimum deposit: $0
  • Costs: $0

IRA savings account: For clients with retirement in mind, Quorum offers a tiered savings account to help you earn interest now that you can benefit from in the future.

  • APY: The APY on this account is tiered based on your account balance.
    • $0 – $2,499: 0.25%
    • $2,500 – $9,999: 0.25%
    • $10,000 – $24,999: 0.50%
    • $25,000 – $99,999: 1.00%
    • $100,000 or more: 1.50%
  • Minimum deposit: $1
  • Costs: Monthly fee of $25 (Under 59½, an IRS penalty will also apply.)

High Yield Savings Account

HighQ Savings: Quorum’s High Yield Savings Account allows clients to grow their savings without being tied to a minimum opening deposit or account balance. Plus, they can access their savings anytime with debit card and ATM privileges.

  • APY: 2.50%
  • Minimum deposit: $0
  • Costs: $10 unless you choose eStatements

Term accounts

Quorum offers Fixed Rate/IRA Term Accounts (similar to CDs) ranging from 3 months to 60 months. The minimum deposit for all of these accounts is $1,000 and dividends are compounded monthly. These accounts are subject to early withdrawal charges which may vary depending on the length of your account.

  • APY: The APY varies depending on the length of your term.
    • 3 month term/IRA term: 1.20%
    • 6 month term/IRA term: 1.45%
    • 12 month term/IRA term: 1.60%
    • 13 month term/IRA term: 3.50%
    • 18 month term/IRA term: 1.60%
    • 24 month term/IRA term: 3.60%
    • 30 month term/IRA term: 4.00%
    • 36 month term/IRA term: 1.70%
    • 48 month term/IRA term: 1.75%
    • 60 month term/IRA term: 1.85%
  • Costs: Each account is subject to an early withdrawal penalty.
    • Term accounts from 2 to 11 months: 1% of the amount withdrawn must never exceed the initial capital balance
    • Term accounts from 12 to 24 months: 2% of the amount withdrawn must never exceed the initial capital balance
    • Term accounts of 25 months or more: 3% of the amount withdrawn must never exceed the initial principal balance

Other services offered by Quorum

  • Credit card: Quorum offers three different Mastercard credit cards ranging from 10.15% APR to 18.00%. None of these cards have annual fees or balance transfer fees.
  • Loan products: Quorum customers have access to a number of loan products, including student loans, mortgages, and home equity loans.
  • Reduced insurance rates: Through Quorum’s partnerships with a number of providers, Quorum offers low rates on home, auto, life, renters insurance policies and more.
  • Financial advisory services: As a Quorum member, you’ll have access to free money management advice and training.

The Quorum platform and customer support

Quorum customers can use the credit union’s online or mobile banking platform to transfer funds between accounts, send money abroad, and deposit checks into their Quorum account. For questions related to their account, customers may contact a Quorum representative at (800) 874-5544, Monday through Friday, 8:30 a.m. to 7:00 p.m. ET. Representatives are also available 24/7 via chat and secure messaging.

Advantages and disadvantages of quorum

Some of the main pros and cons that potential customers should be aware of when considering Quorum Federal Credit Union for their banking needs:

Advantage: account maintenance fees can be waived. Most Quorum accounts allow you to waive monthly service fees if you sign up for e-statements, keep your balance above a certain threshold, or both.

Pros: Debit card and ATM privileges. Many Quorum accounts offer a free debit card for easy access to your funds. Plus, if you need to use an out-of-network ATM, you can do so without worrying about excessive fees with Quorum’s ATM reimbursement.

Cons: Uneven customer service. Quorum representatives are only available to answer the telephone on weekdays. Although their hours of operation extend into the evening, after 5 p.m., they are not available on weekends.

Con: Terms of Membership. Although Quorum’s membership requirements are more lax than those of other credit unions, it’s a hurdle and additional fee, which might turn off some consumers.

About Miley Sawngett

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