Sunday, 17 January 2021

Digital Federal Credit Union (DCU) Reviews — Savings, CD, Checking, Money Market and IRA Accounts

This is Digital Federal Credit Union’s basic checking account. You won’t earn any interest, but it won’t cost you much, either. Digital Federal Credit Union does offer you the option to earn some extra perks if you have what it calls Relationship Benefits, as described below. If you can meet all the requirements, it will also throw in an extra 100 “custom-style” checks per year for free.

To earn its Relationship benefits, you’ll need to do at least two of the following three things:

  • Have your paycheck or other income directly deposited into your account (unless you’re under 23 years of age)
  • Be signed up for electronic statements (unless you’re 65 or older)
  • Have an active loan or credit card with Digital Federal Credit Union

If you meet these requirements each month, you can use third-party ATMs for free, and you’ll receive up to $5 in ATM surcharge fee reimbursements per month (if you meet two of three requirements) or $15 in ATM surcharge fee reimbursements per month (if you meet all three requirements).

It can be a bit confusing just how the Relationship benefits are applied. If you meet the criteria for Plus benefits or Relationship benefits and make the required deposits in order to earn rewards, you can apply the rewards to any applicable account. Obviously, you won’t be able to order checks for your CD account for example, but the wording isn’t very clear on the credit union’s site, so we thought we’d clear that up.

The second benefits option is called the Plus Benefits level. There are only a few perks to making the direct deposits necessary for this option. You can get paid up to two days early for direct deposits, and can receive up to $10 in ATM fee reimbursements. You can also receive a 0.50% discount on most consumer loans with electronic payment.

When you open your account, you’ll be prompted to opt in or opt out of overdraft protection. This is part of a new regulation in the wake of the 2008 financial crisis; now, banks must ask your permission before auto-enrolling you in overdraft services.

How to get Digital Federal Credit Union’s Free Checking account

To open an account, you’ll need to provide some basic information, such as name, Social Security number and address, as well as verify that you are eligible for membership. You can open an account online, over the phone or by visiting one of the credit union’s branches.

As a part of the process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership with Digital Federal Credit Union. This account has no fees, and you don’t have to use it in the first place.


Digital Federal Credit Union (DCU)’s website is secure

NCUA Insured


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