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Quorum Federal Credit Union Review

How does your bank stack up?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon

Pros:

  • No required amount to open account
  • Most accounts do not have fees
  • MMA and CDs offer competitive rates
  • ATM fee reimbursement

Cons:

  • Must become a member to open accounts
  • Most accounts do not have competitive rates
  • Tiered interest rates on accounts
  • No business accounts available

What You Need to Know

Quorum does not have a set amount required to open their HighQ savings account. The basic savings account only requires $5 to open, which Quorum will pay for you. The checking accounts offered through Quorum do not have a set amount required to open.

Most Quorum accounts do not have monthly fees. If the accounts do have a fee, that fee is easy to waive. Electronic statements waive the fee for the basic savings account. Waive the checking account fees by having a set amount in direct deposits or a set account balance. You must also sign up for electronic statements.

The HighQ savings account and some CDs offer the most competitive interest rates. The rates are competitive with other online-only accounts. There is no required amount to open the HighQ account and no monthly fees. This account can be opened online. The CDs require $1,000 to open.

The QChoice checking account offers ATM reimbursement. There are a variety of ATMs that are free of charge to Quorum customers. However, if you use an ATM that charges a fee, Quorum will reimburse that fee up to $15 per month. The fee reimbursement will deposit automatically into your account on the second business day of the following month.

To open an account with Quorum, you must become a member of the credit union. To open an account online, you must be over 18. If you are under 18, you must mail in the application. To establish your membership, you must open a basic savings account. The required amount is $5, but Quorum will fund that amount.

Most Quorum accounts do not offer competitive interest rates. Most account rates are competitive with typical brick and mortar bank rates. The HighQ savings account offers the most competitive rate. That account offers interest that is competitive with other online accounts.

Most Quorum account interest rates are tiered. The checking account requires a $20,000 balance to earn the most competitive rate. The money management account requires $250,000 to receive the best rate.

The only accounts offered through Quorum are personal deposit accounts. No specific business accounts are available. Those personal deposit accounts include checking and savings accounts, and CDs. The CDs range from three-months to five-year terms.

Cool Things

Savings Calculators

On the Quorum website is a list of savings calculators. With these calculators, you can see how much you need to save for a home or car. You can see how different interest rates affect your money. Find out how much to save for a college education or what it takes to become a millionaire.

History

Quorum started in 1934. During the Great Depression, Kraft employees decided to start a bank. The Kraft Employees Credit Union was formed. Employees of General Mills had a similar idea and started their bank in 1936. It was years later that these two banks merged into one credit union.

In 2005, the credit union name was officially changed to Quorum Federal Credit Union. By this time, they had over 41,000 members and $537 million in assets. In 2009, Quorum expanded to include the vacation industry and undergraduate students. In the first year, they loaned over $500,000 to these entities.

In 2014, the new Quorum website launched with online banking services. Today they have over 70,000 members.

Awards and Recognition

  • Named One of the Best Companies to Work for In in New York
  • “Best in Class” in International Website Competition

Giving Back

Quorum awards scholarships to high school seniors. Quorum awarded three students $500 each to help with their college education. They award scholarships each year to students who excel and are attending a two year or four-year institution.

Quorum hosts a holiday party for charities. One party was for veterans. The Quorum employees raised money and donated gifts to veterans and their families. They went around to veterans who could not leave their rooms and offered them a visit and a gift.

Frequently Asked Questions

Is Quorum FDIC insured?

Yes. Quorum is a credit union, so the NCUA insures it. The National Credit Union Association is an agency of the United States government. It protects funds deposited in credit unions, up to $250,000 per customer, per credit union. The money deposited in NCUA insured credit unions means money is backed by the full faith and credit of the United States government.

How do I access my money?

With an ATM or debit card, checks, electronic transfers, or bill pay.

Does Quorum offer mobile banking?

Yes. With the mobile app, you can pay bills, transfer money, and set financial goals. You can also deposit checks.

Is Quorum free?

Most Quorum accounts are free. If the account does have a fee, that fee is easy to waive. Signing up for electronic statements waive some fees. Having a set balance or direct deposit also helps waive the fees.

Is Quorum a good bank?

The HighQ savings account offers competitive interest rates. Other account rates are similar to brick and mortar bank rates. A good variety of personal deposit accounts are available. Quorum does not offer business accounts.

Is Quorum secure online?

Online banking times out after a period of inactivity. Personal information is encrypted.

Does Quorum offer competitive interest rates?

Only the HighQ savings account earns a competitive interest rate. This account is competitive with other online accounts. The other Quorum accounts are similar to brick and mortar bank rates.

Can I use Quorum for my business accounts?

Only personal deposit accounts are available through Quorum. Those accounts include a checking and savings accounts, and CDs. Credit cards and lending options are also available.

How is Quorum online banking different from the online banking my bank offers?

The HighQ savings account earns competitive interest rates. Everything for your account is online. The other account rates are similar to your typical bank rates.

Do Quorum checking accounts pay interest?

Yes. Both Quorum checking accounts earn interest. The QChoice checking has tiered interest rates. To earn the most competitive rate offered you must have a $20,000 balance.

How do I reach customer service?

By phone, email, mail, or fax.

Does Quorum offer bill pay?

Yes. Quorum offers free bill pay with their checking accounts. You can pay bills through Quorum online banking or through the mobile app.

Can I deposit cash?

Certain ATMs may allow for cash deposits. You can find those ATMs on the Quorum website.

How long do transfers take?

Specific transfer times are not listed on the Quorum website.

Can I sign up for direct deposit to Quorum accounts?

Yes. Money can be directly deposited into Quorum accounts.

Bank Contact Information

Quorum Federal Credit Union
2500 Westchester Avenue, Suite 411
Purchase, NY 10577
(800) 874-5544

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