Reviews on Esl Credit Union for Small Business
ESL Federal Credit Union Review: Focused on Client Service for Rochester-Area Residents, Employees and Family
- About ESL Federal Credit Spousal relationship
- Checking Accounts
- Savings Account
- CD Accounts
- Features
- Fees
- Competitors
- Final Take
GOBankingRates Score
Quick Have: ESL stands for Eastman Savings and Loan. If you alive or work in Rochester, New York, or have a relative who is an ESL member, yous may have access to banking with ESL Federal Credit Matrimony. ESL Federal Credit Union was named 1 of the Summit 100 Bank of 2022 in the near recent GOBankingRates report of hundreds of banks and credit unions nationwide. Follow this in-depth ESL Federal Credit Union review to examine what the financial establishment has to offer and why information technology made the Top 100 list .
- Community Presence
- CD Accounts
- Customer Service
- Fees
How did nosotros calculate this?
Banking with a credit union instead of a traditional banking concern comes with its perks. Here's a quick overview of ESL Federal's strengths and weaknesses.
Pros
- Available to many Rochester, NY residents
- Accountholders earn a member'due south dividend
- Bank accounts, credit cards, loans and wealth management available
- Accounts come with no or depression fees
- 23 locations
- CD terms of 31 days to 120 months
Cons
- Express to the Rochester area
- Non all branches accept condom deposit boxes
- Free ATM locations are limited to a lilliputian more than 40 throughout the Rochester area
Bank Overview and History of ESL Federal Credit Union
ESL Federal Credit Union was founded in 1920 by George Eastman, the founder of Kodak. The community-based credit spousal relationship with 23 locations serves people who live and work in Rochester, New York, where headquarters are located. In add-on, relatives of business relationship holders or employees of partner companies tin can bring together the 384,000 members to date.
ESL Federal Credit Union is a corking alternative to a traditional bank — peculiarly for individuals who adopt a full-service experience that includes access to loans, retirement planning and investment services. Business relationship holders are considered role-owners of the credit union, earning a "dividend" on their balances and having access to a more personal level of service.
ESL Federal Credit Marriage Product Details
ESL Federal Credit Union'south accounts are designed for different types of customers. Take a closer look at each blazon of account.
ESL Federal Credit Union Checking Accounts
With iii chief checking accounts to choose from, it's all upwards to how much money you intend to maintain every bit a residual and how much yous're willing to pay in monthly maintenance fees. Free Checking has no monthly maintenance fees and requires $1 to open. Simple Spending costs $iii per month as a monthly maintenance fee and there are no overdraft fees. Premier checking costs $6 per calendar month if your balance is less than $one,000 but comes with perks such every bit a 0.05% dividend and 100 gratis checks.
ESL's checking and savings accounts are linked for automated overdraft coverage to save you from the cost and inconvenience of overdraft fees. Simple Spending account holders volition avoid bug altogether because transactions will exist declined instead. While overdraft setbacks can be avoided thanks to the credit spousal relationship'due south proactive steps, individuals who frequently withdraw cash should consider whether gratuitous withdrawals at only twoscore Rochester-area ATMs work for them.
ESL Federal Credit Wedlock Savings Business relationship
ESL Federal Credit Wedlock encourages members to save. There are five account options: Daily Dividend, Holiday Social club, Money Maker, Premier Coin Maker and Tiered savings, all starting at 0.05% APY. Earn the highest interest of 0.250% for balances over $ane,000,000 with a Tiered savings business relationship.
If you don't programme to go along a sizable balance in your savings business relationship — or it tends to fluctuate — the Daily Dividend and Money Maker accounts don't charge monthly maintenance fees. Otherwise, not coming together the balance minimum with the other savings business relationship types tin can price you lot equally much as $10 or $20 per month, a high upcharge compared to other banks.
ESL Federal Credit Spousal relationship CD Accounts
ESL Federal Credit Matrimony has a strong certificate of eolith programme. They take some of the shortest- and longest-term CDs in the manufacture. To admission the highest CD rates, yous'll demand to commit to a longer term. What makes ESL's CD program specially attractive is the ability to withdraw the dividend or interest earned without penalties.
CD terms first at 31 days to 120 months with rates between 0.05% to 0.400% APY based on the CD's balance and length. Y'all can also add together more money to your certificate account at the time of renewal.
Best Features of ESL Federal Credit Marriage
ESL Credit Union's overall score of iv.7 out of five was a event of four high-performing areas:
Community Presence
The credit union exclusively serves residents, employees, families and companies affiliated with the Rochester expanse. The tightly-focused establishment makes information technology easier to develop a personal relationship with your local banker through its 23 branches in Rochester. In addition, ESL partners with local companies and organizations, donating money and participating in many fundraising events.
CD Business relationship Options
ESL'south CDs are more diverse than the boilerplate certificate of deposit, providing terms with competitive rates that range in length betwixt one month and x years. In addition, ESL allows yous to withdraw the dividend earned at whatsoever time without penalty, every bit well as increase the primary before you renew the term.
Customer Service
The community-focused nature of the Rochester-based credit union means that the teller or banker y'all visit is probable an acquaintance or neighbor. ESL organizes periodic customer surveys to stay abreast of account holder trends and how the credit union is performing, typically receiving rave reviews from its members. Its smaller size makes information technology possible to brand changes quickly. ESL recently announced that overdraft fees would exist reduced from $25 to merely $5 as of Nov. 1, 2021.
Fees
As mentioned, ESL is always working to lower member banking fees to provide the all-time possible experience. Because the organization is not for profit, you lot'll observe that many of the fees that are traditionally steep at other banks are not-existent or quite affordable at ESL. They include $5 overdraft fees, free business relationship statements and $0.75 money orders.
Editor'southward Favorite
Few banks provide a Christmas Club savings account anymore. ESL's choice is a corking fashion to set aside money throughout the year and avoid getting into debt during the holidays.
Banking Experience
ESL Federal Credit Spousal relationship reviews from customers mention the friendly, local service provided. In addition, ESL's mobile app and online banking platform make it possible to bank anytime and anywhere.
Customer Service
If you need to speak to someone, there are several ways:
- Calling 1-585-336-thousand or 1-800-848-2265 weekdays 7 a.m. to 7 p.thou. EST and Saturdays 8:30 a.thou. to 2 p.chiliad. EST.
- Visiting a local co-operative
- Alive chat weekdays vii a.m. to 10 p.k. EST and Saturdays 8:30 a.m. to 2 p.one thousand. EST.
- Sending a message
Accessibility and Branch Availability
ESL Federal has 23 locations throughout Rochester and neighboring areas such as Webster, Pittsford and Newark, New York.
Mobile and Digital Experience
ESL Federal Credit Union'south digital experience is one of the highest-rated by customers who download the mobile banking app. Y'all can practice the usual tasks you lot'd expect from a quality banking app, such as pay bills, review balances and brand a mobile bank check deposit. It earns nearly perfect scores:
- Google Play: four.vii out of 5 stars, 14.8K votes
- Apple tree Shop: 4.9 out of 5 stars, 18.6K votes
Convenience and Ease of Use
The app ranks highly among users for its simple interface. Customers dearest how much easier it is to pay bills straight from the app equally opposed to writing and mailing a cheque. And as mentioned, you take plenty of options when you need to speak to a customer service representative.
How To Open an Account
Y'all may open an account at a local co-operative or online. You'll need to laissez passer the following criteria:
- Meet ESL's eligibility requirements
- Exist at least 18 years old
- Be a U.S. citizen
- Accept a Social Security number
- Provide a telephone and email address
- Accept a authorities-issued photo ID
- Provide a bank and routing number for the first eolith
Fees
ESL'south accounts have varying fees. Some of the most mutual to expect out for include:
- Monthly Maintenance Fees: $three to $10,which can be waived when you maintain a minimum monthly balance.
- Out-of-Network ATM Fees: $1.50
- Returned Particular Fee: $10
- Cashier'south Check Fee: $5
- Wire Transfer (Incoming): $12
- Wire Transfer (Outgoing): $20 domestic, $35 international
- NSF/Overdraft Fee: $five
ESL Federal Credit Wedlock vs. Competitors
| Bank or Credit Union | Best For |
|---|---|
| ESL Federal Credit Union | Customers who prefer working with a large credit spousal relationship |
| Visions FCU | Robust mobile banking and budgeting |
| M&T Bank | Traditional banking availability |
| Advantage FCU | A smaller community credit union experience |
ESL FCU vs. Visions FCU
ESL and Visions both provide skillful financial services for customers. If y'all adopt in-person banking, cull ESL. If you're in search of a total mobile banking solution, including the ability to rails your spending, view multiple accounts and set budgets through a single app, choose Visions FCU.
ESL FCU vs. M&T Bank
M&T is a solid pick when you're in search of a traditional cyberbanking experience. However, ESL beats out 1000&T when information technology comes to fees. That's because K&T Bank is a traditional, for-turn a profit banking company. To compare, M&T's overdraft fee is $38 compared to ESL'southward $5 charge.
ESL FCU vs. Advantage FCU
Advantage FCU is another Rochester-based credit union merely isn't as big as ESL. It has only seven branches, which may not be the most convenient alternative. Choose ESL for more than branches and banking options, unless you'd like to develop a relationship with a specific branch representative.
Final Have
ESL Federal Credit Union provides those who live and work in the Rochester area with lower-cost, loftier-quality banking. At that place's an account choice for every stage in your financial journey, starting with a basic checking or savings business relationship and upward to a million-dollar tiered savings account.
ESL Federal Credit Union FAQ
Hither are the answers to some commonly asked questions about ESL Federal Credit Union.
- Does ESL Federal Credit Marriage offering free coin for signing up for an account?
- If you open an ESL Rewards Visa, you can earn a $100 cashback bonus when you spend $one,000 during the first 90 days.
- What does ESL Federal Credit Union represent?
- ESL stands for Eastman Savings and Loan. The credit matrimony was named afterward its founder, George Eastman, better known every bit the man behind the Kodak Corporation.
- How much money tin can you take out of an ESL ATM?
- You may withdraw upwardly to $600 per solar day from an ESL ATM.
- What is the ESL debit card credit limit?
- There is a daily limit of $two,500 in purchases when you use your ESL Visa Debit Card as credit.
- How do I contact ESL client service?
- There are several ways to contact ESL Federal Credit Union: by calling 1-585-336-1000 or ane-800-848-2265; using the live chat characteristic; by sending a message.
Rates are bailiwick to alter. Information on accounts is authentic as of December. 28, 2021.
Editorial Note: This content is not provided past ESL Federal Credit Union. Whatever opinions, analyses, reviews or recommendations expressed in this commodity are those of the author alone and accept not been reviewed, approved or otherwise endorsed by ESL Federal Credit Spousal relationship.
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Source: https://www.gobankingrates.com/reviews/esl-federal-credit-union/
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