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IDB Global Federal Credit Union review: Hispanic American-led institution with no monthly service fees

Business
IDB Global Federal Credit Union logo on Personal Finance pattern background 2x1
IDB Global Federal Credit Union has 1 branch in Washington, DC.

Table of Contents: Masthead Sticky

Overall bank rating

Feature Insider rating (out of 5)
Savings 4
Checking 4.5
Share certificate 4.75
Trustworthiness 5
Total 4.56

Pros and cons

Pros Cons
  • Hispanic American-led credit union
  • No monthly service fees
  • Free overdraft protection
  • Competitive certificates with high interest rates
  • Only 1 branch in Washington, DC
  • Membership is mostly limited to employees of the IDB (Inter-American Development Bank) or IDB Invest
  • Low savings interest rate
  • Interest compounds monthly, not daily

Savings

IDB Global Federal Credit Union

The IDB Global Federal Credit Union Savings Account is an affordable option, with a $50 minimum opening deposit and no monthly fees. The interest rate is relatively low, though, and you can earn a much higher rate with an online high-yield savings account.

Checking

IDB Global Federal Credit Union Checking Account

The IDB Global Federal Credit Union Checking Account is a strong, low-fee checking option. There are no monthly fees, and the credit union has free overdraft protection. It doesn’t charge you for using an out-of-network ATM, but the ATM provider might.

Share certificate

IDB Global Federal Credit Union Share Certificate

Most banks only have certificate terms up to five years, but IDB Global Federal Credit Union Share Certificate offers terms as long as seven years. It also pays high interest rates and only requires $250 to open an account.

How IDB Global Federal Credit Union works

IDB Global Federal Credit Union Savings Account is a Hispanic American-led institution with one branch in Washington, DC. You have free access to 28,000 ATMs in the CO-OP and Alliance One networks around the US.

Call or visit a branch Monday through Friday, from 9:00 a.m. to 5:00 p.m.

The IDB Global FCU mobile app has 4.8 out of 5 stars in the Apple store, and 4.6 out 5 stars in the Google Play store.

Your deposits are federally insured by the NCUA for up to $250,000, or up to $500,000 for a joint account.



How to join IDB Global Federal Credit Union

IDB Global Federal Credit Union Savings Account is a credit union, not a bank, so only certain people can become members. You’re eligible to join if you are:

  • An employee or retiree of the IDB (Inter-American Development Bank) or IDB Invest
  • An immediate family member of someone who works for the IDB or IDB Invest
  • An IDB or IDB Invest consultant with a minimum six-month contract
  • An executive/alternate director at the IDB or IDB Invest
  • An intern at the IDB or IDB Invest
  • An immediate family member of someone who is already a member of IDB Global FCU

You’ll need to open an IDB Global Federal Credit Union Savings Account account and pay a one-time $2 membership fee when you join.

Is IDB Global Federal Credit Union trustworthy?

IDB Global Federal Credit Union does not have any recent public controversies.

The Better Business Bureau gives IDB Global FCU an A+ in trustworthiness. A strong BBB grade indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.

A good BBB score doesn’t guarantee that you’ll have a strong relationship with a financial institution, though. You still may want to ask friends and family about their experiences with IDB Global FCU, or read online customer reviews.

The role of Hispanic American-led institutions

Many Hispanic American banks and credit unions provide services in both English and Spanish. There is a history of racial prejudice in banking and lending, specifically among Hispanic Americans, so working with a Hispanic American institution can help eliminate unfair bias.

Some of these institutions make it possible to open accounts if you are an immigrant or non-US citizen. IDB Global Federal Credit Union does require a US ID to open an account, but you can see a full list of banks that accept applications from immigrants and noncitizens without SSNs here.

How IDB Global Federal Credit Union compares

IDB Global Federal Credit Union is the only Hispanic American institution in Washington, DC. But we’ve compared it to two banks with a large presence in the DC area: Wells Fargo and Bank of America.

IDB Global Federal Credit Union Logo
Wells Fargo logo
Bank of America

DC locations

1

DC locations

32

DC locations

25

Standout feature

No monthly service fees, high certificate rates

Standout feature

Automatic savings tool

Standout feature

Easy to waive monthly service fees

IDB Global Federal Credit Union Savings Account Wells Fargo Everyday Checking Account Bank of America Advantage Plus Checking Account

You might like Wells Fargo or Bank of America because they have more branches around Washington, DC. You also don’t have to be an IDB/IDB Invest employee to bank with them. But you’ll probably prefer IDB Global FCU if you qualify for membership and want to use a Hispanic American-led company.

It’s worth noting that Wells Fargo and Bank of America have recent controversies regarding racial discrimination. In 2019, Wells Fargo paid the city of Philadelphia $10 million in response to the city’s claims that the bank engaged in predatory mortgage lending to racial minorities. The Department of Labor required Bank of America to pay $4.2 million in 2019 to people who claimed the bank discriminated against women, Black, and Hispanic applicants in the hiring process.

Related Content Module: More Savings Coverage

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