Jackson Area Federal Credit Union Review: Minority Led, No Monthly Fee

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This article was last reviewed and updated on August 4, 2021.

Overall rating of the bank

Advantages and disadvantages

Featured credit cards from our partners

Regular APR

15.99% – 22.99% Variable

Regular APR

Variable APR from 14.99% to 23.74%

Savings

Annual percentage return (APY)

0.10% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • Minimum opening deposit of $ 25
    • No monthly service fees
    The inconvenients
    • Low APY
    • No interest earned in months when your average daily balance drops below $ 100
    • Minority-run credit union in Jackson, Mississippi
    • Interest compounded monthly
    • Federal Insurance by NCUA

    The Jackson Area Federal Credit Union Stock Savings Account has a minimum opening deposit of $ 25 and no monthly service charge. However, you will get a much better rate with a high yield savings account online.

    Verification

    Annual percentage return (APY)

    Nothing

  • Advantages and disadvantages

  • Details


  • Advantages
    • Minimum opening deposit of $ 25
    • No monthly service fees
    • Link to savings for overdraft protection
    The inconvenients
    • $ 30 overdraft fee
    • $ 5 fee for transferring money from savings for overdraft protection
    • $ 1 off-network ATM fee
    • Minority-run credit union in Jackson, Mississippi
    • Free vending machines in the Dolphin ATM Alliance and Culiance networks
    • Federal Insurance by NCUA

    The Jackson Area Federal Credit Union Share Draft checking account is a good checking account with no monthly service charges. Keep an eye out for overdrafts, however – you can automatically transfer money from your savings as overdraft protection, but you’ll pay $ 5 each time.

    Share certificate

    Annual percentage return (APY)

    0.20% to 0.652% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • Competitive rates
    • Low early withdrawal penalties
    The inconvenients
    • Minimum deposit of $ 1,000
    • No mandate over 3 years
    • Black Owned Bank in Jackson, Mississippi
    • The durations range from 6 months to 3 years
    • Early withdrawal penalties: 30 days of interest for terms of 1 year or less; 90 days of interest for terms longer than one year
    • Interest compounded monthly
    • Federal Insurance by NCUA

    Jackson Area Federal Credit Union pays high rates on stock certificates, especially compared to other physical institutions.

    How Jackson Area Federal Credit Union Works

    Jackson Area Federal Credit Union is an institution run by a minority in Mississippi. It has a branch in Jackson and one in Byram.

    You have free access to ATMs in the Dolphin ATM Alliance network and the Culiance network.

    To contact customer service, call one of the branches Monday through Thursday 8:00 a.m. to 4:30 p.m. CT. Hours are extended until 5:00 p.m. CT on Friday.

    The Credit Union mobile app has 3.4 out of 5 stars in the Apple Store and 4.6 out of 5 stars in the Google Play Store.

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

    How to join the Jackson Area Federal Credit Union

    Because it is a credit union, not a bank, only certain people can join the Jackson Area Federal Credit Union. You can become a member if you meet one of the following criteria:

    As with most

    credit unions
    , you will need to open a shared savings account to become a member. You will also need to visit a branch to take a photo and provide your signature.

    Is the Jackson Area Federal Credit Union Trustworthy?

    Jackson Area Federal Credit Union has no public controversy.

    The Better Business Bureau gives Jackson Area FCU a B- for reliability. The BBB rates reliability based on responses to customer complaints, honesty in advertising, and transparency of business practices.

    BBB’s website says it gave Jackson FCU a B- because the credit union failed to respond to a customer complaint on BBB’s website. But Jackson FCU has only received two complaints from customers on the site, so you might want to take that note with a grain of salt.

    How Jackson Area Federal Credit Union Stacks Up To Similar Institutions

    We compared the Jackson Area Federal Credit Union to two other minority-run institutions in Jackson: Hope Credit Union and Liberty Bank and Trust.

    Jackson Area Federal Credit Union v Hope Credit Union

    Hope Credit Union has more branches in Mississippi than Jackson Area Federal Credit Union, which may be more convenient for you. Hope also has a high yield checking account that pays 0.10% to 3.01% APY.

    Hope doesn’t charge a monthly service fee on checks or savings, but it does on the money market account, unless you can maintain a balance of $ 1,000. With Jackson Area FCU, you don’t have to worry about monthly service charges.

    Jackson Area Federal Credit Union v Liberty Bank and Trust

    Liberty Bank and Trust pays higher rates on savings and certain CD terms than Jackson Area Federal Credit Union. It charges a monthly service fee, but you can waive that by maintaining a certain balance between checks and savings. However, Jackson Area FCU does not charge any monthly service fees.


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