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Veridian Credit Union has 30 branches in Nebraska and Iowa.
Veridian Credit Union/Insider
The bottom line: Veridian Credit Union might be appealing if you’re searching for a credit union that is easy to join. Donating $5 to Habitat of Humanity of Iowa is the easiest way to become a member. However, Veridian Credit Union only has branches in Iowa and Nebraska, so you’ll have to be comfortable with an online-only experience if you’re not a resident of one of these states.
Overall credit union rating
FeatureInsider rating (out of 5)Saving4Checking3.75CD3.75Money market account3.5Trustworthiness5Total4
Pros and cons
ProsCons
Certified as a community development financial institution, so it primarily serves low-income and disadvantaged communities
Easy for anyone in the US to become a member
No monthly service fees
Low minimum opening deposits
Credit union branches are only located in Iowa and select Nebraska countiesOther online banks pay higher interest rates on savings and money market accountsMust maintain a certain account balance in savings, checking, and money market accounts to earn interest
Member Equity Savings Account
To join Veridian Credit Union, you must open a Member Equity Savings Account with at least Member Equity Savings Account.
To earn 0.10% APY, you’ll need to keep at least $50 in your account daily.
Free Checking Account
The Free Checking Account is the bank’s strongest product. It doesn’t charge monthly service fees or have minimum balance requirements.
The checking account also offers free overdraft protection that lets you link your checking account to a savings account.
Term CD
Veridian Credit Union could be a good option if you’re searching for a regular 7-month or 12-month CD. These terms stand out because they pay competitive interest rates that are higher than the average CD.
The credit union also has a variety of different CDs to choose from. Along with the Term CD, it has bump-up CDs, jumbo CDs, add-on CDs, and CDs for teens and children.
Bump-up CDs allow you to increase your rate once during a term if Veridian’s rates go up. A jumbo CD pays a higher interest rate than a regular CD but it requires a high minimum deposit. Meanwhile, an add-on CD allows you to deposit money after you open an account (usually, you’ll have to wait until your term ends if you’d like to deposit more money into a CD).
Traditional Money Market Account
You might like the Traditional Money Market Account if you have at least Traditional Money Market Account for an initial opening deposit. The money market account pays a higher interest rate than the credit union’s savings account. But you could still find more competitive interest rates on savings accounts at other online banks.
How Veridian Credit Union works
Veridian Credit Union is certified as a community development financial institution (CDFI). It has 30 branches and over 30 ATMs in Iowa and Nebraska. Members may also make 10 free withdrawals per month at over 3,000 ATMs in the SHAZAM® Privileged Status Network.
To contact customer service, you may call or send a message via live chat from 8 a.m. to 7 p.m. CT on weekdays or 9 a.m. to 1 p.m. CT on Saturdays.
The credit union’s mobile app received 4.7 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store.
Veridian Credit Union bank accounts are federally insured by the NCUA. Up to $250,000 is secure per owner in a bank account.
How to join Veridian Credit Union
To become a member of Veridian Credit Union, you must meet one of the following criteria:
You have a family member who is a current Veridian Credit Union memberYou live or work in select counties in Nebraska or IowaYou donate $5 to the Habitat of Humanity of Iowa when you apply for membership at Veridian Credit Union
If you fulfill at least one of the requirements, you may join Veridian Credit Union. All members must open a Member Equity Savings Account with at least Member Equity Savings Account.
The role of community development financial institutions
CDFIs serve low-income and disadvantaged communities. Banks and credit unions have to undergo certification by the US Department of Treasury’s Community Development Financial Institutions Fund and meet specific requirements to address banking barriers.
Veridian Credit Union is partnered with the Community Foundation of Northeast Iowa and awards grants to non-profit organizations that focus on financial education. The credit union also awards $14,000 in scholarships annually to members pursuing higher education.
Veridian Credit Union trustworthiness and BBB rating
We include ratings from the Better Business Bureau so you may see how an institution addresses customer issues.
The BBB gave Veridian Credit Union an A+ rating. A good BBB rating doesn’t mean you’ll have a smooth relationship with a financial institution, though. Consider reading online customer reviews and talking to current customers to see if Veridian Credit Union is right for you.
The credit union hasn’t been involved in any recent public controversies.
Veridian Credit Union vs. Wings Financial Credit Union
Wings Financial Credit Union has 26 branches in Minnesota, Michigan, Florida, Georgia, and Washington. You can also become a member from anywhere in the US if you donate $5 to the Wings Financial Foundation, a non-profit organization that provides financial education programs and college scholarships to members.
If your priority is to earn a high interest rate on an account, Wings Financial Credit Union will likely be the more appealing option. Wings Financial Credit Union has a high-yield checking account and a high-yield savings account. To earn the highest interest rate on the Wings Financial Credit Union High-Yield Checking Account or Wings Financial High-Yield Savings Account, you’ll need to meet certain requirements each month.
Veridian Credit Union might be a stronger option if you’re searching for a money market account. The Wings Financial Investment Money Market Account has a Wings Financial Investment Money Market Account minimum opening deposit. Meanwhile, the Traditional Money Market Account lets you open an account with Traditional Money Market Account and makes it easier to earn interest on your account.
Veridian Credit Union vs. Alliant Credit Union
Both Alliant and Veridian Credit Union make it easy to become a member. At Veridian Credit Union, you are eligible for membership if you donate $5 to Habitat of Humanity of Iowa. Alliant Credit Union lets you become a member by joining Foster Care to Success (Alliant will cover your $5 joining fee).
Deciding between these two credit unions might hinge on what you’re searching for in a bank account.
For example, Alliant Credit Union pays higher interest rates on savings accounts and CDs. The Alliant High-Rate Savings Account offers Alliant High-Rate Savings Account APY, and certificates range from Alliant Certificate APY.
If you live in Iowa or Nebraska and prefer a credit union with local branches, you may prefer Veridian Credit Union. Alliant Credit Union is an online-only financial institution, so it doesn’t have locations.
Frequently asked questions
Is Veridian only in Iowa?
Veridian Credit Union has around 30 branches in Iowa and Nebraska. You can also become a member from anywhere in the US if you donate $5 to Habitat of Humanity of Iowa.
Is Veridian Credit Union NCUA insured?
Yes, Veridian Credit Union is a federally insured financial institution. Up to $250,000 is secure per owner in a Veridian bank account.
Is Veridian Credit Union a good credit union?
Veridian Credit Union is a good option if you are searching for a financial institution that makes it easy to avoid typical bank fees. For example, the Free Checking Account doesn’t charge monthly service fees. It also offers free overdraft protection, so you don’t have to worry about overdraft fees, and allows you to make up to 10 free withdrawals per month at any SHAZAM® Privileged Status ATMs so you may avoid out-of-network ATM fees.
However, if you’re searching for high interest rates, you might find higher rates at other online banks and credit unions.