Move Your Money–A Review of Five Austin Area Banks and Credit Unions You Should Look Into

A couple of weeks ago we talked about Move Your Money, a grassroots movement encouraging people to take their money from the big box banks and switch to local banks and credit unions.  You guys posted lots of comments and several suggestions for local institutions.  Since I hadn’t yet decided on which bank to move my money to, I checked out those recommendations and a couple other.  Here’s the round-up:

Austin Area Banks and Credit Unions

Austin Area Banks and Credit Unions - Velocity Credit UnionUnited Heritage Credit Union:

  • Membership qualifications are EASY.  If you are reading this you can probably join.
  • Free checking with no minimum balance, no monthly fees
  • Free electronic bill pay and online access to your accounts
  • Free copies of your checks
  • Several locations around Austin and surrounding areas
  • Member of local and national ATM network giving you free access to ATMs nationwide

Austin Area Banks and Credit Unions - American Bank of CommerceAmerican Bank of Commerce

  • No monthly fee
  • $100 minimum opening balance, but not one after that
  • Free online bill pay
  • A handful of local locations and a few others in Lubbock and North Texas
  • Not a member of a ATM network (at least I didn’t find anything about it on their website)

Austin Area Banks and Credit Unions - University Federal Credit Union - UFCUUniversity Federal Credit Union

  • You have to go to school at or work for one of their associated companies in order to join
  • $25 to open account
  • No monthly fee
  • Free online bill pay and online access to your account
  • Free ATMs in Austin and Texas through a network

Austin Area Banks and Credit Unions - Velocity Credit UnionVelocity Credit Union

  • Easy membership qualifications; similar to United Heritage CU
  • No minimum balance and no monthly fee
  • Free online banking
  • Several locations around Austin and lots of ATMs
  • Member of Austin ATM network for free access to ATMs

Austin Area Banks and Credit Unions - Frost BankFrost (okay, so technically maybe a big bank, but it’s still local!)

  • No monthly fee or minimum balance
  • Free online banking and bill pay
  • Free mobile banking
  • Able to earn interest
  • Online tools for budgeting and savings goals
  • Locations throughout Austin and Texas
  • No fee on non-Frost ATMs

It’s a tough decision to change banks.  There is a lot involved, like changing your direct deposit and automatic payments and transfers–but most banks will guide you through the process.  I still think we should send a message (however small it may be) to those “too big to fail” banks.

I’m intrigued by the Momentum account at Frost, so I’m going to check them out sometime this week.

DISCUSS: Have YOU decided to Move Your Money?  What bank or credit union did you choose?  Also, is there another local bank that we must know about? Let us know in the comments!

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About Chris Apollo Lynn

78704er, cyclist, part-time DJ, new media mad scientist, urban farmer, not a robot, ready for End of Days.

6 thoughts on “Move Your Money–A Review of Five Austin Area Banks and Credit Unions You Should Look Into

  1. Pingback: Why You Should Fire Your Bank and Move Your Money. | Republic of Austin

  2. Janee

    What a great movement! I missed the first post but I’m in the process of doing this anyway. It’s great that you offer some suggestions. I have a particular fondness for University Federal since my son did a commercial spot a couple of years ago. He was the guy that kept getting hit in the head with a dodge ball. No Oscar nominations as of yet.

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