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

2010 February 8
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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

United 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

American 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)

University 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

Velocity 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

Frost (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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5 Responses leave one →
  1. February 8, 2010

    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.

  2. February 8, 2010

    I forgot to mention Chase Bank is the evil empire I fired.

  3. February 10, 2010

    What about Amplify?

  4. February 11, 2010

    I’ve had my savings and checking accounts with Frost since ’80. No problems. Ever.

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