First Imperial Credit Union Review 2023

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First Imperial Credit Union: Overall Rating

First Imperial Credit Union Pros and Cons

First Imperial Credit Union Regular Savings Account Rates

First Imperial Credit Union Regular Savings Account

Insider’s Rating

4/5

Fees

no monthly service fee

Annual Percentage Yield (APY)

0.05% to 0.10%

Minimum Deposit Amount

$5

Pros

• $5 minimum opening deposit
• No monthly service fee
• Free ATM card included

Cons

• Low APY
• Interest compounded monthly, not daily

First Imperial Credit Union
review

Product Details

• Hispanic American-owned credit union with 4 branches in California (El Centro, Brawley, Calexico, Imperial)
• To become a member, meet one of the following requirements: Live, work, or worship in Imperial County, CA; live, work, or worship in Banning, Beaumont, Blythe, Cathedral City, Coachella, Desert Hot Springs, Indian Wells, Indio, La Quinta, Palm Desert, Palm Springs, Rancho Mirage, Thermal, or Thousand Palms; be an immediate family member of an Imperial member
• Free ATM card option
• Must keep $5 in account daily to earn APY
• Interest compounded monthly, deposited monthly
• Federally insured by the NCUA

Show Pros, Cons, and More

The First Imperial Credit Union Regular Savings Account only requires $5 to get started, and there are no monthly service fee. It pays a low interest rate, though — to find options with much higher rates, read our guide to the best high-yield savings accounts.

First Imperial Credit Union Loyalty Checking Account Overview

The First Imperial Credit Union Loyalty Checking Account is a good option if you’re looking for a free account. There are no monthly service fee, and you don’t need any money to get started. First Imperial has several other checking accounts to choose from, including one for people who wouldn’t normally qualify to open an account.

First Imperial Credit Union Regular Share Certificate Rates

First Imperial Credit Union has strong share certificates overall. You only need $500 to open an account, and you’ll earn competitive interest rates.

First Imperial Credit Union Money Market Account Rates

You may like the First Imperial Credit Union Money Market Account if you have at least $1,000 to open an account. It doesn’t charge monthly fees, and you can earn a decent rate on higher balances.

About First Imperial Credit Union

First Imperial Credit Union is a Hispanic American-led credit union in California. It has four branches in Brawley, El Centro, Calexico, and Imperial. It’s part of the Co-0p ATM network, so you have free access to over 30,000 machines around the US.

Lobby hours vary by location. Each branch is open Monday through Friday, and the El Centro branch is open Saturday from 9 a.m. to 1 p.m.

The First Imperial mobile app has 4.8 out of 5 stars in the Apple store and 4.7 out of 5 stars in the Google Play store.

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

How to Join First Imperial Credit Union

First Imperial Credit Union is a credit union, not a bank, so you must meet certain qualifications to join. You’re eligible to become a member if you meet one of the following criteria:

• Live, work, or worship in Imperial County
• Live, work, or worship in specific cities in Riverside County, including Banning, Beaumont, Blythe, Cathedral City, Coachella, Desert Hot Springs, Indian Wells, Indio, La Quinta, Palm Desert, Palm Springs, Rancho Mirage, Thermal, or Thousand Palms
• Are an immediate family member of someone who is already a First Imperial member

You also must open a First Imperial Credit Union Regular Savings Account with $5.

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.

Many of these banks and credit unions are involved in their local communities. First Imperial partners with 18 organizations to donate time and money, including several chambers of commerce and the Boys & Girls Clubs of Imperial Valley.

First Imperial Credit Union is also certified as a community development financial institution (CDFI). CDFIs are primarily located in underserved communities and provide necessary financial resources. For example, First Imperial Credit Union offers bank accounts with zero monthly service fees, which is important because it is a common barrier for people who are unbanked. 

Is First Imperial Credit Union Trustworthy?

First Imperial Credit Union does not have any public scandals.

The Better Business Bureau gives First Imperial an A+ rating. However, a strong BBB rating does not guarantee you’ll have a smooth relationship with a bank. You may want to ask friends and family about their experiences with First Imperial or read online customer reviews.

First Imperial Credit Union FAQs

Methodology: How We Reviewed First Imperial Credit Union

For our First Imperial Credit Union review, we rated bank products and services using our bank account methodology.

At Personal Finance Insider, we rate bank accounts on a scale from zero to five stars. We review different features for distinct types of bank accounts. For example, we’ll look at early withdrawal penalties and CD variety specifically for CDs. Meanwhile, for checking accounts, we’ll factor in the ATM network size and fees, as well as its overdraft protection options.

We’ll also usually examine minimum opening deposits, monthly service fees, customer support availability, ethics, and mobile app ratings for all types of bank accounts.

How First Imperial Credit Union Compares

First Imperial Credit Union vs. Sun Community Federal Credit Union 

Sun Community Federal Credit Union is a Hispanic American-led institution with branches in eight cities in California (Brawley, Calexico, Calipatria, El Centro, Holtville, Imperial, Indio, Palm Desert, and Palm Springs).

Deciding between the two credit unions may hinge on whether you meet the membership eligibility requirements at either institution. 

At Sun Community, you must live, work, or volunteer in Imperial or Coachella Valley. Meanwhile, at First Imperial you must either live, work, or worship in Imperial County or Riverside County (select cities), or have a family member who is a member.

You may like First Imperial if you want a bank that doesn’t charge monthly fees, but Sun Community Federal Credit Union is a good choice for special types of share certificates. You’re able to withdraw up to 50% of your balance without paying an early withdrawal penalty. 

First Imperial Credit Union vs. Wells Fargo

Wells Fargo has branches in similar parts of California as First Imperial Credit Union. Choosing between the two financial institutions may come down to whether you prefer a national bank or a local bank.

Wells Fargo has more branches and services, but First Imperial Credit Union closely serves its local community and is certified as a CDFI.

Wells Fargo also doesn’t require a Social Security number to open an account, which makes it a worthwhile choice if you’re an immigrant or non-US citizen.

Still, it’s worth noting that Wells Fargo has several recent public controversies, including a 2022 lawsuit in which the bank was required to pay more than $3.7 billion in a settlement with the Consumer Financial Protection Bureau (CFPB). According to the CFPB, Wells Fargo wrongfully charged fees and interest on auto and mortgage loans; the CFPB also claimed the bank charged surprise overdraft fees on checking and savings accounts.

Or you might prefer Wells Fargo for its large national presence and savings features. When you use your debit card, Wells Fargo can automatically transfer $1 into savings.