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United Heritage Credit Union in Texas Reopens Rewards Checking with Lower Cap and More Requirements


United Heritage Credit Union

United Heritage Credit Union has reopened its reward checking account, Heritage Checking. In February 2009, it suspended the opening of new accounts, but the program continued for existing members. At the time when new accounts were suspended, the rate was 5.01% APY on balances up to $25K, Since that time, the rate has fallen for existing members to 3.01% APY.

New Heritage Checking accounts can now be opened. However, the following changes have been made:

  • Balance cap reduced from $25K to $10K
  • Debit card usage requirements increased from 10 to 15 per month
  • 3 account maximum

The other features appear to be the same as they were before. As listed in the checking rates table, existing accounts are grandfathered with the $25K balance cap.

For the rate history of this account and for membership information, please refer to my Heritage Checking review. United Heritage is open to residents in the Austin and Tyler metro areas.

Smaller balance caps and higher debit card usage requirements have been fairly common for many reward checking accounts that have been around for more than two years. A combination of factors have likely contributed to this including the low interest rate environment, a weak demand in loans and customers making smaller debit card purchases. With the new regulation on debit card interchange fees about to become law, we may see more institutions implement these reward checking changes.

Related Pages: checking account, United Heritage Credit Union, Texas

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Comment #1 by darkdreamer4u posted on
All in all, not much of a reward now is it? Useless:-(

Comment #4 by Sarah (anonymous) posted on
3.01$ on your liquid checking funds in this rate environment! seriously, not much of a reward.  I have recently signed up for this account and I'm loving it - no where else can I earn this much interest on my liquid funds while doing the same types of transactions that I always perform. Plus the service from this CU is amazing and of course it's a CU much better than any bank... Thumbs up to this CU!

Comment #5 by darkdreamer4u posted on
Sarah, are you for real? Cap of 10k and 15 debits a month and all that for a measly 3%?!? Look around - there are way better deals out there. Or maybe you're working for this CU;-p

Comment #6 by Anonymous posted on
Who dosnt use thier debit card atleast 15 times a month. Its less than one a day and I get 3.01% on my checking.  I havent seen better.

Comment #7 by darkdreamer4u posted on
@6: I don't use my debit card 15 times a month, not if I don't have to. Also, as soon as you have more than one of these RCA's, you're talking 25 debit card uses a month. 10k cap is just not worth the effort, especially with 15 required debit card charges and an average APR. So look around, there ARE better deals out there!