I last reviewed American Heritage Federal Credit Union in October when it was offering a checking account promotion as part of the Bank Transfer Day movement. It's offering a new one with a bonus of up to $155. Details are described in the credit union's promo page as of 2/17/2012. To earn the full $155 requires the following:
- $50 for opening a checking account with direct deposit
- $50 for making a signature-based debit card purchase each month for the first 5 months
- $50 when you enroll and use OnLine Bill Payer
- $5 when you sign up for eStatements
Below is the small print of the offer:
Add Checking with Direct Deposit of net pay of and earn $50, awarded 60 days after direct deposit is received; Enroll in eStatements and earn $5, awarded 60 days after new enrollment; $50 Bill Pay reward is awarded 30 days after new Bill Pay account is opened and first bill is paid. Open a new debit card and earn $10 a month for 5 months (up to $50) when your signature based transaction is posted during the month.
They offer a free checking account called Totally Free Checking with no minimum balance requirement or monthly service fee. However, its bill pay service can cause you to be hit with monthly fees. According to the small print, "Bill payer is free only when you use the service. A monthly $5 service charge will be applied to your account if you are signed up for Bill Payer but do not use Bill Payer after 31 days."
Competitive CD Rates
The credit union also offers some competitive CD rates even though they have fallen since my August review. The best ones include a 2.11% APY 5-year CD and a 2.00% APY 4-year CD. These are listed in the credit union's rates page as of 2/17/2012.
Credit Union Membership
One thing I've found out since my last post on this credit union is that they offer an easy way to allow anyone to join. If you click on the "join today" link in the credit union's How to Join page, it'll take you to an online application. In the second page of this application, you can select "I want to join via Kids-N-Hope Foundation". There is a $15.00 donation required to join Kids-N-Hope Foundation.
Many in the Philly area can join without the help of this foundation. Membership is open to anyone who lives, works, worships or attends school in Philadelphia, Pennsylvania and certain other parts of the Metro area. Please refer to the credit union's Who Can join page for more details. Membership requires a $15 minimum deposit into a share savings account.
Credit Union Overview
American Heritage Credit Union branches are located in Philadelphia, PA and in several of the suburban areas.
The credit union has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 10.30% (above average) based on September 2011 data. Please refer to our financial overview of American Heritage Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 5621).
Other Credit Union and Bank Bonuses
We have a bank promotions page with a table of all of the active bank and credit union promotions. You can filter the table based on the type of promotion and based on your state. I have more details about how to use this page in this blog post.