Erie Federal Credit Union (PA) Offers Competitive Rewards Checking


Deal Summary: Dividend +Plus Checking, 2.00% APY on qualifying balances up to $25k.

Availability: Residents of Crawford and Erie Counties, Pennsylvania.

Erie Federal Credit Union (Erie FCU) has been offering its rewards checking account, Dividend +Plus Checking, for more than 12 years. While the $25k qualifying balance has been in effect since the Dividend +Plus Checking debut, the rate has fallen from the initial 5.11% APY to the current 2.00% APY in six rate decreases. Qualifying balances greater than $25k and non-qualifying balances both earn 0.10% APY.

As I was reading over the Dividend +Plus Checking blog post from 2008, I was surprised to see that only one monthly requirement had changed: the original 15 debit card purchases have been replaced with a $250 minimum of debit card purchases. The complete monthly qualification requirements are,

  • A minimum of $250 in PIN and/or signature debit card purchases
  • Minimum $500 average daily balance
  • At least one Free EZ bill payment per month
  • Enroll in Free EZ e-Statements
  • Enroll in Free EZ Money Manager

The Dividend +Plus Checking account has no minimum opening deposit requirement. There is a $2 monthly service fee if the above requirements are not met. A free Mastercard debit card will be issued following account opening. Unlimited check writing is available, with one box of checks provided free with a direct deposit of net pay, or two boxes of checks provided free with Social Security or pension direct deposit. Four non-Erie FCU ATM fees will be reimbursed per month, if the qualifying requirements are met, with a $1.50 fee per withdrawal thereafter. There is a limit of one Dividend +Plus Checking account per Social Security number.

Excess Share Insurance

In addition to NCUA insurance, Erie FCU offers Excess Share Insurance.

Your share savings funds are insured up to $250,000 per Social Security Number, for non-IRA (Individual Retirement Accounts) accounts and up to $250,000 for IRA accounts through NCUA's National Credit Union Share Insurance Fund (NCUSIF), an agency of the Federal Government.

Your share savings funds are insured up to an additional $250,000 per Social Security Number, for non-IRA accounts and IRA accounts through (ESI) Excess Share Insurance provided by (ASI) American Share Insurance, the nation's largest private deposit insurer for credit unions.


Headquartered in Erie, Pennsylvania, Erie Federal Credit Union’s field of membership (FOM) is residency-based, with individuals who live, work, worship, or attend school in the Pennsylvania counties of Crawford or Erie, eligible to join.

Immediate family members of an existing Erie FCU member also qualify for membership. Immediate family is defined as a “child, grandchild, grandparent, parent, sibling, stepchild, stepparent, or stepsibling.”

Joining Erie FCU and/or opening a Dividend +Plus Checking account can be done online, or at any of the nine Pennsylvania branches, which are located in Edinboro and Erie (8). As stated on the ATM/Branch Locations page,

Branch lobbies are now open at limited capacity with the exception of our West 32nd Street location (no lobby access).

To make an in-branch, in-person appointment, please fill out our Appointment Request Form.

A $5 minimum deposit in a Primary Savings account establishes an Erie FCU membership.

Erie FCU participates in both the CO-OP Shared Branch and ATM networks.

Credit Union Overview

Erie Federal Credit Union has an overall health grade of "A" at, with a Texas Ratio of 1.76% (excellent), based on December 31, 2020 data. In the past year, Erie FCU has increased its total non-brokered deposits by $117.86 million, an excellent annual growth rate of 24.3%. Please refer to our financial overview of Family Savings Credit Union (NCUA Charter # 1476) for more details.

In 1936, ten local educators each contributed $5 and founded the Erie School Employees Federal Credit Union (ESEFCU). With a staff of one, the original office was located in the home of an ESEFCU board member; the first “official” branch office wasn’t built until 1973. ESEFCU rebranded in 2003 after a community charter was granted, which expanded the FOM to include the residents of Erie County. Crawford County was added to the FOM in 2007. Currently the largest credit union in Northwest Pennsylvania, Erie Federal Credit Union is also the 20th largest credit union headquartered in Pennsylvania, with nearly 66,000 members and assets in excess of $670 million.

How Dividend +Plus Checking Compares

When compared to the High Yield Rewards Checking Accounts tracked by that are available within the FOM and have maximum qualifying balances of at least $25k, Erie Federal Credit Union’s Dividend +Plus Checking APY currently ranks third.

The above information and rates are accurate as of 5/28/2021.

To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.

Related Pages: Erie checking accounts, reward checking accounts

4.07% Reward Checking Account at Erie Federal Credit Union in Pennsylvania
Update 5/03/09: The top rate has fallen to 4.07% APY.

Erie Federal Credit Union is offering a rewards checking account called Dividends +Plus Checking. It pays 4.07% APY on balances from $500 to $25,000 (0.10% for above) and refunds up to four ATM transactions per month if the following monthly requirements are met:
  • 15 PIN or signature based purchases
  • pay at least one bill using the Free EZ Bill Pay
  • maintain a $500 average daily balance
  • receive e-statements and be enrolled in Free EZ Money Manager
If these are not met, there's a $2/month fee and...

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5.11% Reward Checking Account at a Pennsylvania Credit Union (Erie)
Erie FCU is offering a reward checking account called Dividend +Plus Checking that pays 5.11% APY on balances from $500 to $25,000 (0.10% for above $25K) if the following monthly requirements are met:
  • 15 PIN or signature based debit card purchases
  • $500 average daily balance
  • One bill paid using the Free EZ Bill Pay
  • Activate EZ Money Manager and EZ e-Statements
If these are not met, the rate falls to 0.10% AND there's a $2/month fee. Direct deposit is not required, but with it you're awarded free checks.

This is one of the rare reward checking...

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Erie FCU is offering a 7.00% APY 12-month certificate of deposit as part of its 70th anniversary celebration. It has a minimum and maximum deposit of $2,000. Only one CD allowed per member. It's also available in IRA accounts. The offer ends on September 30, 2006 (pdf of promo).

The $2K max is low but at least it doesn't require a checking account. Also, it's not restricted to one per household, but one per member. So your spouse can open one also. Compared to a 5% savings account, two $2K CDs...

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